Lazard Ltd.

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  • Thu, Jan. 14, 8:20 AM
    • The fourth quarter looks like it marked the time when credit costs stopped being a tailwind and began becoming a headwind for the banks, says Hedgeye's Josh Steiner, noting a reserve build of $0.03 per share. Loan loss provisions nearly doubled in the quarter as net charge offs jumped $100M sequentially (mostly related to energy).
    • Steiner takes note of speedy loan growth - up 10.6% Y/Y and 3.4% sequentially during Q4 - but scratches his head over wisdom of accelerating lending into the end of the credit cycle.
    • As for capital markets, M&A was the only strong area, with advisory revenue up 43% to $622M - a good through for shops like Goldman Sachs (NYSE:GS) and Lazard (NYSE:LAZ). Meanwhile FICC trading revenue fell 3%, equity trading fell 7%, and credit underwriting disappeared. "Flat is the new up in investment bank land," says Steiner's associate Jonathan Casteleyn.
    • JPM is higher by 1.95% as the bank gets into its earnings call.
    • Previously: JPMorgan higher after earnings beat (Jan. 14)
    • Previously: JPMorgan Chase beats by $0.07, beats on revenue (Jan. 14)
    | Thu, Jan. 14, 8:20 AM
  • Mar. 9, 2015, 10:39 AM
    • Lazard (LAZ -1%) has had a nice run since mid-January - ahead by about 15% - but has more or less been stuck in neutral for the last year. Susquehanna downgrades to Neutral from Positive.
    | Mar. 9, 2015, 10:39 AM
  • Feb. 5, 2015, 12:12 PM
    • Q4 adjusted net income of $172M or $1.29 per share was up from $110M and $0.81 a year ago, with Q4 operating revenue of $646M up 4%. Special $1 per share dividend declared, and the buyback is boosted by $150M, bringing the total authorization to $243M.
    • Financial Advisory operating revenue of $359M up 14% Y/Y.
    • M&A and Other Advisory revenue of $297M up 17% Y/Y.
    • Asset Management revenue of $284M down 3% Y/Y.
    • AUM of $197B up 5% Y/Y.
    • LAZ +5.7%
    • Previously: Lazard beats by $0.23, beats on revenue (Feb. 5)
    | Feb. 5, 2015, 12:12 PM
  • Mar. 26, 2014, 9:51 AM
    • Among the movers in the financial sector in the early-going following sell-side moves:
    • Lazard (LAZ +1.7%) is boosted to a Buy at Nomura on favorable organic growth trends and market share gains in its advisory business.
    • Carlyle Group (CG +5.1%) is upgraded to a Buy at UBS, which cites the push into retail offerings and the significant win with the hiring Michael Cavanagh from JPMorgan. See also: Carlyle eyeing traditional asset manager purchase as it seeks a higher multiple.
    • Yadkin Financial (YDKN -1.6%) is lower after KBW rings the register on its Outperform rating.
    | Mar. 26, 2014, 9:51 AM
  • Jan. 2, 2014, 10:47 AM
    • Trading at 1.2x tangible book value, the stocks of Goldman Sachs (GS +0.1%) and Morgan Stanley (MS -0.7%) look to have mostly priced in management's ability to drive returns above cost of capital, says analyst Keith Horowitz, who nevertheless raises Goldman's PT to $195 and Morgan's to $35.
    • Bank of America's (BAC +2.2%) new price target of $19 "reflects a cost of equity more in line with history and no longer impacted by legacy issues."
    • Lazard (LAZ -0.5%) - which had a big 2013 - may do little more than tread water this year, says Horowitz, as weak M&A activity weighs on earnings.
    • Previous coverage of CIti's BofA upgrade
    | Jan. 2, 2014, 10:47 AM | 1 Comment
  • Jul. 25, 2013, 3:31 PM
    Lazard (LAZ +5.6%) gets past a weak deal market, reporting a 9% increase (earnings) in its financial advisory business in Q2 thanks to getting a piece of 4 out of 10 of the largest M&A deals this year. Compensation expense rose 17%, but as a percentage of revenue fell to 60% from 62.7% a year ago. Evercore (EVR +1%) also overcame the sluggish environment (earnings), taking market share as investment banking revenues rose 18.8% Y/Y. Its compensation ratio dropped to 63.5% from 66.3% a year ago.
    | Jul. 25, 2013, 3:31 PM
  • Apr. 26, 2013, 9:46 AM
    Lazard (LAZ -0.6%) recovers from a big opening decline caused by a sizable earnings miss. Financial advisory revenue of $168M fell 39% Y/Y, led by M&A off 37%. Asset management revenue of $240M rose 14%. Management fees of $220M rose 10%. "Our first quarter results reflect the uneven pace of the M&A markets balanced by the strength in equity markets," says CEO Ken Jacobs. The cost-cutting plan outlined last year is nearly complete, he reports, with the full beneficial impact to be felt in 2014.  Greenhill (GHL -0.5%). Evercore (EVR +0.3%).
    | Apr. 26, 2013, 9:46 AM | 1 Comment
  • Jan. 12, 2012, 11:57 AM

    Lazard (LAZ -1.4%) shares slip after Citigroup lowers its rating to Neutral and trims the asset manager's 2012 earnings outlook by 11%. But some other alternative asset managers, including Blackstone (BX -1.7%), also are negative, possibly a by-product of the political flare-up over Mitt Romney's time at Bain Capital and whether PE firms are "vulture capitalists."

    | Jan. 12, 2012, 11:57 AM
  • Jul. 15, 2011, 2:10 PM
    Greenhill (GHL) is down 10.3% on the news that managing director Timothy M. George is leaving for Lazard (LAZ). George is the third managing director Greenhill has lost since early June, after averaging less than one such departure per year since 1996.
    | Jul. 15, 2011, 2:10 PM
Company Description
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm. It provides crafting solutions to the complex financial and strategic challenges around the world, including corporations, governments and individuals.
Sector: Financial
Country: United States