Lincoln International climbs after posting higher quarterly profit

Shares of investment bank Lincoln International climbed 12% to $23.42 after the company reported higher quarterly profit.

• The company reported Q2 adjusted net income of $28.7 million, compared with $20.8 million a year ago.
• Investment banking advisory revenue jumped 56% to $177.7 million from a year ago.
• In Q2, the company used a portion of the net proceeds from its IPO to repay about $195.8 million of debt incurred primarily to finance the MarshBerry acquisition.
• Three of seven analysts rate the stock "strong buy" or "buy" and four rate it "hold"; their median price target is $27, according to data compiled by LSEG.
• As of the last close, the stock was up 3.7% since its IPO in May.