Lazard (LAZ) Jumps After Peltz's Trian Fund Shows New 5.1% Stake

June 18, 2012 2:59 PM EDT
Shares of Lazard Ltd (NYSE: LAZ) are jumping 5 percent higher mid-day after Nelson Peltz's Trian Fund Management, L.P. disclosed that it beneficially own approximately 6.3 million shares, or approximately 5.1% of the Class A Common.

Trian believes Lazard's shares, which closed on June 15, 2012 at $23.09 per share, are significantly undervalued and that successful execution of Lazard’s plan could result in the Company increasing earnings per share to slightly more than $3.50 in 2014. This would imply a target value per share more than double the current price.

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