Christopher Hogbin, who serves as CEO of Lazard's Asset Management business, sold 11,829 shares of Lazard common stock across March 18 and March 19, 2026, generating about $473,592 in proceeds. The sales occurred at prices ranging from $39.37 to $40.37 per share, according to a Form 4 filing with the Securities and Exchange Commission.
The transactions were executed pursuant to a Rule 10b5-1 trading arrangement that Hogbin adopted on December 11, 2025. The filing states the plan was designed to provide liquidity for estimated taxes and other personal expenditures, and the sales were carried out under that pre-arranged schedule.
These dispositions followed a separate event on March 17, when Hogbin received 48,332 shares of Lazard common stock upon the vesting of restricted stock units. That same day, Lazard withheld 24,674 of those shares to cover tax obligations arising from the vesting. The withholding was calculated at $40.06 per share, yielding a tax withholding value of $988,440.
Lazard's share price sits at $39.84, and the stock has fallen 28.5% over the past six months. InvestingPro analysis, referenced in public materials, indicates the stock appears undervalued at current levels and notes that Lazard has maintained dividend payments for 22 consecutive years. The platform also offers a comprehensive Pro Research Report on Lazard among its suite of over 1,400 reports for subscribers seeking deeper valuation context.
Operational and advisory developments
On the business side, Lazard reported assets under management of roughly $277.7 billion as of February 28. That represents an increase from $266.9 billion at the end of January. The company attributes the month-over-month rise primarily to market appreciation and net inflows, which were partially offset by foreign exchange depreciation and a reduction related to the sale of a stake in Edgewater Funds management vehicles. Lazard had earlier disclosed assets under management of $267 billion as of January 31, marking an increase from December 2025.
Separately, Lazard has been retained for several advisory assignments. The firm is advising France's SNCF on a potential sale of a stake in its Rail Logistics Europe unit, a transaction that could be valued at up to 800 million. Private equity firm Cinven, meanwhile, has engaged Lazard to evaluate strategic options for real estate advisory firm Accumin, which could be valued at approximately 1 billion.
Bank of America analysts have noted that the Iran conflict is contributing to market volatility, a factor that is affecting traditional asset managers, including Lazard. Together, the regulatory filing for Hogbin's stock transactions, the RSU vesting and withholding, the updated assets under management figures, and the active advisory mandates form the recent public record on Lazard's financial and operational posture.
Notes
- All transaction amounts, share counts, dates, and valuations cited above are taken from the company's filings and public disclosures described in this report.
- The 10b5-1 trading plan was adopted on December 11, 2025, and the Form 4 reflects the sales executed on March 18 and March 19, 2026.