Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on The New York Stock Exchange under the symbol “LAZ.”
As of January 26, 2024, there were approximately 18 holders of record of our common stock. This does not include the number of shareholders that hold shares in “street-name” through banks or broker-dealers.
On January 26, 2024, the last reported sales price for our common stock on the New York Stock Exchange was $39.49 per share.
Share Repurchases in the Fourth Quarter of 2023
The following table sets forth information regarding Lazard’s purchases of its common stock on a monthly basis during the fourth quarter of 2023. Share repurchases are recorded on a trade date basis.
Period Total
Number
of Shares
Purchased Average
Price Paid
per Share Total Number
of Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans or
Programs
October 1 – October 31, 2023
Share Repurchase Program (1) – $ – – $ 200.1 million
Employee Transactions (2) 9,600 $ 30.43
November 1 – November 30, 2023
Share Repurchase Program (1) – $ – – $ 200.1 million
Employee Transactions (2) 2,666 $ 27.65
December 1 – December 31, 2023
Share Repurchase Program (1) – $ – – $ 200.1 million
Employee Transactions (2) 7,578 $ 31.53
Total
Share Repurchase Program (1) – $ – – $ 200.1 million
Employee Transactions (2) 19,844 $ 30.48
______________________
(1) The Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below.
Date Repurchase
Authorization Expiration
($ in thousands)
February 2022 $ 300,000 December 31, 2024
July 2022 $ 500,000 December 31, 2024
A significant portion of the Company’s purchases under the share repurchase program are used to offset a portion of the shares that have been or will be issued under the Company’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Purchases under the share repurchase program may be made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. Amounts shown in this line item include repurchases of common stock and exclude the shares of common stock withheld by the Company to meet the minimum statutory tax withholding requirements as described below.
(2) Under the terms of the 2018 Plan, upon the settlement of RSUs, PRSUs, deferred stock units (“DSUs”) and delivery of restricted stock, shares of common stock may be withheld by the Company to meet the minimum
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statutory tax withholding requirements. During the three month period ended December 31, 2023, the Company satisfied such obligations in lieu of issuing (i) 8,861 shares of common stock upon the settlement of 12,134 RSUs and (ii) 10,983 shares of common stock upon the delivery of 24,363 shares of restricted stock.
During the year ended December 31, 2023, Lazard had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
Equity Compensation Plan Information
See Item 12, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Equity Compensation Plan Information.”
Stock Performance
The stock performance graph below compares the performance of an investment in our common stock, from December 31, 2018 through December 31, 2023, with that of the S&P 500 Index and the S&P Financial Index. The graph assumes $100 was invested at the close of business on December 31, 2018 in each of our common stock, the S&P 500 Index and the S&P Financial Index. It also assumes that dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
Other Matters
None.
Item 6. [Reserved]
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