Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Evercore (EVR) - Evercore currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [2][3] - The stock has shown significant price performance, with a 1.4% increase over the past week, compared to a 0.82% decline in the Zacks Financial - Investment Bank industry [5] - Over the past quarter, Evercore shares have risen 66.78%, and 23.79% over the last year, outperforming the S&P 500's gains of 16.27% and 12.91%, respectively [6] Trading Volume - Evercore's average 20-day trading volume is 583,648 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, two earnings estimates for Evercore have increased, raising the consensus estimate from $10.79 to $11.71 [9] - For the next fiscal year, two estimates have also moved upwards, with no downward revisions noted [9] Conclusion - Given the strong performance metrics and positive earnings outlook, Evercore is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling investment option [11]

Core Viewpoint - Evercore (EVR) presents a strong investment opportunity due to its improving earnings outlook and analysts' increasing earnings estimates [1][2] Earnings Estimate Revisions - Analysts have shown growing optimism regarding Evercore's earnings prospects, reflected in the upward trend of estimate revisions, which typically correlates with stock price movements [2] - The consensus earnings estimate for the current quarter is $1.49 per share, a decrease of 17.68% from the previous year, but has increased by 6.07% over the last 30 days due to one upward revision [6] - For the full year, the expected earnings are $11.41 per share, representing a 21.13% increase from the prior year, with a 5.8% increase in consensus estimates over the past month [7][8] Zacks Rank and Performance - Evercore has achieved a Zacks Rank 1 (Strong Buy), indicating strong potential for outperformance based on earnings estimate revisions [9] - Historically, Zacks 1 Ranked stocks have generated an average annual return of +25% since 2008, suggesting a favorable investment environment for Evercore [3] Stock Performance - The stock has appreciated by 13.1% over the past four weeks, indicating positive market sentiment and potential for further upside [10]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Evercore (EVR) - Evercore currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3]. - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4]. Performance Metrics - Over the past week, Evercore's shares increased by 1.84%, outperforming the Zacks Financial - Investment Bank industry, which rose by 1.49% [6]. - In a longer timeframe, Evercore's shares have risen by 32.28% over the past three months and 36.33% over the past year, while the S&P 500 only increased by 6.01% and 13.18%, respectively [7]. - The average 20-day trading volume for Evercore is 493,485 shares, indicating a bullish sign with rising stock prices [8]. Earnings Outlook - In the last two months, two earnings estimates for Evercore have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $9.67 to $11.41 [10]. - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, Evercore is positioned as a 1 (Strong Buy) stock with a Momentum Score of A, making it a compelling investment option [11][12].

Financial Data and Key Metrics Changes - The meeting discussed the election of directors and the approval of executive compensation, but specific financial data and key metrics were not disclosed during this session [8][10]. Business Line Data and Key Metrics Changes - No specific updates on individual business lines were provided during the meeting [12]. Market Data and Key Metrics Changes - There were no detailed discussions regarding market data or key metrics during the meeting [12]. Company Strategy and Development Direction and Industry Competition - The meeting focused on procedural matters and did not delve into the company's strategic direction or competitive landscape [12]. Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during this meeting [12]. Other Important Information - The meeting was conducted virtually, and stockholders were reminded to submit questions in writing [6][13]. - The meeting concluded with the announcement that all nominees for the board of directors were elected and that the proposals received requisite shareholder approval [11][12]. Q&A Session All Questions and Answers Question: Were there any questions submitted during the meeting? - No questions were submitted during the meeting, and the program concluded without addressing any inquiries [13].

Evercore (EVR) 2025 Conference Summary Company Overview - **Company**: Evercore (EVR) - **Event**: 2025 Conference on June 10, 2025 Key Points Industry Insights - Evercore has consistently gained market share, particularly during periods of uncertainty, indicating a robust business model focused on client relationships and diversified services [3][5][62] - The company has diversified its revenue streams, with 50% of revenues in the last quarter coming from non-merger businesses, and over 40% in the past four years [5][62] Growth Strategy - Future growth is expected from enhanced client coverage and diversification of services, including debt advisory and private capital advisory [9][11][12][36] - Evercore has focused on recruiting high-quality talent, adding 60 new senior managing directors (SMDs) over the last three years, which is anticipated to drive business growth [13][14] Market Conditions - Client sentiment is cautiously optimistic, with some signs of increased confidence, but overall uncertainty remains due to factors like tariffs and interest rates [15][16][18][24] - The company is observing activity in sectors less affected by tariffs, such as energy, software, and healthcare, which are expected to drive future deals [20][21] Interest Rates and Economic Outlook - Interest rates are not seen as a significant barrier to deal-making, but clients are looking for predictability in the economic environment [23][24] - The underlying economy's health is crucial; rate cuts could signal economic improvement, while fears of recession may dampen deal activity [25][24] Regulatory Environment - The current regulatory landscape is still evolving, with indications that the FTC and DOJ may adopt a less restrictive approach to mergers, which could encourage more deal activity [26][28] European Market Expansion - Evercore aims to increase its market share in Europe to match that of the U.S., focusing on hiring top talent in key markets like Spain, France, and Italy [30][31][34] Private Capital Advisory - The private capital advisory business is a key growth driver, with strong performance in both GP and LP segments, and ongoing development of new products [36][41] - There is an increasing demand for liquidity among investors, which is expected to enhance the flow of stakes in private equity [39][40] Restructuring and Liability Management - The restructuring business is performing well, with high activity levels as companies seek advice on capital structure management [44][45] Equity Capital Markets - There is potential for a pickup in IPO activity, with a strong pipeline anticipated post-Labor Day, contingent on market stability [48][49] Talent Acquisition and Expenses - The hiring environment is competitive, but Evercore is optimistic about its talent pipeline and plans to continue hiring top talent [54][57] - The company is focused on managing expenses while ensuring capacity to serve clients effectively [61][62] Conclusion - Evercore is positioned for continued growth through diversification, strong client relationships, and strategic hiring, with a positive outlook for the coming years despite current market uncertainties [62][63]

Group 1 - The company has a strong focus on mergers and acquisitions (M&A) as its core business [1] - In addition to M&A, the company has developed non-M&A revenue streams such as Liability Management & Restructuring [1]

Core Viewpoint - The investment banking landscape is evolving, with Evercore Inc. and The Goldman Sachs Group Inc. gaining investor attention due to their distinct service offerings in mergers and acquisitions, capital markets, and wealth management [1]. Investment Banking Sector Overview - The long-term outlook for the investment banking sector remains favorable, but near-term momentum has moderated due to market volatility and concerns over economic slowdown and inflation [2]. - The anticipated recovery in M&A activity is expected to occur in the latter half of 2025 [2]. Goldman Sachs Analysis - Goldman Sachs maintains a leadership position in global banking and markets, with a 24% year-over-year increase in IB revenues in 2024, driven by corporate debt and equity issuances [3]. - However, IB revenues declined by 8% year-over-year in Q1 2025 due to market uncertainty and a slowdown in M&A activities [3][4]. - Goldman is strategically exiting its non-core consumer banking business to focus on higher-margin areas like investment banking and trading, including ending its partnership with Apple [5][6]. - The company has divested several consumer finance businesses to enhance its focus on scalable core businesses [6]. Evercore Analysis - Evercore, while smaller, generates 95.9% of its revenues from Investment Banking and Equities, with a CAGR of 8.6% from 2017 to 2024 [7]. - The company is actively increasing its staff in the IB sector, employing 197 senior managing directors as of March 31, 2025, to support revenue growth [8]. Price Performance and Valuation - Over the past six months, Goldman shares fell by 0.1%, while Evercore shares dropped by 28.7%, against an industry growth of 0.8% [9]. - Goldman is trading at a 12-month forward P/E of 12.72X, higher than its five-year median of 10.17X, while Evercore trades at 18.06X, above its five-year median of 12.40X [11]. - Evercore's valuation is at a premium compared to the industry average of 13.73X, while Goldman is trading at a discount, making it a better choice for value investors [14]. Dividend Yield - Evercore has a dividend yield of 1.43%, while Goldman has a higher yield of 2.02%, both exceeding the industry average of 1.12% [14]. Earnings Estimates - The Zacks Consensus Estimate for Goldman suggests year-over-year revenue increases of 7.7% and 6% for Q2 and Q3 2025, respectively, with earnings growth of 13.9% and 20.9% [18]. - Conversely, Evercore's estimates indicate a revenue decline of 7.1% and 1.2% for the same quarters, with earnings declines of 22.7% and 3.4% [20]. Strategic Positioning - Despite near-term challenges, Goldman is well-positioned with an increased backlog and diversified revenue base, providing resilience that Evercore lacks during volatility [21]. - Goldman’s focus on high-return segments and divestitures is improving operational focus and profitability [22].

Revenue and Income - Total revenues for the Investment Banking & Equities and Investment Management segments include fees for services, transaction-related client reimbursements, and other revenue, with net revenues reflecting total revenues less interest expense[182]. - Revenue trends in the advisory business are correlated to M&A activity, restructuring activity, and capital advisory activity, with fluctuations based on market conditions and client transaction completions[184]. - The Investment Management segment generates revenue primarily from management fees, fiduciary fees, and gains or losses on investments, with management fees typically representing a percentage of assets under management (AUM)[185][186]. - Net Income Attributable to Evercore Inc. was $146.2 million for the three months ended March 31, 2025, an increase of $60.5 million, or 71%, compared to $85.7 million for the same period in 2024[209]. - Net Revenues were $694.8 million for the three months ended March 31, 2025, an increase of $114.0 million, or 20%, versus $580.8 million for the same period in 2024[210]. - Advisory Fees increased by $127.5 million, or 30%, to $557.3 million, while Underwriting Fees decreased by $1.3 million, or 2%, to $54.3 million[210]. - Operating Income for the Investment Banking & Equities segment was $106.7 million for the three months ended March 31, 2025, an increase of $27.8 million, or 35%, compared to $78.9 million for the same period in 2024[219]. - Net Revenues for the three months ended March 31, 2025, were $20.3 million, an increase of $1.2 million, or 6%, compared to $19.1 million for the same period in 2024[235]. Expenses - Employee Compensation and Benefits Expense was $459.8 million for the three months ended March 31, 2025, an increase of $72.1 million, or 19%, compared to $387.7 million for the same period in 2024[212]. - Non-compensation expenses were $123.8 million for the three months ended March 31, 2025, an increase of $14.8 million, or 14%, versus $109.0 million for the same period in 2024[213]. - Total Expenses increased by $86.9 million, or 18%, to $583.6 million for the three months ended March 31, 2025, compared to $496.7 million for the same period in 2024[212]. - Employee Compensation and Benefits Expense was $11.8 million for the three months ended March 31, 2025, an increase of $1.4 million, or 13%, compared to $10.5 million for the same period in 2024[236]. - Non-Compensation expenses rose to $4.0 million for the three months ended March 31, 2025, an increase of $0.6 million, or 18%, compared to $3.4 million for the same period in 2024[237]. Investments and Assets - Income from equity method investments includes the company's share of income or loss from equity interests in various partnerships, contributing to income before income taxes[201]. - Assets Under Management (AUM) in Wealth Management decreased by $0.2 billion, or 1%, to $13.7 billion as of March 31, 2025, compared to $13.9 billion at December 31, 2024[230]. - The composition of AUM for Wealth Management as of March 31, 2025, was 65% Equities, 20% Fixed Income, 10% Liquidity, and 5% Alternatives[232]. - Investment Securities as of March 31, 2025, totaled $794.6 million, with 82% being U.S. Treasury securities[281]. - Total receivables in Accounts Receivable as of March 31, 2025, amounted to $469.1 million, an increase from $421.5 million as of December 31, 2024[279]. Cash and Liquidity - Cash, Cash Equivalents, and Restricted Cash were $562.7 million at March 31, 2025, a decrease of $319.4 million from $882.1 million at December 31, 2024[241]. - The company’s liquidity is highly dependent on revenue from its Investment Banking & Equities segment, which is irregular and influenced by external factors[245]. - The company’s Management Committee regularly reviews liquidity and cash positions to inform recommendations for quarterly dividend payments[245]. - Operating activities resulted in a net outflow of $549.7 million, primarily related to the payment of 2024 bonus awards and deferred cash compensation[241]. Taxation - The provision for income taxes for the three months ended March 31, 2025 was ($41.7) million, reflecting an effective tax rate of (37.2%) compared to ($6.7) million and (7.7%) for the same period in 2024[215]. Foreign Currency and Hedging - The net impact of foreign currency fluctuations for the three months ended March 31, 2025, was a gain of $8.7 million, net of tax[275]. - The company has not entered into transactions to hedge foreign exchange fluctuations, which may impact financial results[275]. - A foreign currency exchange forward contract was entered into during Q3 2023 to buy 30.0 million British Pounds for $36.7 million, resulting in a loss of $0.3 million for the three months ended March 31, 2024[276]. Share Repurchase and Capital Contributions - During the three months ended March 31, 2025, the company repurchased a total of 1,554,522 Class A Shares for an aggregate purchase consideration of $406.0 million, at an average cost per share of $261.15[252]. - The company has total commitments of $2.6 million relating to future capital contributions to private equity funds as of March 31, 2025[266]. - The company established a revolving credit facility with PNC for up to $85.0 million, which is unsecured and has a maturity date of October 27, 2026[260]. - The company issued $67.0 million of 4.61% Series J Notes on June 28, 2022, as part of a private placement[256]. Market Performance - The Wealth Management business lagged the S&P 500 by approximately 8% and 3% on a 1 and 3-year basis, respectively[240]. - A hypothetical 10%, 20%, and 30% adverse change in the market value of investments would have resulted in a decrease in pre-tax income of approximately $14.3 million, $28.7 million, and $43.0 million, respectively[272]. - A hypothetical 10% adverse change in the value of private equity funds would decrease pre-tax income by approximately $0.3 million for the three months ended March 31, 2025[274]. Credit Losses - The company maintains an allowance for credit losses based on historical credit loss experience and current market conditions[278]. - Bad debt expense recorded for the three months ended March 31, 2025, was $2.6 million, while a reversal of bad debt expense of $0.6 million was noted for the same period in 2024[278]. - The collection period for receivables generally is within 90 days, with some fees related to private funds capital raising potentially exceeding one year[278].

Core Viewpoint - Evercore Inc. reported better-than-expected first-quarter 2025 results, with adjusted earnings per share of $3.49, significantly surpassing the Zacks Consensus Estimate of $1.60 and the prior year's $2.13 [1][2] Financial Performance - Adjusted net revenues for the first quarter of 2025 were $699.9 million, exceeding the Zacks Consensus Estimate by 19.3% and increasing 19.2% year over year [3] - Net income attributable to common shareholders (GAAP basis) was $146.2 million, a 70.6% increase from the year-ago quarter [2] - Total expenses rose 17.5% year over year to $583.6 million, primarily due to increases in all components except depreciation and amortization [3] - Adjusted operating margin improved to 16.6%, up from 15.4% in the prior-year quarter [4] Segment Performance - Investment Banking & Equities segment net revenues increased 20.1% year over year to $674.5 million, driven by higher advisory fees and commissions, with operating income surging 35.3% to $106.7 million [5] - Investment Management segment net revenues were $20.3 million, up 6.3% from the prior-year quarter, while operating income decreased 14.8% to $4.5 million; assets under management (AUM) reached $13.7 million, a 5.4% year-over-year increase [6] Balance Sheet Strength - As of March 31, 2025, cash and cash equivalents stood at $553 million, with investment securities and certificates of deposit totaling $811.5 million; current assets exceeded current liabilities by $1.4 billion [7] Capital Distribution Activities - The company declared a quarterly dividend of 84 cents per share, a 5% increase from the previous payout, to be paid on June 13 to shareholders of record as of May 30 [8] - In the reported quarter, Evercore repurchased 0.7 million shares at an average price of $227.45 [8] Industry Context - Evercore's revenue growth reflects strong momentum in advisory solutions, supported by a solid liquidity position and sustainable capital distribution activities [9] - However, rising expenses may hinder bottom-line growth in the near term [9]

Group 1 - Evercore reported revenue of $699.9 million for the quarter ended March 2025, representing a 19.2% increase year-over-year and a surprise of +19.27% over the Zacks Consensus Estimate of $586.82 million [1] - The earnings per share (EPS) for the quarter was $3.49, significantly higher than the $2.13 reported in the same quarter last year, with an EPS surprise of +118.13% compared to the consensus estimate of $1.60 [1] - Adjusted Net Revenues from Investment Banking & Equities totaled $678.69 million, exceeding the average estimate of $542.94 million by two analysts, marking a year-over-year increase of +19.8% [4] Group 2 - Net Revenues from Other Revenue were reported at $11.33 million, which is a decline of -60.3% year-over-year and below the average estimate of $21.67 million by two analysts [4] - Adjusted Net Revenues from Investment Management, specifically Asset Management and Administration Fees, were $21.90 million, slightly above the estimated $21.72 million, reflecting a +7.7% change compared to the previous year [4] - Over the past month, Evercore's shares have returned -0.7%, underperforming the Zacks S&P 500 composite's -0.2% change, and the stock currently holds a Zacks Rank 5 (Strong Sell) [3]