Lazard (NYSE:LAZ) Releases Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Lazard (NYSE:LAZ) posted its quarterly earnings data on Thursday. The asset manager reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.22), FiscalAI reports. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The company had revenue of $786.47 million for the quarter, compared to analyst estimates of $736.29 million. During the same quarter last year, the company earned $0.52 EPS. The business’s revenue was up 1.5% compared to the same quarter last year.

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

• Lazard reported firm-wide adjusted net revenue of $786 million in Q2 and $1.5 billion for the first half, with management saying the second half should be stronger than the first, especially in Financial Advisory.
• Financial Advisory momentum improved, with the best announced league table position since 2014, stronger conflict clearances, and a pipeline that management says is building faster than last year. The company also highlighted large transactions and continued strength in restructuring and private capital advisory.
• Asset Management had a strong first half, generating $7.4 billion of net inflows and reaching a record $285 billion in AUM, up 15% year over year. Management said client demand is broad-based across strategies and regions, and they remain on track for positive full-year net flows.
• Management said the Campbell Lutyens acquisition is on track to close later this year and should be accretive to earnings in 2027 and beyond, while expanding Lazard’s private capital advisory capabilities. They also said AI adoption is accelerating across the firm, but current AI spending remains modest.
• Q2 profitability was pressured by a 69.7% adjusted effective tax rate, which management called anomalous and linked to a catch-up adjustment on equity vesting. The company also kept compensation accruals elevated, so near-term margin improvement depends heavily on second-half revenue growth.

Lazard Price Performance

Shares of Lazard stock traded down $1.67 during trading hours on Thursday, reaching $41.91. The stock had a trading volume of 469,269 shares, compared to its average volume of 1,649,094. The stock’s 50 day moving average is $44.32 and its 200 day moving average is $46.84. The firm has a market capitalization of $4.68 billion, a PE ratio of 16.57, a PEG ratio of 0.64 and a beta of 1.43. Lazard has a twelve month low of $38.67 and a twelve month high of $58.75. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94.

Lazard Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 4.8%. Lazard’s payout ratio is presently 79.05%.

Hedge Funds Weigh In On Lazard

Hedge funds have recently bought and sold shares of the business. Kestra Advisory Services LLC purchased a new stake in shares of Lazard in the fourth quarter valued at approximately $26,000. IFP Advisors Inc lifted its position in shares of Lazard by 53.5% during the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after buying an additional 224 shares in the last quarter. State of Wyoming acquired a new stake in Lazard in the 2nd quarter valued at $38,000. Triumph Capital Management acquired a new stake in Lazard in the 3rd quarter valued at $42,000. Finally, US Bancorp DE increased its holdings in Lazard by 122.1% in the 3rd quarter. US Bancorp DE now owns 1,588 shares of the asset manager’s stock worth $84,000 after acquiring an additional 873 shares in the last quarter. Hedge funds and other institutional investors own 54.80% of the company’s stock.

Lazard News Roundup

Here are the key news stories impacting Lazard this week:

• Positive Sentiment: Lazard said second-quarter adjusted net revenue was $786 million, above expectations, and management said forward indicators are starting to translate into revenue and earnings, suggesting some improvement ahead. Lazard Reports Second Quarter and First Half 2026 Results
• Positive Sentiment: The company maintained a quarterly dividend of $0.50 per share, which supports income-focused investors. Lazard Declares Quarterly Dividend of 0.50 per Share
• Neutral Sentiment: Management also highlighted plans for leaner future deal teams with AI and continued focus on asset-management opportunities, which could help margins over time but is not an immediate earnings catalyst. Lazard CEO: Future Deal Teams Will Be Leaner With AI
• Negative Sentiment: Q2 earnings came in at $0.12 per share, well below estimates, and Reuters said profit plunged 91% year over year due to a higher tax rate and weaker financial-advisory revenue. Lazard profit plunges on elevated tax rate, financial advisory volatility
• Negative Sentiment: The company also announced over 80 managing director cuts, signaling continued restructuring pressure in the business. Lazard has cut over 80 managing director roles, CEO says

Wall Street Analysts Forecast Growth

LAZ has been the subject of a number of research reports. UBS Group reaffirmed a “neutral” rating and set a $44.00 price target on shares of Lazard in a research report on Tuesday, June 9th. Morgan Stanley cut their price objective on Lazard from $53.00 to $47.00 and set an “underweight” rating on the stock in a report on Thursday, July 9th. Weiss Ratings upgraded Lazard from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 15th. Zacks Research upgraded Lazard from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Argus cut their price target on shares of Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.00.

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.