Evercore Climbs After Profit More Than Doubles: New York MoverLaura Marcinek
Evercore Partners Inc., the investment bank founded by former U.S. Deputy Treasury Secretary Roger Altman, jumped the most in a year after reporting third-quarter profit that more than doubled.
Evercore rose 7.5 percent to $53.31 at 9:37 a.m. in New York, the second-best performer in the Standard & Poor’s SmallCap Financials Index, which advanced 0.1 percent. Shares of New York-based Evercore have climbed 64 percent this year through yesterday, outpacing the 24 percent gain of the 116-company index.
Evercore, run by Chief Executive Officer Ralph Schlosstein, said yesterday third-quarter net income climbed to $14 million from $5.3 million a year earlier. Earnings excluding certain items were 53 cents a share, surpassing the 43-cent average estimate of seven analysts surveyed by Bloomberg. Schlosstein said the firm is gaining market share as productivity per partner increases.
“This is a strong year for the firm,” Altman said yesterday on a call following the results. “When it’s over, it will have been a strong year for the firm and we’re very pleased with the firm’s progress on investment banking and as a whole.”