- Lazard (LAZ +1.7%) reported Q2 net income of $145.8M or $1.28/share compared to $75.2M or $0.67/share in year ago quarter.
- For Q2 financial advisory operating revenues surged 61% Y/Y to $471M led by high engagement in significant and complex M&A transactions and other advisory assignments globally.
- Q2 Asset Management operating revenue reported a 40% Y/Y growth to a record $343M; average AUM rose 32% to $276B.
- As of June 30, 2021, AUM stood at $277B (+29% Y/Y, +5% sequential); sequential increase was led by market appreciation of $12B and foreign exchange appreciation of $1.2B, partially offset by net outflows of $0.8B.
- In Q2, Lazard returned $161M to shareholders, which included: $50M in dividends; $111M in share repurchases of our Class A common stock; and $1M in satisfaction of employee tax obligations in lieu of share issuances on vesting of equity grants.
- During 1H21, the company repurchased 5.3M shares at an average price of $43.86/share; as of June 30, 2021, remaining share repurchase authorization stands at $366M.
- As of June 30, 2021, cash and equivalents stood at $980M, and stockholders’ equity related to Lazard’s interests was $827M.
- CFRA assigned a Buy rating on the stock after the company flew past the consensus estimate, with all its businesses performing at record levels.
