LAZ - Lazard Ltd
| Previous Close | 38.83 |
| Open | 38.77 |
| Bid | 37.79 x 800 |
| Ask | 39.50 x 3100 |
| Day's Range | 38.61 - 39.33 |
| 52 Week Range | 31.07 - 41.76 |
| Volume | 571,135 |
| Avg. Volume | 662,003 |
| Market Cap | 4.1B |
| Beta (5Y Monthly) | 1.70 |
| PE Ratio (TTM) | 14.47 |
| EPS (TTM) | 2.69 |
| Earnings Date | Feb 3, 2020 - Feb 7, 2020 |
| Forward Dividend & Yield | 1.88 (4.84%) |
| Ex-Dividend Date | 2019-11-07 |
| 1y Target Est | 39.75 |
- Insider Monkey
Hedge Funds Aren’t Crazy About Lazard Ltd (LAZ) Anymore
Investing in small cap stocks has historically been a way to outperform the market, as small cap companies typically grow faster on average than the blue chips. That outperformance comes with a price, however, as there are occasional periods of higher volatility. The last 12 months is one of those periods, as the Russell 2000 […]
- Zacks
Lazard's (LAZ) AUM Increases in November on Higher Equity
Lazard's (LAZ) preliminary assets under management (AUM) of $236.7 billion for November 2019 reflect marginal rise from the prior month.
- Business Wire
Tim Wielechowski Joins Lazard’s Middle Market Consumer, Food & Retail Group
Lazard Ltd (NYSE: LAZ) announced today that Tim Wielechowski has joined Lazard’s Middle Market Consumer, Food & Retail (CFR) group as Managing Director. He is based in Charlotte.
- Business Wire
Lazard Reports November 2019 Assets Under Management
Lazard Ltd (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of November 30, 2019 totaled approximately $236.7 billion. The month’s AUM included market appreciation of $3.8 billion; net outflows of $1.5 billion and foreign exchange depreciation of $1.4 billion.
- Business Wire
Lazard World Dividend & Income Fund and Lazard Global Total Return and Income Fund Announce Closing of Merger
Lazard World Dividend & Income Fund, Inc. and Lazard Global Total Return and Income Fund, Inc. today announced that the merger of LOR with and into LGI, pursuant to an Agreement and Plan of Merger , was consummated as of the close of business today, December 3, 2019 .
- Business Wire
Lazard Chairman and Chief Executive Officer Kenneth M. Jacobs to Speak at the Goldman Sachs US Financial Services Conference
Lazard Ltd announced today that Kenneth M. Jacobs, Chairman and Chief Executive Officer, is scheduled to participate in a moderated question and answer session at the Goldman Sachs US Financial Services Conference, Tuesday, December 10 at 3:30 p.m.
- GuruFocus.com
Mason Hawkins' Southeastern Buys 1, Sells 2 in 3rd Quarter
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- Simply Wall St.
The Lazard (NYSE:LAZ) Share Price Is Down 26% So Some Shareholders Are Getting Worried
Ideally, your overall portfolio should beat the market average. But in any portfolio, there will be mixed results...
- Bloomberg
Google Finds Its Deal Whisperers at Old-School Bank Lazard
(Bloomberg) -- It’s been an up-and-down few years for Lazard Ltd., the storied blue blood investment bank.Its share of deal advisory work worldwide is ranked at its lowest in almost two decades, falling behind rival Evercore Inc., Bloomberg data show. Top Lazard bankers such as Matthieu Pigasse and Antonio Weiss have left and a few offices closed.Yet amid the setbacks, Lazard, founded in the 1800s as a dry goods merchant, can count on a surprising and steady source of business: Google, the quintessential Silicon Valley firm. Over the last decade, Lazard has quietly become Google’s go-to adviser, bringing it the cachet -- though not big fees -- of working with one of the world’s largest companies.Lazard has represented the Alphabet Inc. unit on every takeover where it used an outside adviser -- a total of $22 billion in transactions over that period, from Motorola Mobility for $9.8 billion in 2011 to Fitbit Inc. for $2.1 billion this month. For its many smaller transactions, Google generally uses its in-house banking staff.That kind of relationship, while informal, is rare these days, especially in the cut-throat world of technology investment banking. Companies typically use a variety of banks when doing deals. The Google-Lazard tie-up -- put together almost a decade ago by one of its bankers, Vernon Jordan, the well-connected power broker -- is more reminiscent of the century-old banking relationship between General Electric and what is now JPMorgan Chase & Co. And like that one, it reflects in part personal relationships and a desire for discreetness.“This harkens back to the old line way of banking where corporations would have this kind of relationship with an institution for decades,” said Barbara Byrne, a former vice chairman at Barclays Plc and now a director at CBS Corp.Antitrust ScrutinyThe Google business alone won’t make or break Lazard, to be sure. The New York-based firm’s share of global M&A by deal value is just 4.3% this year, the lowest since 2001, according to data compiled by Bloomberg. That share has especially tumbled in recent years as rainmaker bankers such as Ken Moelis, Paul Taubman and Blair Effron founded their own boutique firms that compete on megadeals.Google transactions may have brought Lazard a mere $70 million in fees since 2011, according to an estimate by consultant Freeman & Co. In the third quarter alone, Lazard posted financial advisory revenue of $304 million.And Google’s acquisition activity may slow as antitrust scrutiny grows from federal, state and Congressional investigators looking into whether the company is using its size to hurt competitors.But the relationship with Google serves to burnish the firm’s reputation, and allows its bankers to play up the ties, such as when seeking business with emerging tech companies, a person familiar with the situation said.“There’s no banker in the world who wouldn’t want that relationship,” Byrne said. “They would jump hoops for it.”Google and Lazard declined to comment.On Lazard’s last earnings call, CEO Ken Jacobs said that its financial advisory activity had “gained momentum.” The firm has reshuffled leadership in recent months, promoting several bankers including naming Peter Orszag as the firm’s chief global dealmaker in April. (Orszag is a Bloomberg Opinion columnist.)Jordan’s RoleLazard won its role with Google thanks partly to Jordan, 84, who had been a friend and adviser to former President Bill Clinton. He started working for Lazard in 2000 as the ultimate door opener and now holds the title of senior managing director.His entrée to Google was through David Drummond, who joined the company in 2002 and is now its vice president of corporate development, people familiar with the matter said. Jordan delivered a speech to honor Drummond at a social justice gala last year where he called him a “good friend.”(A former Google employee who had a long-term relationship with Drummond alleged in August that she was forced out of the company after dating him. Drummond has acknowledged the relationship and said he has addressed it with Google.)‘Science Experiments’Google pays Lazard a retainer of more than $200,000 a month for its services, according to people familiar with the situation. While some other banks have retainers with clients, Lazard’s is notable for its duration, going back years.Lazard plays a variety of roles for Google. Often it acts as a consultant, such as a McKinsey would, researching industries and exploring potential takeover targets, according to people familiar with the matter. A former Lazard employee described the work as doing “science experiments” for Google.They sometimes lead to being hired for traditional M&A advice, or coming in only for late-stage negotiations after Google employees handled the earlier talks.In the Fitbit acquisition, Lazard initially prepared a study on the smartwatch market, which laid the groundwork for Google to buy some of watchmaker Fossil Group Inc.’s technology earlier this year. That, in turn, led to Google hiring Lazard for the Fitbit purchase.Deep PocketsGoogle doesn’t typically require the array of services, notably takeover financing, offered by bulge bracket firms like Goldman Sachs or JPMorgan. The company has deep pockets to pay for a transaction itself. That’s why it made sense to turn to a firm that focuses more heavily on M&A.Google also trusts Lazard to keep potential takeovers close to the vest, people familiar with the arrangement said, even viewing some of the Lazard bankers as if they were embedded in the corporate development group.Paul Haigney, the longtime Lazard banker who, with John Gnuse, handles the day-to-day Google relationship, is described by people who know him as an old-school banker, meaning in part that he doesn’t like meeting or gossiping with the press -- a much-prized trait at the typically secretive Google.In the Fitbit acquisition, Lazard’s role was handled in a typical low-profile way. A release announcing it omitted the bank’s name, listing only Fitbit’s financial adviser, Qatalyst.“Banking relationships at the CEO and board level are extremely personal and not institutional,” said Stefan Selig, managing partner at BridgePark Advisors, whose clients include CEOs and wealthy investors. “Those relationships tend to be sticky if the bankers and management teams don’t change and if the client is happy with the service.”To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;Gerrit De Vynck in New York at gdevynck@bloomberg.net;Sonali Basak in New York at sbasak7@bloomberg.netTo contact the editors responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net, Larry Reibstein, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Business Wire
Lazard World Dividend & Income Fund and Lazard Global Total Return and Income Fund Announce Stockholder Approval of Proposed Merger
Lazard World Dividend & Income Fund, Inc. and Lazard Global Total Return and Income Fund, Inc. today announced that holders of a majority of each Fund's outstanding shares of common stock have approved the proposal to merge LOR with and into LGI, pursuant to an Agreement and Plan of Merger .
- 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.
- Reuters
Lazard poaches Numis bankers to launch venture and growth banking team
Lazard has poached two executives from British stockbroker Numis Corporation Plc to lead a new team that will focus on European private firms seeking growth equity and venture capital. The U.S.-based investment bank said on Friday that Garri Jones and Nick James would join as managing directors in its London hub in January to lead the 10-strong team known as Lazard Venture and Growth Banking. Jones and James, who ran Numis's venture practice, will be in charge of the new unit comprising entrepreneurs, bankers, data scientists and engineers.
- Business Wire
Lazard UK Investment Banking Launches New Venture and Growth Banking Team
Lazard Ltd (LAZ) announced today that it has launched a new team called Lazard Venture and Growth Banking and appointed Garri Jones and Nick James as Managing Directors in its UK Investment Banking business. Lazard’s Venture and Growth Banking team will focus on the private growth equity and venture capital markets, connecting growth businesses with its large global investor base.
- Business Wire
Lazard Reports October 2019 Assets Under Management
Lazard Ltd reported today that its preliminary assets under management as of October 31, 2019 totaled approximately $235.8 billion. The month’s AUM included market appreciation of $2.9 billion; foreign exchange appreciation of $2.6 billion and net outflows of $0.5 billion.
- Thomson Reuters StreetEvents
Edited Transcript of LAZ earnings conference call or presentation 31-Oct-19 12:00pm GMT
Q3 2019 Lazard Ltd Earnings Call
- Zacks
Lazard (LAZ) Q3 Earnings & Revenues Fall Y/Y, Stock Down 2.9%
Lazard's (LAZ) Q3 results reflect fall in revenues and assets under management (AUM) balance, as well as adverse impact of elevated expenses.
- American City Business Journals
Lazard lays off 200 on heels of earnings report
Investment bank Lazard has laid off about 200 employees, Chief Financial Officer Evan Russo confirmed. The news comes as the Bermuda-based company, which has its U.S. headquarters at 30 Rockefeller Plaza in Manhattan, "conducted a review of its business," Russo said Thursday on a call with investors. “The employee reductions involve approximately 200 people across financial advisory, asset management and corporate functions," he said (h/t Reuters).
- Reuters
Lazard axes 200 jobs after business review
Investment bank Lazard has axed about 200 employees after a review of its business, Chief Financial Officer Evan Russo said on Thursday. "In the third quarter we conducted a review of our business that resulted in a realignment, including employee reductions and the closing of sub-scale offices and investment strategies," Russo said on a call with investors after the bank's third-quarter.
- Reuters
UPDATE 3-Lazard axes 200 jobs as profit falls amid dealmaking slowdown
Lazard Ltd said on Thursday it had axed about 200 employees after a review of its business, as the investment bank reported a 21% drop in third-quarter adjusted net income amid a slowdown in worldwide deal activity. Lazard's business is split between financial advisory and asset management services. Lazard posted net income of $88 million.
- Reuters
Lazard axes 200 jobs as profit falls amid dealmaking slowdown
Lazard Ltd said on Thursday it had axed about 200 employees after a review of its business, as the investment bank reported a 21% drop in third-quarter adjusted net income amid a slowdown in worldwide deal activity. Lazard's business is split between financial advisory and asset management services. Lazard posted net income of $88 million.
