Peter Richard Orszag, chairman and chief executive officer of Lazard, Inc. (NYSE: LAZ), executed the sale of 69,170 shares of common stock on March 17, 2026, for an aggregate amount of approximately $2.8 million. According to a Form 4 filing with the Securities and Exchange Commission, the trades occurred across multiple transactions at prices ranging from $40.7318 to $41.6593.
The filing states the March 17 sales were carried out pursuant to a Rule 10b5-1 trading plan Orszag adopted on March 13, 2025. Company disclosures indicate the dispositions were intended to cover estimated tax liabilities and other personal expenditures.
On the day before, March 16, Orszag also disposed of 41,502 shares of common stock to meet estimated taxes resulting from the exchange of Restricted Participation Units. That sale generated $1,694,111 at a price of $40.82 per share. The same filing shows Orszag acquired 138,340 shares of common stock on March 16 through the exchange of Restricted Participation Units.
Market context noted in the filings and subsequent reporting shows Lazard stock trading at $39.89, representing a near 10% decline over the past week. InvestingPro analysis referenced in the company materials indicates the shares are trading below Fair Value at current levels. Lazard’s market capitalization stands at $3.75 billion, and the company offers a dividend yield of 5%.
Separately, Lazard disclosed that assets under management rose to approximately $277.7 billion as of February 28. The increase was driven by $8.9 billion of market appreciation and $4.2 billion of net inflows, partly offset by foreign exchange depreciation and a reduction related to the sale of its stake in the Edgewater Funds management vehicles. Earlier company announcements reported assets under management of $267 billion at the end of January, reflecting a $12.7 billion increase from December driven by market appreciation, net inflows, and foreign exchange appreciation.
In addition to its asset-management results, Lazard is engaged in advisory work on several potential transactions. The company is advising France’s state-owned SNCF on a possible sale of a stake in its Rail Logistics Europe unit, a deal that could value the unit at as much as 800 million (about $941 million). Private equity firm Cinven has also engaged Lazard to explore strategic options for Accumin, a real estate advisory firm that could be valued at roughly 1 billion.
Analysts at Bank of America have noted that the ongoing conflict involving Iran is generating market volatility, with effects on energy prices and potential impacts on flows across various asset classes. The filing and company updates do not link Orszag’s share sales to these macro developments; rather, the Form 4 states the sales were to cover estimated taxes and personal expenditures and were executed under the pre-existing 10b5-1 plan.
For investors seeking more detailed valuation and performance metrics, a comprehensive Pro Research Report for this and more than 1,400 other U.S. equities is available through InvestingPro, as referenced in the company materials.
Key points
- Orszag sold 69,170 Lazard shares on March 17, 2026, for roughly $2.8 million; transaction prices ranged from $40.7318 to $41.6593.
- Sales were executed under a Rule 10b5-1 trading plan adopted on March 13, 2025, and were described as intended to cover estimated taxes and other personal expenses; separate March 16 activity included a 41,502-share sale to cover taxes arising from an exchange of Restricted Participation Units and an acquisition of 138,340 shares via that exchange.
- Lazard reported assets under management of about $277.7 billion as of February 28, with market appreciation and net inflows cited as primary drivers; the firm is advising on potential transactions including SNCF's Rail Logistics Europe stake and strategic work for Accumin.
Risks and uncertainties
- Market volatility related to the Iran conflict is cited by Bank of America analysts as a factor affecting energy prices and potential asset-class flows - this could influence asset-management results and market valuations.
- Foreign exchange movements and the effects of asset sales, such as the reduction tied to the Edgewater Funds stake sale, have partially offset AUM increases and represent variables that may impact reported AUM and revenue trends.
- Insider sales carried out under a 10b5-1 plan were described as covering tax and personal expenses; while disclosed, such transactions may create investor questions about insider liquidity needs versus company valuation.
Investors interested in deeper analysis can consult the InvestingPro Pro Research Report referenced by the company for valuation context and detailed performance metrics.