A week ago I blogged about the rise of the boutique investment banks. Today, Lazard reported better than expected earnings and the stock is up 10% to $33.50. This blog can actually help investors make money!
Analysts were expecting 13 cents a share of earnings while the bank reported 34 cents, fueled by its strong business in advising companies on restructuring efforts.
Lazard is confident enough about its future that it also raised the company’s dividend by 25 percent to $0.125 per share.
Lazard Vice Chairman Steven Golub told Reuters he expected a “gradual rebound” in the M&A market, but was optimistic about the gains in restructuring.
“It is a great business for us,” Golub said, adding that Lazard is advising on more than 100 restructuring assignments worldwide. “We absolutely love the business.”