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What: Shares of investment bank Evercore Partners
So what: Net revenue grew 32% to $163.9 million in the third quarter, and earnings per share excluding certain items jumped 35% to $0.46 per share. Analysts were only expecting earnings per share of $0.31, so the company outperformed by a wide margin.
Now what: With corporations sitting on record cash levels, there's no reason to think the merger mania won't continue. Evercore has advised on $133.1 billion in proposed deals this year, accounting for the growth in revenue, and there's no reason M&A deals won't continue to grow. I'm bullish on Evercore's future and like to see the increased dividend to $0.20 per quarter from an investment bank, since such companies are notorious for making employees rich and not shareholders.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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