Lazard, Inc.
At today's price, Lazard, Inc. (LAZ) is priced for +11.1% earnings growth. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• Lazard is two fee businesses under one roof: an M&A advisory franchise and an asset manager running about $259 billion, and its value comes from the fees those throw off, not from a balance sheet it barely uses. • The return on equity is high, above 30% on a thin book, but advisory revenue is lumpy by nature; Lazard itself notes these fees ⟦"are not long-term contracted sources of revenue"⟧, so a quiet deal year hits earnings hard. • The next signals are deal-fee timing and asset-management ne
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321 institutional managers reported holding LAZ in 13F filings for the quarter ended 2026-03-31. Together they hold about 86% of the company; the top 10 hold 52%. 39 opened new positions that quarter. Held by Vanguard Group, FMR (Fidelity), T. Rowe Price, among others. On the short side, 6.2M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (2.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
LAZ has cut its share count 6.8% over the past five years, spending $1.12B on repurchases. It pays a dividend, and has paid one every year in our records (17 and counting); the current rate is $2.00 a share annually. Cash returned over the past three years: $499.70M in dividends and $155.16M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at LAZ over the trailing three years. Absence is a fact about the company, not a signal. 7 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
LAZ's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-01 | -1.1% | -15.8% |
| 2023-10-28 | +4.1% | +21.3% |
| 2024-02-24 | +5.2% | +1.1% |
| 2024-04-27 | -0.8% | -2.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
LAZ's latest 8-K filings: 2026-07-07 (items 5.02, 7.01, 9.01); 2026-05-22 (items 5.03, 5.07, 9.01); 2026-05-01 (items 1.01, 3.02, 7.01, 9.01); 2026-05-01 (items 2.02, 9.01); 2026-04-30 (items 7.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.