Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Evercore Class A Common Stock
Our Class A common stock is listed on the NYSE and is traded under the symbol "EVR." At the close of business on February 14, 2024, there were 34 Class A common stockholders of record. This is not the actual number of beneficial owners of the Company's common stock, as shares are held in "street name" by brokers and others on behalf of individual owners.
There is no trading market for the Evercore Inc. Class B common stock. As of February 14, 2024, there were 46 holders of record of the Class B common stock.
Dividend Policy
The Company paid quarterly cash dividends of $0.76 per share of Class A common stock for the quarters ended December 31, 2023, September 30, 2023 and June 30, 2023, $0.72 per share for the quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 and $0.68 per share for the quarter ended March 31, 2022.
We pay dividend equivalents, in the form of unvested RSU awards or deferred cash dividends, concurrently with the payment of dividends to the holders of Class A common shares, on all unvested RSU grants. The dividend equivalents have the same vesting and delivery terms as the underlying RSU award.
The declaration and payment of any future dividends will be at the sole discretion of our Board of Directors. Our Board of Directors will take into account: general economic and business conditions; our financial condition and operating results; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries (including Evercore LP) to us; and such other factors as our Board of Directors may deem relevant.
We are a holding company and have no material assets other than our ownership of partnership units in Evercore LP. We intend to cause Evercore LP to make distributions to us in an amount sufficient to cover dividends, if any, declared by us and tax distributions. If Evercore LP makes such distributions, the limited partners of Evercore LP may be entitled to receive equivalent distributions from Evercore LP on their partnership units.
Recent Sales of Unregistered Securities
None
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Share Repurchases for the period January 1, 2023 through December 31, 2023
2023 Total Number of
Shares (or Units)
Purchased(1) Average Price
Paid Per Share Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(2) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2)
January 1 to January 31 26,255 $ 114.36 23,868 7,583,754
February 1 to February 28 2,065,342 132.48 1,155,185 6,428,569
March 1 to March 31 60,984 130.37 58,331 6,370,238
Total January 1 to March 31 2,152,581 $ 132.20 1,237,384 6,370,238
April 1 to April 30 1,434 $ 114.81 — 6,370,238
May 1 to May 31 371,138 108.49 354,134 6,016,104
June 1 to June 30 164,012 117.32 160,970 5,855,134
Total April 1 to June 30 536,584 $ 111.20 515,104 5,855,134
July 1 to July 31 3,541 $ 130.27 — 5,855,134
August 1 to August 31 288,727 137.67 279,965 5,575,169
September 1 to September 30 4,257 142.25 — 5,575,169
Total July 1 to September 30 296,525 $ 137.65 279,965 5,575,169
October 1 to October 31 3,426 $ 138.81 — 5,575,169
November 1 to November 30 2,836 130.97 — 5,575,169
December 1 to December 31 9,331 148.49 — 5,575,169
Total October 1 to December 31 15,593 $ 143.17 — 5,575,169
Total January 1 to December 31 3,001,283 $ 129.04 2,032,453 5,575,169
(1) Includes the repurchase of 915,197, 21,480, 16,560 and 15,593 shares in treasury transactions arising from net settlement of equity awards to satisfy minimum tax obligations during the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively.
(2) On February 22, 2022, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A common stock ("Class A Shares") and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.4 billion worth of Class A Shares and/or LP Units and 10.0 million Class A Shares and/or LP Units. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise. The timing and the actual amount of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This program may be suspended or discontinued at any time and does not have a specified expiration date.
Information relating to compensation plans under which the Company's equity securities are authorized for issuance is set forth in Part III, Item 12 of this report.
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Item 6. [Reserved]
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