LAZ - Lazard Ltd
| Previous Close | 38.83 |
| Open | 38.93 |
| Bid | 37.76 x 800 |
| Ask | 37.78 x 800 |
| Day's Range | 37.69 - 39.62 |
| 52 Week Range | 31.07 - 49.24 |
| Volume | 931,602 |
| Avg. Volume | 755,292 |
| Market Cap | 4.041B |
| Beta (3Y Monthly) | 1.56 |
| PE Ratio (TTM) | 12.24 |
| EPS (TTM) | 3.09 |
| Earnings Date | Oct 23, 2019 - Oct 28, 2019 |
| Forward Dividend & Yield | 1.88 (4.84%) |
| Ex-Dividend Date | 2019-08-02 |
| 1y Target Est | 42.43 |
- Bloomberg
J. Crew Planning a Public Offering of Madewell Denim Brand
(Bloomberg) -- J. Crew Group Inc. plans to spin off its Madewell denim chain in a public offering, the company announced in a filing Friday, five months after announcing it was considering such a move.The number of shares to be offered and the price range for the proposed offering haven’t yet been determined, according to the filing. The amount of the IPO is listed in the filing as $100 million, a placeholder that will likely change. Chinos Holdings Inc., which owns J. Crew, expects to use any proceeds to pay down debt and for general corporate purposes.Madewell would follow Levi Strauss & Co. as the next denim company to tap public markets. It will have to gauge investor demand, however, as most apparel retailers’ shares have lost value this year. In J. Crew’s case, however, debt-related needs may take precedence over timing.“The IPO could garner a substantial valuation and help pay down a meaningful portion of the over $1.7 billion in debt,” said Raya Sokolyanska, an analyst at Moody’s Investors Service. “But the ultimate ability to address J. Crew’s highly leveraged capital structure depends on the public market’s receptivity to apparel retailers and the company’s operating performance.”New DebtChinos will be renamed Madewell Group Inc. before the IPO is completed, the company said. As part of the proposed transaction, Chinos will incur new debt and use the net proceeds it receives from the offering to repay its remaining debt obligations previous to the spinoff of the business from J. Crew.The possibility that J. Crew will file for bankruptcy is listed in the filing as a risk for the IPO. J. Crew’s creditors could request that the court consolidate its assets and liabilities with Madewell assets and liabilities, according to the filing. The consolidation would allow the creditors to satisfy their claims from the combined assets as part of J. Crew’s filing, it said.Madewell’s current Chief Executive Officer Libby Wadle and Chief Financial Officer of J. Crew Group Vincent Zanna will stay in their roles just until the separation, according to a filing. Michael Nicholson, who was named interim chief executive officer of J. Crew Group in April, will also take on the interim CFO role when Zanna leaves.Madewell ExpansionMadewell, which has resonated with millennial shoppers, has opened a few stores in recent months and has plans to open at least six more by early next year from Southern California to Tampa, Florida. The company currently has about 130 locations. The expansion comes as its sister company J. Crew shuttered dozens of locations and rival mall stores including Gap Inc. are lowering store counts.J. Crew was in negotiations with its creditors around a debt transaction that ended in a stalemate, according to its filings. The company said it made a proposal to a group of both loan and note holders but couldn’t reach an agreement with them. There are no further discussions scheduled at this time, it said.The company proposed a separation of J. Crew and Madewell, an IPO of Madewell’s equity, the issuance of new debt, and a recapitalization of the company’s balance sheet, according to filings. To facilitate the proposed transactions, members of the creditor group would need to give their consent and tender their holdings.Creditors’ ProposalCreditors proposed a deal in which term loan and note holders would exchange a portion of their holdings for new debt with additional collateral from the IPO of Madewell and existing J. Crew common equity, according to the filings.J. Crew is working with advisers from law firm Weil Gotshal & Manges and investment bank Lazard Ltd, according filings.Creditors enlisted investment bank PJT Partners Inc., according to a proposal debt deal from the lender group titled “Project Paddle.”(Updates with creditor negotiations in ninth paragraph)\--With assistance from Jordyn Holman.To contact the reporters on this story: Lisa Wolfson in Boston at lwolfson@bloomberg.net;Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Jonathan Roeder, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Business Wire
Lazard World Dividend & Income Fund Declares Monthly Distribution
The Board of Directors of Lazard World Dividend & Income Fund, Inc. has authorized the Fund to declare today, pursuant to a level distribution policy, a monthly distribution of $0.05799 per share on the Fund’s outstanding common stock.
- Business Wire
Lazard Global Total Return and Income Fund Declares Monthly Distribution
The Board of Directors of Lazard Global Total Return and Income Fund, Inc. has authorized the Fund to declare today, pursuant to a level distribution policy, a monthly distribution of $0.08879 per share on the Fund’s outstanding common stock.
- Business Wire
Lazard Reports August 2019 Assets Under Management
Lazard Ltd reported today that its preliminary assets under management as of August 31, 2019 totaled approximately $228.8 billion. The month’s AUM included market depreciation of $3.8 billion; foreign exchange depreciation of $1.8 billion and net outflows of $0.4 billion.
- Business Wire
Lazard Announces Leadership Appointments in UK Investment Banking
Lazard Ltd (LAZ) announced today that it has named Cyrus Kapadia as Chief Executive Officer (CEO) of Lazard Investment Banking in the UK and William Rucker, CEO of the business since 2004, as Chairman, effective immediately. Archie Norman, Chairman of the business since 2013, will continue to serve Lazard as a Special Adviser to Lazard’s CEO. “William has successfully built and led one of our firm’s most important investment banking franchises in his career at Lazard over the past 30 years,” said Kenneth M. Jacobs, Chairman and CEO of Lazard.
- Simply Wall St.
How Much Of Lazard Ltd (NYSE:LAZ) Do Institutions Own?
Every investor in Lazard Ltd (NYSE:LAZ) should be aware of the most powerful shareholder groups. Generally speaking...
- Financial Times
Lazard UK’s new chief says UK groups vulnerable to takeovers
The new chief executive of Lazard UK said British-listed companies were becoming increasingly attractive targets to overseas buyers as the Brexit-linked plunge in the pound makes them cheaper. Cyrus Kapadia, a 23-year veteran of the independent investment bank, was named head of Lazard’s UK operations on Monday, taking over from William Rucker, who had been in the role since 2004 and is moving up to become chairman.
- Business Wire
Increasing Challenges for Automotive Suppliers as Global Vehicle Production Declines and Margin Pressure Grows
The global automotive supplier industry is facing difficult times: In the first six months of 2019, vehicle production declined by 5% compared to the first half of 2018. The study analyzed performance indicators of approximately 600 suppliers around the globe to assess the current state of the industry, as well as trends and challenges.
- Zacks
Why Is Lazard Ltd (LAZ) Down 13.4% Since Last Earnings Report?
Lazard Ltd (LAZ) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Business Wire
Lazard World Dividend & Income Fund Announces Final Results of Tender Offer
Lazard World Dividend & Income Fund, Inc. today announced the final results of its one-time tender offer to acquire, in exchange for cash, up to 20% of its outstanding shares of common stock .
- Business Wire
Lazard World Dividend & Income Fund Announces Expiration and Preliminary Results of Tender Offer
Lazard World Dividend & Income Fund, Inc. (NYSE:LOR) today announced the expiration and preliminary results of its one-time tender offer to acquire, in exchange for cash, up to 20% of its outstanding shares of common stock (the "Offer"). The purchase price for validly tendered shares is $10.04 per share, which is equal to 98% of LOR's net asset value per share as of the close of regular trading on the New York Stock Exchange today. Based upon preliminary information provided by Broadridge Corporate Issuer Solutions, Inc., the information agent for the Offer (the "Information Agent"), 3,560,562 shares, or approximately 52% of LOR's outstanding shares, were tendered.
- Simply Wall St.
Three Things You Should Check Before Buying Lazard Ltd (NYSE:LAZ) For Its Dividend
Could Lazard Ltd (NYSE:LAZ) be an attractive dividend share to own for the long haul? Investors are often drawn to...
- Bloomberg
Aramco to Select Lazard, Moelis for World’s Biggest IPO
(Bloomberg) -- Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant’s second attempt at the world’s largest initial public offering, people with knowledge of the matter said.The boutique investment banks have started preparatory work on the offering, according to the people, who asked not to be identified because the information is private. They are expected to play a key role in the listing, including in the selection of underwriters and listing venues as well as working to ensure Aramco can secure its valuation expectations, the people said.The selection is a boon particularly for Lazard, which wasn’t one of the advisers on Aramco’s first listing attempt. The oil producer was originally working with Evercore Inc. and Moelis, as well as HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley. Lazard’s success working on the blockbuster Aramco bond sale this year put it in pole position to secure a role on the IPO.QuickTake: All About That Saudi Plan for the World’s Biggest IPOLazard was pushing hard in recent weeks to win a spot on the planned share sale, sending some of its top global dealmakers from London, Paris and Houston to woo Aramco officials at meetings in the Middle East, Bloomberg News reported earlier this week. The firm, run by Ken Jacobs, is likely to replace one of the original advisers that previously worked on the listing plans, people with knowledge of the matter have said.Moelis was up 1.4% at 9:51 a.m. in New York trading on Tuesday after earlier gaining as much as 4.1%. Lazard shares fell 0.7% and are up about 2.3% this week after Bloomberg reported Monday that it was likely to win a role on the IPO.$100 Billion DealAramco, which is planning a stock-market listing as early as in 2020, is still planning to add more banks to the deal, the people said. No final decisions have been made, and the company, officially known as Saudi Arabian Oil Co., could still change or delay its plans, according to the people.A spokeswoman for Moelis declined to comment, while a representative for Lazard didn’t immediately respond to a request for comment.“Saudi Aramco continues to look at multiple options in the IPO process,” the company said in an emailed statement. “Appropriate updates (if any) will be provided as and when available.”The kingdom looks set to reward banks that have shown loyalty with positions on the listing, which could raise about $100 billion. Lazard’s success on its debt issuance, which allowed Aramco to borrow $12 billion at a lower yield than its sovereign parent, came at a time when Saudi Arabia was still facing international criticism over the assassination of journalist Jamal Khashoggi.Ken Moelis, who’s earned himself the moniker “Ken of Arabia,” was one of the few Western bank executives to show up to Saudi Arabia’s signature investment summit in October 2018 in the aftermath of the Khashoggi scandal.Read more about the renewed IPO push here.The IPO project was first announced in 2016 as the cornerstone of the kingdom’s Vision 2030 plan to modernize the Saudi economy, with a target of listing in the second half of 2018. Aramco formally put the IPO plans on hold last year and instead decided to buy a $69 billion stake in local chemical giant Saudi Basic Industries Corp.(Updates with share prices in fifth paragraph.)To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Myriam Balezou in London at mbalezou@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Lazard’s Success on Aramco Bond Puts It in Pole Position for Coveted IPO
(Bloomberg) -- Lazard Ltd.’s success working on the blockbuster Saudi Aramco bond sale this year has put it in pole position to secure a coveted spot on the oil giant’s second attempt at the world’s largest initial public offering.Several rival bankers seeking a role on the IPO expect Lazard to get an advisory mandate, thanks to its work on the debut bond sale by Aramco that attracted more than $100 billion of orders, people with knowledge of the matter said.The boutique advisory firm has been pushing hard in recent weeks to win a role on the planned share sale, sending some of its top global dealmakers from London, Paris and Houston to woo Aramco officials at meetings in the Middle East, the people said. Lazard, run by Ken Jacobs, is likely to replace one of the original advisers that previously worked on the listing plans, the people said, asking not to be identified because the information is private.Lazard’s shares rose as much as 4.1% in New York trading. The oil producer was originally working with Evercore Inc. and Moelis & Co., as well as HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley.$12 Billion SuccessAramco is planning a stock-market listing as early as in 2020 and is expected to favor advisers that have an existing relationship with the firm, according to the people. The success of the debt issuance, which allowed Aramco to borrow $12 billion at a lower yield than its sovereign parent, came at a time when Saudi Arabia was still facing international criticism over the assassination of journalist Jamal Khashoggi.Winning a role on the potential IPO would be a significant victory for Lazard’s efforts to bolster its Middle Eastern business. Unlike rivals such as Evercore and Moelis, Lazard has a limited on-the-ground presence in the region and covers the Gulf primarily from its offices in Europe.A successful IPO would generate hefty fees for the banks lucky enough to get on the deal. Moelis saw its shares surge in early 2017 when reports of its advisory role with the oil giant became public.Bank PitchesAramco has recently asked Saudi and international investment banks to pitch for a role on the offering, according to the people. Local banks have told to register their interest in the next week, with formal pitches expected to take place as soon as this month, the people said.The oil giant has been holding talks with a select group of investment banks as it restarts preparations for the IPO, Bloomberg News reported last month. No final decisions have been made, and Aramco’s plans could still change or be delayed, the people said.Aramco, officially known as Saudi Arabian Oil Co., declined to comment. A representative for Lazard didn’t respond to requests for comment.The IPO project was first announced in 2016 as the cornerstone of the kingdom’s Vision 2030 plan to modernize the Saudi economy, with a target of listing in the second half of 2018. Aramco formally put the IPO plans on hold last year and instead decided to buy a $69 billion stake in local chemical giant Saudi Basic Industries Corp.\--With assistance from Michael Hytha.To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.net;Myriam Balezou in London at mbalezou@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Amy Thomson, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
Legg Mason AUM Rises in July, Fixed Income Inflows Recorded
Legg Mason's (LM) assets under management (AUM) inch up in July, supported by increase in alternative and fixed income AUM.
- Zacks
Lazard's (LAZ) July 2019 AUM Declines on Overall Net Outflows
Lazard's (LAZ) preliminary assets under management (AUM) of $234.8 billion for July 2019 reflect 1.1% fall from the prior month.
- Business Wire
Lazard Reports July 2019 Assets Under Management
Lazard Ltd reported today that its preliminary assets under management as of July 31, 2019 totaled approximately $234.8 billion. The month’s AUM included market appreciation of $1.5 billion; net outflows of $2.0 billion; and foreign exchange depreciation of $2.1 billion.
- Business Wire
Bennett Monson Joins Lazard’s Middle Market Industrials Group
Lazard Ltd announced today that Bennett Monson has joined Lazard’s Middle Market Industrials group as a Managing Director. He is based in Charlotte.
- Thomson Reuters StreetEvents
Edited Transcript of LAZ earnings conference call or presentation 25-Jul-19 12:00pm GMT
Q2 2019 Lazard Ltd Earnings Call
- Simply Wall St.
Lazard Ltd (NYSE:LAZ) Passed Our Checks, And It's About To Pay A 1.2% Dividend
Lazard Ltd (NYSE:LAZ) stock is about to trade ex-dividend in 3 days time. Investors can purchase shares before the 2nd...
- Zacks
Lazard (LAZ) Q2 Earnings Beat on Lower Expenses, Shares Up
Lazard (LAZ) Q2 performance reflects decreased expenses and stable assets under management (AUM), partly muted by lower revenues.
