Tue, Feb. 17, 11:52 AM
- Lazard (LAZ +0.3%) late last week announced an offering of $400M of 10-year paper carrying a 3.75% coupon. Proceeds, along with $50M of cash will be used to partially retire $450M of the $548M outstanding of 6.85% notes due in 2017, and a reduction in annual interest expense of about $16M, says analyst Ashley Serrao, reiterating an Outperform and boosting the price target to $59.
Thu, Feb. 5, 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)
Thu, Feb. 5, 7:11 AM
Wed, Feb. 4, 5:30 PM
- ABB, ADS, AINV, AMSC, APO, ARW, AZN, BCE, BCO, BDC, BDX, BLL, BR, CFX, CHTR, CI, CMI, COTY, CSL, DFT, DLPH, DNKN, EL, EQM, EQT, ETR, FBP, FIS, GLT, GPI, GPK, GRA, GRUB, ICE, IT, IVC, KORS, LAZ, LIOX, LQDT, MDSO, MMP, MMS, MSCI, NGD, NUS, ODFL, OZM, PBH, PM, PPL, PRGO, PRLB, PTEN, RFP, RSTI, SBH, SIRI, SNA, SNCR, SPH, SQNS, TDC, TE, TEVA, TW, USG, UTEK, VLP, VMC, VSH, XYL
Wed, Feb. 4, 4:50 PM| Comment!
Mon, Jan. 12, 2:51 PM
- "We now see less room for multiple expansion," says JMP's Devin Ryan on his downgrade of Morgan Stanley (MS -1.4%) to Market Perform from Market Outperform. The stock was the team's top pick in 2014, but Ryan notes gains of 25%, 65%, and 28% makes three straight years of significant outperformance.
- The stock's now trading at about 12x the team's 2015 estimates and 1.2x the forward book value estimate.
- Ryan does see opportunity elsewhere, though, particularly E*Trade (ETFC -1.5%) in the retail brokerage sector as earnings growth remains elevated, and Lazard (LAZ -1.2%) in the bulge bracket investment bank area as the M&A cycle still has room to run.
- 2015 is shaping up to be better than 2014 for alternative investment managers as well, says Ryan, naming Fortress Investment Group (FIG -2.2%) and KKR (KKR -2.1%) as top picks.
- Previously: JMP Securities: Time to ring the register on Morgan Stanley (Jan. 12)
Oct. 23, 2014, 6:21 AM
Oct. 22, 2014, 5:34 PM
Oct. 22, 2014, 5:30 PM
- AAL, AB, ACAT, AEP, ALK, ALV, ALXN, ARG, ASPS, AVT, BBW, BC, BCC, BHE, BKU, BMS, CAB, CAM, CAT, CCE, CELG, CFX, CHKP, CLI, CMCSA, CMS, CRI, CRS, CS, CSH, CVE, CWEI, DAN, DGX, DLX, DNKN, DO, DPS, EQM, EQT, FAF, GM, GMT, GPI, GRUB, HERO, HUB.B, IMAX, IVC, JAH, JAKK, JBLU, JNS, KKR, LAZ, LLY, LO, LSTR, LTM, LUV, MDP, MHO, MINI, MJN, MMM, MTRN, NLSN, NOK, NUE, NWE, ORI, OSIS, OSTK, OXY, PCP, PENN, PHM, PLD, POT, PRLB, PTEN, QSII, RCI, RCL, RS, RTN, RYL, SIAL, SILC, SJR, SLAB, SONS, SQNS, STC, TDY, TROW, UA, UAL, UFS, UNP, USG, UTEK, WCC, WSO, YNDX, ZMH
Jul. 24, 2014, 7:13 AM
Jul. 23, 2014, 6:12 PM
Jul. 23, 2014, 5:30 PM
- AAL, ABC, ALK, ALXN, ARG, ASPS, BBW, BC, BCC, BHE, BKU, BMS, BMY, BPOP, BSX, CAB, CAM, CAT, CCE, CELG, CLF, CLFD, CLI, CMS, COG, CRI, CRY, CSH, CWEI, DAN, DFT, DGX, DHI, DLX, DNKN, DO, DPS, DST, ECA, EQM, EQT, F, FAF, FLIR, GM, GNTX, GPI, GPK, GRUB, HOT, HSY, IMAX, IMS, IQNT, ISSI, IVC, JAH, JBLU, KEM, KKR, LAZ, LLY, LTM, LUV, MHO, MMM, MTH, MTRN, NBL, NDAQ, NOK, NUE, NWE, O, ORI, OSTK, PCP, PDS, PENN, PHM, PNK, POT, PRLB, PTEN, QSII, RCI, RCL, RDWR, RS, RTIX, RTN, SCHL, SFE, SIAL, SQNS, SUI, SVU, SXC, TDY, TROW, TWI, UA, UAL, UFS, UNP, USG, VAC, VDSI, VIVO, WAB, WCC, WIT, WYN, ZMH
Jul. 3, 2014, 7:38 AM| Comment!
Jun. 17, 2014, 7:08 AM
Jun. 3, 2014, 3:15 PM
May. 1, 2014, 7:09 AM
LAZ vs. ETF Alternatives
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. The company's Financial Advisory segment offers a range of services regarding mergers and acquisitions and strategic advisory matters etc.
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