NEW YORK - Evercore ISI, a division of the premier global independent investment banking advisory firm Evercore (NYSE: EVR), announced today that Adam Frisch has been appointed as a senior managing director. Frisch will lead the company's research coverage of the financial technology and IT services sectors.
With over two decades of experience, Frisch's career spans roles as a top-ranked research analyst, a corporate executive, and an investment banker. Before joining Evercore ISI, he served as CEO of Buy It Mobility, a rising fintech payments company. His analytical expertise was honed during his 14 years at UBS and Morgan Stanley (NYSE:MS), where he garnered recognition as a leading analyst in Institutional Investor's All-America Research poll for five years running.
Mike Paliotta, CEO of Evercore ISI, highlighted Frisch's extensive knowledge and network within the fintech industry as invaluable assets that align with the company's culture and strengthen its research capabilities. Marc Harris, Evercore ISI Director of Research, also praised Frisch's unique blend of analytical and executive experience in the payments space, emphasizing the benefits his insights will bring to Evercore ISI's clients.
Frisch himself expressed enthusiasm for his new role, aiming to integrate his research background and recent operational experience to enhance Evercore's offerings in the fintech sector.
Evercore, known for its strategic advisory services, including mergers and acquisitions, capital raising, and investment management, continues to expand its research division with this new appointment. The information for this report is based on a press release statement.
In other recent news, Evercore Inc. has reported a record second quarter with adjusted net revenues reaching $695 million. This substantial increase year-over-year was largely due to a 52% surge in adjusted advisory fees, totaling $568 million. This uptick is attributed to Evercore's involvement in several large global transactions, indicating a positive trend in the mergers and acquisitions sector.
In addition to the impressive revenue figures, Evercore has returned $396 million to shareholders through dividends and share repurchases in the first half of the year. Despite a slight dip in adjusted other revenue and an 18% increase in non-compensation expenses, the firm projects continued growth and improved financial metrics.
Analysts from various firms have noted Evercore's strong position in the M&A advisory market and its robust backlog of transactions. The firm anticipates the market recovery to persist through 2024 and 2025, with a focus on expanding client coverage, product capabilities, and investing in its European operations. These recent developments mark a promising outlook for Evercore's financial performance.
InvestingPro Insights
Evercore (NYSE: EVR) has recently made a strategic addition to its team by appointing Adam Frisch as a senior managing director to lead research in the fintech and IT services sectors. This move comes at a time when Evercore's financial performance and market valuation present a mixed picture, according to InvestingPro data and insights.
InvestingPro data shows a strong market capitalization for Evercore at $8.97 billion, reflecting investor confidence in the firm's business model and its future growth prospects within the advisory and research sectors. A robust gross profit margin of 93.82% in the last twelve months as of Q2 2024 further underscores Evercore's operational efficiency and its ability to maintain profitability in a competitive environment.
Two InvestingPro Tips highlight Evercore's performance and investor sentiment. Firstly, the company has demonstrated a commitment to shareholder returns by raising its dividend for 17 consecutive years and maintaining dividend payments for 18 consecutive years. This consistency is a testament to Evercore's stable financial health and disciplined capital management strategy. Secondly, the company's stock has experienced a strong return over the last three months, with a 21.94% price total return, signaling robust investor optimism and a positive response to the company's strategic initiatives.
For investors seeking a deeper dive into Evercore's financials and future outlook, additional InvestingPro Tips are available. Currently, there are 11 more tips listed on InvestingPro that provide further analysis and context for Evercore's performance and potential investment opportunities. These insights can be accessed by visiting the dedicated Evercore page on InvestingPro: https://www.investing.com/pro/EVR.
As Evercore continues to expand its research division and enhance its offerings in the fintech sector, these InvestingPro Insights offer valuable context for understanding the company's current market position and future potential.
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