Shares of Lazard Ltd., the largest independent merger adviser, surged in New York trading Monday after Nelson Peltz’s Trian Fund Management LP disclosed a stake of about 5.1 percent and said the company is “significantly undervalued.”

Lazard advanced 96 cents, or 4.2 percent, to $24.05 at 2:24 p.m. in New York.

Trian holds about 6.3 million shares, Peltz’s firm said in a statement. Bermuda-based Lazard’s fee-based model and focus on margin improvement makes the firm attractive compared with rivals in more capital-intensive businesses, Trian said.

“Successful execution of Lazard’s plan could result in the company increasing earnings per share to slightly more than $3.50 in 2014,” Trian said in the statement. “This would imply a target value per share more than double the current price.”