Lazard (NYSE:LAZ) Announces Quarterly Earnings Results

Lazard (NYSE:LAZ) announced its quarterly earnings data on Thursday. The asset manager reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.12, FiscalAI reports. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $876.32 million. Lazard had a return on equity of 35.02% and a net margin of 8.89%.Lazard’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share.

Here are the key takeaways from Lazard’s conference call:

• Firm-wide results showed progress on Lazard 2030 with $3.0 billion revenue in 2025, record Financial Advisory revenue of $1.8 billion, and AUM up 12%, supporting management’s growth thesis.
• Financial Advisory is being scaled through aggressive MD hiring (net additions well above 2024 levels) while productivity rose to $8.9 million per MD and management raised a 2030 target of $12.5 million per MD.
• Asset Management hit an inflection point with record gross inflows, the launch of seven U.S. active ETFs (>$800M AUM), and $13 billion of won-but-not-yet-funded mandates, underpinning guidance for positive net flows in 2026.
• Near-term AM headwinds included Q4 net outflows of $19.7 billion (largely from the closure of one U.S. sub‑advised mandate), a 4% AUM decline versus September 2025, and an ~$0.8 billion FX drag that could pressure quarter-to-quarter metrics.
• Management continues to invest in talent and technology while trimming the compensation ratio to 65.5%; they returned $393 million to shareholders in 2025 and declared a $0.50 quarterly dividend, but non‑comp expenses are expected to rise mid‑to‑high single digits as investments continue.

Lazard Trading Up 4.1%

Shares of Lazard stock traded up $2.15 during trading on Thursday, reaching $54.76. 1,281,006 shares of the stock were exchanged, compared to its average volume of 1,017,596. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.92. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 21.56 and a beta of 1.38. Lazard has a 1 year low of $31.97 and a 1 year high of $58.07. The stock’s fifty day moving average is $50.95 and its 200 day moving average is $52.00.

Lazard Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Monday, February 9th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Monday, February 9th. Lazard’s dividend payout ratio (DPR) is 79.05%.

Institutional Trading of Lazard

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its stake in shares of Lazard by 131.8% in the 1st quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager’s stock valued at $544,000 after purchasing an additional 7,144 shares during the period. Goldman Sachs Group Inc. raised its holdings in Lazard by 27.5% in the first quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager’s stock worth $32,902,000 after purchasing an additional 163,983 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Lazard by 8.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager’s stock valued at $10,318,000 after buying an additional 18,444 shares during the period. American Century Companies Inc. boosted its holdings in shares of Lazard by 167.0% during the 2nd quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager’s stock valued at $1,252,000 after buying an additional 16,322 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Lazard by 62.4% in the 2nd quarter. Prudential Financial Inc. now owns 7,102 shares of the asset manager’s stock worth $369,000 after buying an additional 2,730 shares during the period. Institutional investors own 54.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on LAZ. Keefe, Bruyette & Woods cut their target price on Lazard from $60.00 to $59.00 and set an “outperform” rating for the company in a research note on Thursday, January 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Lazard in a report on Monday, December 29th. Bank of America assumed coverage on shares of Lazard in a research note on Monday. They set a “buy” rating and a $65.00 price objective for the company. BMO Capital Markets started coverage on shares of Lazard in a report on Friday, October 3rd. They set a “market perform” rating and a $56.00 target price on the stock. Finally, Morgan Stanley lowered their target price on shares of Lazard from $61.00 to $59.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 6th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $56.13.

Lazard News Roundup

Here are the key news stories impacting Lazard this week:

• Positive Sentiment: Q4 beat on earnings and revenue — Lazard reported $0.80 EPS vs. consensus $0.68 and adjusted net revenue of $892M (revenue up ~11% YoY). The quarter showed strong profitability metrics (ROE ~35%, net margin ~8.9%) and management hosted a conference call/slide deck. This upside to expectations is the primary driver of the stock’s gains today. MarketBeat: Lazard Q4 results
• Positive Sentiment: Record full‑year results and AUM growth — Lazard disclosed record full‑year Financial Advisory adjusted net revenue (~$1.8B), record Asset Management inflows and total AUM up 12% YoY, and full‑year adjusted net revenue of ~$3.03B. Those operational trends support higher revenue visibility and confirm progress toward longer‑term targets. PR Newswire: Lazard Q4 & full-year 2025 results
• Positive Sentiment: Dividend declared — the board approved a $0.50 quarterly dividend (payable Feb 20; record Feb 9), implying a ~3.7% yield. The payout supports income investor interest and can underpin the share price. PR Newswire: Dividend announcement
• Neutral Sentiment: CFO appointment — Lazard named Managing Director Tracy Farr as CFO effective Feb 1. The hire appears experienced and maintains operational continuity, but it’s unlikely to be a near‑term catalyst compared with the earnings beat and AUM/inflow results. PR Newswire: CFO appointment

About Lazard

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.