Ariel Investment's John Rogers Bullish on Lazard
In a CNBC interview Thursday, Ariel Investments CEO and Chief Investment Officer John Rogers, Jr. sounded a bullish view on investment banking firm Lazard (NYSE: LAZ).
Shares of Lazard, a mid-tier or "boutique" investment bank, soared over five percent Thursday after the company its second-quarter net income rose to $31.4 million compared with $30.8 million a year earlier. On a per share basis, the company earned 45 cents on revenue of $490.4 million. Analysts expected a profit of 33 cents a share on revenue of $450 million.
Rogers CNBC he likes Lazard because of its mid-cap size and that although the company is a mid-cap, it can still have a global reach while delivering personalized service to clients.
Lazard was Ariel's second-largest equity holding at the end of the first quarter, according to a 13-F filing. Ariel's other equity holdings at the end of the first quarter included Interpublic (NYSE: IPG) and Janus Capital (NYSE: JNS).
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