Lazard Insiders to Peel Out of Stock

Lazard Ltd’s (LAZ-NYSE) stock has been about as good as it gets on the SellSide, assuming you can pigeonhole their business model as such. The stock has been trying to bust a move, but Friday’s erratic price action, in which markup artists seemingly ran into a smackdown, embedded a clue.

Will they bid’em back up after the deal is put to bed?

Lazard Ltd.’s current and former employees, including Vice Chairman Steven Golub and North America Chief Executive Officer Kenneth Jacobs, plan to sell as much as $334 million of stock in the New York investment bank more than three years after it went public.

The executives will sell 6.44 million shares to the public in an offering managed by Goldman Sachs Group Inc. and Lazard Capital Markets, according to a U.S. Securities and Exchange Commission filing today. At the Aug. 29 closing price of $42.39, that stock is worth $273 million..... The stock offering would cut the percentage owned by insiders to less than 38 percent, the filing said. Wasserstein, the company’s largest individual shareholder, isn’t selling shares in the offering, according to the filing. Bloomberg

You have to give the insiders props for their timing, having patiently waited out the storm that has engulfed the broker/dealers. After Goldman prices the deal we will find out if the stock can trade into the 50’s...by the end of the year.

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Wacky trading on Friday...this deal is easily digestible, however.

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Lazard Executives Will Sell as Much as $334 Million of Stock
Bloomberg

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