Edward S. Hyman, Vice Chair at Evercore Inc. (NYSE:EVR), recently sold shares of the company’s Class A common stock totaling approximately $10.19 million. The transactions occurred over three consecutive days, with shares sold at prices ranging from $300.08 to $308.32.
On November 12, Hyman sold 10,305 shares at an average price of $308.32, followed by a sale of 12,316 shares on November 13 at $304.75. The final transaction took place on November 14, involving 10,869 shares sold at $300.08. Following these sales, Hyman retains ownership of 1,776,766 shares of Evercore’s Class A common stock.
These transactions reflect a strategic adjustment in Hyman’s holdings, aligning with his role as Vice Chair and Chairman of Evercore ISI.
In other recent news, Evercore has reported strong financial growth in the third quarter of 2024, with adjusted net revenues of approximately $740 million, a 28% increase year-over-year. This growth is attributed to improvements in the macroeconomic landscape and capital markets, as well as the Federal Reserve’s first rate cut since early 2022. The firm’s CEO, John Weinberg, expressed optimism for increased M&A activity in 2025, despite uncertainties such as the upcoming U.S. election and geopolitical tensions.
In other major news, the U.S. presidential election is drawing attention from investors and analysts alike. A Trump victory is expected to impact sectors such as banks, crypto, energy, and small-cap stocks due to his promises of tax cuts, deregulation, and domestic energy production. Conversely, a win for Harris could influence sectors like homebuilders, healthcare, and renewable stocks due to her proposed housing initiatives, tax increases, and focus on environmental policies.
These are recent developments that could potentially shape the market landscape and affect various sectors. Investors and analysts are considering these factors as they prepare for market reactions following the election outcome.
InvestingPro Insights
Edward S. Hyman’s recent sale of Evercore Inc. (NYSE:EVR) shares comes at a time when the company’s stock has shown remarkable performance. According to InvestingPro data, Evercore has delivered a strong return of 107.67% over the last year, with a particularly impressive 54.11% gain in the past six months. This robust performance aligns with the company’s solid financial metrics.
Evercore’s revenue growth stands at 12.78% for the last twelve months as of Q3 2023, with a notable 28.88% quarterly growth in Q3 2023. The company maintains a high gross profit margin of 93.9%, indicating efficient operations and strong pricing power in its investment banking and advisory services.
InvestingPro Tips highlight Evercore’s commitment to shareholder returns, noting that the company has raised its dividend for 18 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 1.07%, underscores Evercore’s financial stability and shareholder-friendly policies.
However, investors should note that Evercore is trading at a relatively high P/E ratio of 35.73, suggesting the stock may be priced at a premium compared to its earnings. This valuation metric, along with the company’s strong recent performance, may have influenced Hyman’s decision to sell a portion of his holdings.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Evercore, providing a comprehensive view of the company’s financial health and market position.
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