Lazard's Q1 Earnings Beat Estimates on Y/Y Lower Expenses, Stock Down
LAZ's first-quarter 2025 results top estimates on the back of lower operating expenses, partially offset by lower operating revenues and AUM.
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Dealmaking remains uncertain, Lazard banker says: ‘We're not in normal times.'
Lazard Inc.'s stock retreated on Friday after the investment bank said that its deal backlog has grown but that an elevated level of economic uncertainty is making it difficult to predict how the second quarter will play out.
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Lazard CEO Peter Orszag: Recession odds are very high if tariff uncertainty remains
Peter Orszag, Lazard CEO, joins 'Money Movers' to discuss the company's quarterly earnings results, how to tell clients how to respond to recent trade news, and much more.
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Lazard (LAZ) Q1 2025 Earnings Call Transcript
Lazard Inc. (NYSE:LAZ ) Q1 2025 Earnings Conference Call April 25, 2025 8:00 AM ET Company Participants Peter Orszag - Chairman, Chief Executive Officer Mary Ann Betsch - Chief Financial Officer Evan Russo - Chief Executive Officer, Asset Management Alexandra Deignan - Head of Investor Relations and Treasury Conference Call Participants Mike Brown - Wells Fargo James Yaro - Goldman Sachs Ben Rubin - UBS Ryan Kenny - Morgan Stanley Alex Jenkins - Citizens JMP Brendan O'Brien - Wolfe Research Operator Good morning everyone and welcome to Lazard's first quarter 2025 earnings conference call. This call is being recorded.
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Lazard (LAZ) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
While the top- and bottom-line numbers for Lazard (LAZ) give a sense of how the business performed in the quarter ended March 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Lazard (LAZ) Q1 Earnings and Revenues Top Estimates
Lazard (LAZ) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.66 per share a year ago.
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Lazard Reports First-Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today reported net revenue of $648 million and adjusted net revenue1 of $643 million for the quarter ended March 31, 2025. On both a U.S. GAAP and an adjusted basis1, Lazard reported first-quarter 2025 net income of $60 million or $0.56 per share, diluted. “First quarter performance was solid in the midst of an uncertain business environment,” said Peter R. Orszag, CEO and Chairman. “Throughout our history, we've maintained an unwavering focus.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in March
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14646 per share on the Fund's outstanding common stock. The distribution is payable on May 22, 2025 to shareholders of record on May 12, 2025. The ex-dividend date is May 12, 2025. The Fund will pay a previously declared distribution today, April 22, 2.
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Stay Ahead of the Game With Lazard (LAZ) Q1 Earnings: Wall Street's Insights on Key Metrics
Get a deeper insight into the potential performance of Lazard (LAZ) for the quarter ended March 2025 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.
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Earnings Preview: Lazard (LAZ) Q1 Earnings Expected to Decline
Lazard (LAZ) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Former U.S. Congressman and House Financial Services Chair Patrick McHenry Joins Lazard as Senior Advisor
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ), the preeminent global financial advisory and asset management firm, announced today that Patrick McHenry has joined as Senior Advisor, effective April 23, 2025. McHenry brings over 20 years of experience as an elected official and leading voice on U.S. economic and financial policy. His appointment underscores Lazard's commitment to expanding its capacity to help clients navigate the increasingly complex intersection of business, politics, an.
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Lazard boosts UAE footprint with financial advisory office in Abu Dhabi
Lazard is strengthening its footprint in the United Arab Emirates by opening an office in the capital city of Abu Dhabi which will serve as the investment bank's main financial advisory hub in the country, it said on Tuesday.
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Lazard Marks Strategic Expansion Into the UAE, Reinforcing Its Financial Advisory Base in MENA
NEW YORK & ABU DHABI, United Arab Emirates & RIYADH, Saudi Arabia--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) announced today its strategic expansion into the United Arab Emirates, establishing Abu Dhabi as the Financial Advisory main office for the country, subject to regulatory approval. The establishment of this office reflects the role of Abu Dhabi as a leading business and financial center globally and underscores Lazard's commitment to deepening its presence in MENA and serving as a truste.
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Lazard Reports March 2025 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of March 31, 2025 totaled approximately $227.4 billion. The month's AUM included market depreciation of $5.4 billion, net outflows of $3.1 billion and foreign exchange appreciation of $3.1 billion. Preliminary average AUM for the quarter ended March 31, 2025 was $230.8 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: March 31, F.
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Lazard Makes Active ETF Debut With 3 New Funds
On Monday, Lazard Asset Management announced that it has released its first three active ETFs in the United States. Each of these new funds taps into Lazard's extensive portfolio experience to offer a distinct investment strategy.
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Lazard CEO outlines 'several aspects' adding to the market uncertainty
Lazard CEO and Chairman Peter Orszag joins CNBC's Silvia Amaro at the Ambrosetti conference, discussing the impact of U.S. President Donald Trump's sweeping tariffs announcement.
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The markets are still in 'a state of denial' when it comes to tariffs, says Lazard's Ron Temple
Ron Temple, Lazard chief market strategist, joins 'Squawk Box' to discuss the latest market trends, impact of tariff uncertainty, where investors can find opportunities right now, and more.
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Lazard and Arini Enter Cooperation and Sourcing Agreement for EMEA Private Credit
LONDON & PARIS--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ), a global financial advisory and asset management firm, and Arini Capital Management (“Arini”), a leading alternative credit manager, today announced an alliance focused on direct lending solutions for borrowers across EMEA. The alliance further expands Lazard's leading debt advisory and capital solutions services across EMEA and will provide Lazard's corporate and sponsor advisory clients access to a potential new source of flexible fin.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in February
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14646 per share on the Fund's outstanding common stock. The distribution is payable on April 22, 2025 to shareholders of record on April 10, 2025. The ex-dividend date is April 10, 2025. The Fund will pay a previously declared distribution today, March.
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Lazard's February AUM Balance Declines Sequentially on Net Outflows
LAZ's AUM balance in February 2025 declines marginally on the back of net outflows, partially offset by market and foreign exchange appreciation.
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Lazard Reports February 2025 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of February 28, 2025, totaled approximately $232.9 billion. The month's AUM included net outflows of $0.8 billion, foreign exchange appreciation of $0.5 billion and market appreciation of $0.1 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: February 28, January 31, 20251 2025 Equity .
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The economy can't sustain tariffs at these levels, says Lazard CEO Peter Orszag
Peter Orszag, Lazard CEO, joins 'Power Lunch' to discuss Trump's tariffs, market uncertainty and the sell-off.
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Buy Two Ideal March 'Safer' Dividend Dogs Of 34 Barron's 2025 Pro-Picks
Barron's New-Year (NY) Roundtable (RT) selections published in three issues 1/13-27/2025, listed 34 dividend picks as the best of 2025. Analysts predict top picks like AdvanSix, Applied Materials, and Salesforce could net significant returns, with an average gain estimate of 28.85%. Two standout "safer" stocks, AT&T and Annaly Capital, meet the dogcatcher ideal, offering high yields relative to their prices.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in January
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14646 per share on the Fund's outstanding common stock. The distribution is payable on March 21, 2025 to shareholders of record on March 10, 2025. The ex-dividend date is March 10, 2025. The Fund will pay a previously declared distribution today, Febru.
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Lazard Reports January 2025 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of January 31, 2025 totaled approximately $233.0 billion. The month's AUM included market appreciation of $6.1 billion, foreign exchange appreciation of $0.4 billion and net inflows of $0.3 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: January 31, 20251 December 31, 2024 Equity $181,506 $174,938 Fixed Income 43,395 43,286.
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Lazard Soars 42.7% in a Year: How Should You Play the Stock Now?
LAZ's rising AUM balance and ambitious 2030 target look encouraging. Read on to know whether it is the right time to buy the stock.
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Buy 1 Safer Ideal January Dog Of 35 Barron's Pro-Picked 2025 Dividends
Barron's 2025 Roundtable features stock picks from top financial experts, highlighting 65 select stocks with a focus on high-yield dividend opportunities. Analysts estimate top ten Barron's Pro Picks could net 19.46% to 35.09% gains by January 2026, with Salesforce and Wynn Resorts leading. The "Dividend Dogs" strategy identifies high-yield stocks, with AT&T emerging as the sole "safer" ideal candidate among top picks.
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Lazard Stock Gains as Earnings & Revenues Beat Estimates in Q4
LAZ's fourth-quarter 2024 results benefit from higher revenues, and increased loans and deposit balances.
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Lazard: Healthy Backlog Into Next Year, But Peers Are Competitively Valued
Lazard, Inc. reported $10 billion in won but not yet funded mandates, meaning they have healthy commissions to be earned in the coming year. LAZ is aggressively hiring MDs, aiming to put them to work in a more deal abundant 2025. Asset management saw outflows but concentrated in low-fee accounts, muting revenue impacts expected into the next year.
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Lazard CEO: Ahead of schedule on the pathway to Lazard 2030
Peter Orszag, Lazard CEO, joins 'Squawk on the Street' to discuss the company's latest earnings results, the pipeline for capital markets activity, and much more.
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Lazard, Inc. (LAZ) Q4 2024 Earnings Call Transcript
Lazard, Inc. (NYSE:LAZ ) Q4 2024 Earnings Conference Call January 30, 2025 8:00 AM ET Company Participants Alexandra Deignan – Head-Investor Relations and Treasury Peter Orszag – Chief Executive Officer and Chairman Mary Ann Betsch – Chief Financial Officer Evan Russo – Chief Executive Officer-Asset Management Conference Call Participants Devin Ryan – Citizens JMP Brennan Hawken – UBS Brendan O'Brien – Wolfe Research Jim Mitchell – Seaport Global Securities James Yaro – Goldman Sachs Aidan Hall – KBW Ryan Kenny – Morgan Stanley Mike Brown – Wells Fargo Operator Good morning, everyone. Welcome to Lazard's Fourth Quarter and Full Year 2024 Earnings Conference Call.
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Here's What Key Metrics Tell Us About Lazard (LAZ) Q4 Earnings
Although the revenue and EPS for Lazard (LAZ) give a sense of how its business performed in the quarter ended December 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
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Lazard (LAZ) Beats Q4 Earnings and Revenue Estimates
Lazard (LAZ) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.66 per share a year ago.
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Lazard Reports Fourth-quarter and Full-year 2024 Results
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today reported net revenue of $817 million and adjusted net revenue1 of $812 million for the quarter ended December 31, 2024. For the full year of 2024, Lazard reported net revenue of $3,052 million and adjusted net revenue1 of $2,890 million. On a U.S. GAAP basis, Lazard reported fourth-quarter 2024 net income of $86 million or $0.80 per share, diluted. For the full year of 2024, net income was $280 million or $2.68 per share, diluted. For th.
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Earnings Preview: Lazard (LAZ) Q4 Earnings Expected to Decline
Lazard (LAZ) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Lazard Reports December 2024 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of December 31, 2024 totaled approximately $226.3 billion. The month's AUM included net outflows of $4.5 billion, foreign exchange depreciation of $2.5 billion and market depreciation of $1.1 billion. Outflows included $3.3 billion from two concentrated sub-advisory relationships. Preliminary average AUM for the quarter ended December 31, 2024 was $233.8 billion. LAZARD, IN.
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Lazard to Announce Fourth-Quarter and Full-Year 2024 Financial Results
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) will announce its fourth-quarter and full-year 2024 financial results in a press release to be issued Thursday morning, January 30, 2025. The press release will be available in the News & Announcements section of Lazard's website at www.lazard.com. Lazard will host a conference call at 8:00 a.m. ET on January 30, 2025, to discuss the company's financial results for the fourth-quarter and full-year 2024. The conference call can be accessed.
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Lazard Hires Stephen Finkel as Managing Director and Global Head of Sports Advisory
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced that Stephen Finkel joined the firm as a Managing Director and Global Head of Sports Advisory, based in New York. In addition, the firm also welcomed Manoel Carvalho as a Managing Director and Bryan Tannenbaum as a Vice President, to the Media, Entertainment & Sports advisory group. These appointments demonstrate Lazard's successful global recruiting efforts as the firm continues to execute its long-term growth strategy. Th.
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US activists' demands push up stock prices but maybe not for long, Lazard report says
Demands by U.S. activist investors can send a target company's stock surging, and new data from investment bank Lazard show that these corporate nudges generate considerable market index-beating gains in the days after demands are announced.
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Lazard Global Total Return and Income Fund Announces Monthly Distribution Amount
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, as previously authorized by its Board of Directors pursuant to a Managed Distribution Policy, a monthly distribution of $0.14646, equivalent to 10% (annualized) of the Fund's net asset value per share as of the close of markets on December 31, 2024 on the Fund's outstanding common stock. The distribution is payable on January 22, 2025 to shareholders of record on January 10,.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in November
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14941 per share on the Fund's outstanding common stock. The distribution is payable on January 22, 2025 to shareholders of record on January 10, 2025. The ex-dividend date is January 10, 2025. The Fund will pay a previously declared distribution today,.
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SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Lazard, Inc. (NYSE: LAZ)
NEW YORK , Dec. 17, 2024 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating Lazard, Inc. (NYSE: LAZ) on behalf of the company's shareholders. The investigation seeks to determine whether Lazard's directors breached their fiduciary duties in connection with recent corporate actions.
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KBW Announces Index Rebalancing for Fourth-Quarter 2024
NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), announces the upcoming index rebalancing for the fourth quarter of 2024.
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Lazard expects dealmaking to pick up, tariffs to be measured
Investment bank Lazard's CEO, Peter Orszag, predicted a surge in dealmaking momentum to continue into next year, helped by private equity activity.
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Lazard, Inc. Announces Results of Consent Solicitation and Offer to Guarantee Lazard Group LLC Senior Notes
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) (“Lazard”) today announced that, in connection with its previously announced consent solicitation and offer to guarantee for Lazard Group LLC (a wholly owned subsidiary of Lazard) (“Lazard Group”) senior notes, it has received the required consents from the holders of the outstanding Lazard Group senior notes listed below (collectively, the “Notes”) to adopt the proposed amendments to the indenture, dated as of May 10, 2005 (as amended and sup.
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Lazard's November AUM Balance Declines Sequentially on Net Outflows
LAZ reports November AUM of $234.4 billion, reflecting a decline from the previous month.
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Lazard Reports November 2024 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of November 30, 2024 totaled approximately $234.4 billion. The month's AUM included market appreciation of $3.0 billion, net outflows of $2.3 billion and foreign exchange depreciation of $2.2 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: November 30, October 31, 20241 2024 Equity $181,764 $182,101 Fixed.
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Banco BPM set to hand Citi, Lazard mandate for UniCredit bid, sources say
Italian bank Banco BPM is preparing to give Citigroup and Lazard a mandate to advise over an unsolicited takeover bid by rival UniCredit , three people close to the matter said.
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Lazard, Inc. Commences Consent Solicitation and Offer to Guarantee for Lazard Group LLC Senior Notes
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) (“Lazard”) today announced that it has commenced a consent solicitation to certain proposed amendments to the indenture, dated as of May 10, 2005 (as amended and supplemented from time to time, the “Indenture”), between Lazard Group (a wholly owned subsidiary of Lazard) (“Lazard Group”) and The Bank of New York Mellon, governing the following outstanding series of senior notes of Lazard Group (all such series, collectively, the “Notes”): Issue.
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Lazard hires Citigroup's Miller in energy investment banking push, sources say
Lazard has hired veteran Citigroup investment banker Chris Miller as a managing director to help drive its dealmaking efforts in the energy industry, people familiar with the matter told Reuters on Tuesday.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in October
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14941 per share on the Fund's outstanding common stock. The distribution is payable on December 23, 2024 to shareholders of record on December 11, 2024. The ex-dividend date is December 11, 2024. The Fund will pay a previously declared distribution tod.
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Market will become more discriminating as policy priorities come to light, says Lazard's Ron Temple
Ronald Temple, Lazard chief market strategist, joins CNBC's 'Money Movers' to discuss expectations for markets under a new Trump administration, the potential impact of tariffs, and more.
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Lazard Chief Executive Officer Peter R. Orszag to Speak at the 2024 Goldman Sachs U.S. Financial Services Conference
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) announced today that Peter R. Orszag, Chief Executive Officer, is scheduled to participate in a fireside chat at the Goldman Sachs U.S. Financial Services Conference in New York on Tuesday, December 10, 2024, at 9:20 a.m. EST. A live audio webcast will be available via the Lazard Investor Relations website at www.lazard.com. A replay will be available on the same website, shortly after the conference. About Lazard Founded in 1848, Lazard is on.
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Lazard Hires Jennifer Tedesko as Managing Director; Expands Private Capital Advisory Business on West Coast
NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced that Jennifer (Jen) Tedesko joined the firm as a Managing Director within the Private Capital Advisory (PCA) business, based in San Francisco. Jen will focus on originating and advising on private equity secondary opportunities. In addition, the firm will add a Director focused on private equity distribution and recently transferred a PCA professional from the firm's London office, who will focus on private equi.
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Lazard's October AUM Declines 4.8% Sequentially on Weaker Markets
LAZ's preliminary AUM balance for October 2024 declines 4.8% on a sequential basis due to an unfavorable market.
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Lazard Reports October 2024 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of October 31, 2024 totaled approximately $235.8 billion. The month's AUM included market depreciation of $4.4 billion, foreign exchange depreciation of $4.2 billion and net outflows of $3.3 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: October 31, September 30, 20241 2024 Equity $182,101 $191,532 Fixed Income 45,514 47.
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Lazard CEO Peter Orszag: Trump's election victory will be good for our business 'temporarily'
Lazard CEO Peter Orszag joins ‘Squawk Box' to discuss President-elect Trump's election victory, impact on the markets and the economy, state of M&A, regulatory outlook, rooting out government waste, the Fed's independence, and more.
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Lazard CEO Peter Orszag: It's in President-elect Trump's interest to have an independent Fed
Lazard CEO Peter Orszag joins 'Squawk Box' to discuss President-elect Trump's election victory, impact on the markets and the economy, state of M&A, regulatory outlook, rooting out government waste, the Fed's independence, and more.
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Lazard: Aggressive Hiring Means Peer-Leading Growth
Lazard has been hiring more aggressively than peers, and it's helped them bag a leading quarter. The private capital advisory business is performing well, not so much on transaction volume from PE but from activity in newfound markets like secondary fund-stake deals. Other than that, overall M&A has been strong, they say, particularly in Europe, and restructuring has also been delivering very robust results.
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Lazard Q3 Earnings Miss on Higher Expenses, AUM Rises Y/Y, Stock Up
A rise in LAZ's operating expenses hurt its third-quarter 2024 results. Improvement in AUM balances offers support.
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Lazard, Inc. (LAZ) Q3 2024 Earnings Conference Call Transcript
Lazard, Inc. (NYSE:LAZ ) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET Company Participants Alexandra Deignan - Head of IR, Treasury & Corporate Sustainability Peter Orszag - CEO Mary Ann Betsch - CFO Evan Russo - CEO, Asset Management Conference Call Participants Brendan O'Brien - Wolfe Research Brennan Hawken - UBS Ryan Kenny - Morgan Stanley James Yaro - Goldman Sachs Devin Ryan - Citizens JMP Mike Brown - Wells Fargo Securities Aidan Hall - KBW Operator Good morning and welcome to Lazard's Third Quarter and First Nine Months 2024 Earnings Conference Call. This call is being recorded.
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Pandemic directly caused inflation, not spending or demand, says Lazard CEO Peter Orszag
Peter Orszag, Lazard CEO, joins CNBC's 'Money Movers' to discuss Lazard earnings, inflation, the economy, and more.
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Compared to Estimates, Lazard (LAZ) Q3 Earnings: A Look at Key Metrics
While the top- and bottom-line numbers for Lazard (LAZ) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Lazard (LAZ) Misses Q3 Earnings and Revenue Estimates
Lazard (LAZ) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.10 per share a year ago.
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Investment bank Lazard's profit surges on dealmaking recovery
Investment bank Lazard's profit surged in the third quarter, driven by an industry-wide recovery in dealmaking.
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Lazard Reports Third-Quarter and Nine-Month 2024 Results
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today reported net revenue of $785 million and adjusted net revenue1 of $646 million for the quarter ended September 30, 2024. For the first nine months of 2024, Lazard reported net revenue of $2,235 million and adjusted net revenue1 of $2,077 million. On a U.S. GAAP basis, Lazard reported third-quarter 2024 net income of $108 million or $1.02 per share, diluted. For the first nine months of 2024, net income was $194 million or $1.88 per share.
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Lazard Declares Quarterly Dividend of $0.50 Per Share
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on November 15, 2024, to stockholders of record on November 8, 2024. About Lazard Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard pr.
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Lazard Announces Redemption of 3.750% Senior Notes Due February 13, 2025 Issued by Lazard Group LLC
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) announced today that its subsidiary Lazard Group LLC (“Lazard Group”) will redeem all of the issued and outstanding 3.750% Senior Notes due February 13, 2025 (the “Notes”) on December 12, 2024 (the “Redemption Date”). The Notes were issued pursuant to the Indenture, dated as of May 10, 2005 (as amended, the “Indenture”), between Lazard Group and The Bank of New York Mellon, as trustee, and have an aggregate principal amount outstanding of $164.
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Lazard (LAZ) Reports Next Week: Wall Street Expects Earnings Growth
Lazard (LAZ) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in September
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14941 per share on the Fund's outstanding common stock. The distribution is payable on November 22, 2024 to shareholders of record on November 12, 2024. The ex-dividend date is November 12, 2024. The Fund will pay a previously declared distribution tod.
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Lazard Appoints Fabien Antignac as Managing Director and Co-Head of European Debt Advisory and Capital Solutions
LONDON & PARIS--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced that Fabien Antignac is joining the firm on 4th November 2024 as Managing Director and Co-Head of European Debt Advisory and Capital Solutions. Alongside existing Co-Heads of European Debt Advisory and Capital Solutions François Guichot-Pérère and Tom Howard, Mr. Antignac will co-lead the European Debt Advisory and Capital Solutions team. He will work with our country, sector and product teams across Europe as Lazard cont.
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Lazard Welcomes Will Thompson as Managing Director, Healthcare Services
LONDON--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced that Will Thompson is joining the firm on 4th November 2024 as Managing Director, Healthcare. Based in London, he will join Lazard's financial advisory practice for Europe, headed by Cyrus Kapadia and Jean-Louis Girodolle, and its global healthcare group, led by David Gluckman. With his focus on Healthcare Services, Mr. Thompson's appointment further reinforces the leading position of Lazard's global franchise. Mr. Thompson's app.
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Lazard to Announce Third-Quarter and Nine-Month 2024 Financial Results
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) will announce its third-quarter and nine-month 2024 financial results in a press release to be issued Thursday morning, October 31, 2024. The press release will be available in the News & Announcements section of Lazard's website at www.lazard.com. Lazard will host a conference call at 8:00 a.m. ET on October 31, 2024, to discuss the company's financial results for the third quarter and first nine months of 2024. The conference call can be.
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Lazard Reports September 2024 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of September 30, 2024 totaled approximately $247.7 billion. The month's AUM included market appreciation of $3.0 billion, foreign exchange appreciation of $1.5 billion and net outflows of $1.3 billion. Preliminary average AUM for the quarter ended September 30, 2024 was $246.0 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: Sep.
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Lazard CEO Peter Orszag on the economy, impact of port strike and Middle East conflict, state of M&A
Peter Orszag, Lazard CEO and former OMB Director under President Obama, joins 'Squawk Box' to discuss the state of the economy, impact of the port strike and the Middle East conflict, the Fed's inflation fight, state of dealmaking, what he's learned in his first year as Lazard CEO, and more.
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Lazard Stock Touches 52-Week High: What Should Investors Do?
LAZ's solid revenue growth and strategic expansion efforts are likely to keep supporting its financials. However, ongoing net outflows remain a concern.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in August
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.14941 per share on the Fund's outstanding common stock. The distribution is payable on October 22, 2024 to shareholders of record on October 11, 2024. The ex-dividend date is October 11, 2024. The Fund will pay a previously declared distribution today,.
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Lazard's August AUM Declines Marginally on Net Outflows
LAZ's AUM balance in August 2024 declines marginally on the back of net outflows, partially offset by market and foreign exchange appreciation.
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Lazard's (LAZ) July AUM Rises Marginally on Positive Markets
Lazard's (LAZ) AUM balance in July 2024 improves marginally on the back of the market and foreign exchange appreciation, partially offset by net outflows.
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Lazard: Still Decent Value
Lazard saw some deceleration into Q2, even though there was still good growth. Sponsor facing businesses are doing better now after coming out of the doldrums, particularly in secondary activity. It's not the best grower, but compared to EVR which is reasonably valued, Lazard looks relatively cheaper.
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Lazard (LAZ) Gains 5.2% as Q2 Earnings Surpass Estimates
Lazard (LAZ) second-quarter 2024 results benefit from lower expenses and an increase in assets under management balances.
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Lazard (LAZ) Reports Q2 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Lazard (LAZ) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Lazard (LAZ) Q2 Earnings and Revenues Beat Estimates
Lazard (LAZ) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.24 per share a year ago.
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Harris' Wall Street allies strategize on private call, Rubin, Lasry, Wolf among them
Vice President Kamala Harris' allies on Wall Street huddled on a private Zoom call to strategize on best ways to take on and possibly defeat former President Donald Trump. The over hour long call featured dozens of major financiers backing Harris.
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Lazard (LAZ) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
Lazard (LAZ) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in May
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.10459 per share on the Fund's outstanding common stock. The distribution is payable on July 22, 2024 to shareholders of record on July 11, 2024. The ex-dividend date is July 11, 2024. The Fund will pay a previously declared distribution today, June 24,.
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June's 5 Dividend Growth Stocks With 5.02%+ Yields
Dividend growth stocks can provide reliable cash flows and drive long-term wealth for income investors. Every month we screen for dividend stocks based on safety, growth, and consistency metrics to help identify worthwhile investments. This month we have five familiar names, but one utility name we haven't touched on in over two years now, which appears to be an attractive consideration.
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Ali Syed Joins Lazard as Head of Sovereign and Pension Fund Coverage
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) announced today that Ali Syed has joined the firm as Managing Director and Head of Sovereign and Pension Fund Coverage. Based in New York, Mr. Syed will lead the firm's efforts to advise global sovereign and pension funds. He will collaborate closely with Wassim Al Khatib, CEO of Financial Advisory for the MENA region, and Sarah Al Suhaimi, Chair of Financial Advisory in MENA. “Over the last 12 months, we have substantially expanded Lazard's s.
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Lazard's (LAZ) April AUM Improves 1.7% on Positive Markets
Lazard's (LAZ) AUM balance in April 2024 rises 1.7% on the back of market and foreign exchange appreciation, partially offset by net outflows.
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Lazard Reports May 2024 Assets Under Management
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of May 31, 2024 totaled approximately $245.0 billion. The month's AUM included market appreciation of $4.4 billion, net outflows of $1.6 billion and foreign exchange appreciation of $1.4 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions) As of: May 31, April 30, 20241 2024 Equity $190,820 $187,582 Fixed Income 46,362 45,399 Other.
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Morgan Stanley Has 6 Blue Chip High-Dividend Stocks to Buy in June
∴ Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored) Are you ready for retirement?
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Lazard Chief Executive Officer Peter R. Orszag to Speak at the Morgan Stanley U.S. Financials, Payments & CRE Conference
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced Peter R. Orszag, Chief Executive Officer is scheduled to participate in a fireside discussion at the Morgan Stanley U.S. Financials, Payments & CRE Conference on Tuesday, June 11, at 8:45 a.m. E.T. A live audio webcast will be available via the Lazard Investor Relations website at www.lazard.com. A replay will be available on the same website, shortly after the conference. About Lazard Founded in 1848, Lazard is one of the.
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Exclusive: Redcentric hires Lazard to explore sale, sources say
British IT services group Redcentric is working with a financial adviser on an attempt to sell the company, two people familiar with the matter told Reuters.
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Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in April
NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.10459 per share on the Fund's outstanding common stock. The distribution is payable on June 24, 2024 to shareholders of record on June 11, 2024. The ex-dividend date is June 11, 2024. The Fund will pay a previously declared distribution today, May 22,.
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Panagora Asset Management Inc. Boosts Stock Holdings in PPL Co. (NYSE:PPL)
Panagora Asset Management Inc. increased its position in PPL Co. (NYSE:PPL – Free Report) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 122,752 shares of the utilities provider’s stock after acquiring an additional 9,032 shares during the period. Panagora Asset Management Inc.’s holdings in PPL were worth $3,327,000 at the end of the most recent reporting period. Several other institutional investors have also added to or reduced their stakes in the business. FMR LLC boosted its position in shares of PPL by 13.4% during the third quarter. FMR LLC now owns 14,390,818 shares of the utilities provider’s stock valued at $339,048,000 after buying an additional 1,695,726 shares during the last quarter. Lazard Asset Management LLC raised its stake in PPL by 13,891.2% during the 3rd quarter. Lazard Asset Management LLC now owns 11,724,495 shares of the utilities provider’s stock valued at $276,229,000 after buying an additional 11,640,696 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of PPL by 6.9% during the 3rd quarter. Invesco Ltd. now owns 9,237,027 shares of the utilities provider’s stock valued at $217,624,000 after buying an additional 592,279 shares during the period. Northern Trust Corp boosted its stake in shares of PPL by 0.7% in the 3rd quarter. Northern Trust Corp now owns 6,850,818 shares of the utilities provider’s stock worth $161,405,000 after buying an additional 45,548 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in PPL by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,678,680 shares of the utilities provider’s stock valued at $180,992,000 after acquiring an additional 18,822 shares during the period. 76.99% of the stock is currently owned by hedge funds and other institutional investors. Analysts Set New Price Targets Several equities analysts have recently weighed in on the stock. Royal Bank of Canada increased their price objective on shares of PPL from $30.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Barclays boosted their price objective on shares of PPL from $27.00 to $28.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Wells Fargo & Company raised their target price on PPL from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Mizuho upped their price target on PPL from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Finally, Bank of America boosted their price objective on PPL from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.27. Read Our Latest Stock Analysis on PPL PPL Stock Down 0.1 % Shares of PPL opened at $29.59 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.28 and a quick ratio of 1.08. The stock has a market capitalization of $21.83 billion, a price-to-earnings ratio of 28.73, a price-to-earnings-growth ratio of 2.69 and a beta of 0.81. PPL Co. has a 1 year low of $22.20 and a 1 year high of $29.69. The business’s 50 day simple moving average is $27.51 and its 200-day simple moving average is $26.79. PPL (NYSE:PPL – Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. PPL had a net margin of 9.29% and a return on equity of 8.80%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same quarter last year, the business earned $0.48 earnings per share. PPL’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts expect that PPL Co. will post 1.71 earnings per share for the current fiscal year. PPL Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 10th will be given a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Friday, June 7th. PPL’s dividend payout ratio (DPR) is 100.00%. About PPL (Free Report) PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky. Read More Five stocks we like better than PPL 3 Must-Buy Warren Buffett Stocks for Volatile Times Canada Goose Flies Higher Driven By DTC Growth Most Volatile Stocks, What Investors Need to Know CVS Health Stock Has a Silver Lining Called Value About the Markup Calculator Magnificent 7 Still Magnificent as the Halfway Mark Approaches?
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Ben Braun Joins Lazard as Global Head of Media, Entertainment & Sports Advisory
NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) announced today that Ben Braun joined the firm as Managing Director and Global Head of Media, Entertainment & Sports Advisory. Based in New York, Mr. Braun will lead the firm's newly created Media, Entertainment & Sports advisory team. This specialized practice area will operate within Lazard's Financial Advisory business, offering a comprehensive range of services tailored to the unique needs of clients in these rapidly evolving indus.
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Lazard, Inc. Expected to Post Q2 2024 Earnings of $0.50 Per Share (NYSE:LAZ)
Lazard, Inc. (NYSE:LAZ – Free Report) – Zacks Research reduced their Q2 2024 earnings per share estimates for Lazard in a note issued to investors on Thursday, May 16th. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings per share of $0.50 for the quarter, down from their prior estimate of $0.64. The consensus estimate for Lazard’s current full-year earnings is $3.03 per share. Zacks Research also issued estimates for Lazard’s Q3 2025 earnings at $1.20 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $4.37 EPS, Q1 2026 earnings at $1.26 EPS and FY2026 earnings at $4.82 EPS. Lazard (NYSE:LAZ – Get Free Report) last issued its earnings results on Thursday, April 25th. The asset manager reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.08. Lazard had a negative net margin of 0.63% and a positive return on equity of 37.27%. The firm had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $678.57 million. During the same quarter last year, the business earned ($0.26) earnings per share. The business’s revenue was up 41.1% on a year-over-year basis. A number of other research firms have also weighed in on LAZ. TheStreet upgraded shares of Lazard from a “d+” rating to a “c+” rating in a report on Monday, February 5th. UBS Group increased their target price on Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $58.00 price target on shares of Lazard in a research note on Thursday, April 11th. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $49.00 price target (down from $51.00) on shares of Lazard in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.67. View Our Latest Stock Report on LAZ Lazard Stock Performance Lazard stock opened at $40.81 on Monday. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 4.13. The firm has a 50-day moving average of $39.50 and a 200-day moving average of $36.52. The firm has a market cap of $4.60 billion, a P/E ratio of -116.60 and a beta of 1.46. Lazard has a 1-year low of $25.82 and a 1-year high of $42.24. Institutional Investors Weigh In On Lazard Several institutional investors have recently modified their holdings of LAZ. Principal Financial Group Inc. lifted its holdings in Lazard by 943.5% in the first quarter. Principal Financial Group Inc. now owns 1,963,865 shares of the asset manager’s stock valued at $82,227,000 after acquiring an additional 1,775,664 shares during the period. Janus Henderson Group PLC bought a new position in Lazard in the first quarter valued at about $65,650,000. Norges Bank bought a new position in Lazard in the fourth quarter valued at about $47,063,000. Hsbc Holdings PLC lifted its holdings in Lazard by 265.0% in the third quarter. Hsbc Holdings PLC now owns 791,158 shares of the asset manager’s stock valued at $24,740,000 after acquiring an additional 574,379 shares during the period. Finally, UBS Group AG lifted its holdings in Lazard by 84.3% in the third quarter. UBS Group AG now owns 1,019,121 shares of the asset manager’s stock valued at $31,603,000 after acquiring an additional 466,301 shares during the period. 54.80% of the stock is owned by hedge funds and other institutional investors. Insider Transactions at Lazard In other news, CEO Evan L. Russo sold 75,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $39.35, for a total value of $2,951,250.00. Following the sale, the chief executive officer now directly owns 227,448 shares of the company’s stock, valued at $8,950,078.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.86% of the company’s stock. Lazard Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a $0.50 dividend. The ex-dividend date was Friday, May 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.90%. Lazard’s dividend payout ratio is currently -571.41%. About Lazard (Get Free Report) Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.
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Lazard: Liability Management Pickup, Markets Equilibrating
Lazard's advisory business has a somewhat low implied valuation when taking a crude blended multiple approach. On top of that, Lazard has had some decent years and displayed resilience in the face of a complex market. The income proposition is supported by a stabler asset management business and Lazard has strong franchises in several, somewhat uncorrelated major markets.
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