Greenhill Surges Most Since 2014 on Outlook for Deal Completionsby and
CEO Bok sees more closings in first half than all of 2015
Revenue should improve solidly, JMP's Ryan says in note
Greenhill & Co. rallied the most since 2014 in New York trading as the investment bank said it expects an increase in deal completions after posting fourth-quarter profit that beat analysts’ estimates.
Greenhill surged 10 percent to $23.89 at 10:30 a.m. Operating profit was 25 cents a share, the New York-based firm said yesterday in a statement after the market closed. That compares with the 24-cent estimate of 10 analysts surveyed by Bloomberg.
Chief Executive Officer Scott Bok is seeking to rebound from 2015, when the stock dropped 34 percent as deal completions were delayed because of regulatory oversight, stalling fee income for the bank. He said Wednesday that he expects more closings of large transactions in the first half of this year than in all of 2015.
“We believe revenue should improve solidly for Greenhill,” Devin Ryan, an analyst at JMP Securities, said in a note. Remarks from management “suggested its outlook for the current year is much improved.”