Algebris UK Ltd. Makes New $24.42 Million Investment in Lazard, Inc. $LAZ

Algebris UK Ltd. acquired a new position in shares of Lazard, Inc. (NYSE:LAZ) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 502,730 shares of the asset manager’s stock, valued at approximately $24,424,000. Lazard makes up 1.2% of Algebris UK Ltd.’s investment portfolio, making the stock its 23rd biggest holding.

Other large investors also recently made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in shares of Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 220 shares during the period. Quest 10 Wealth Builders Inc. acquired a new position in shares of Lazard in the 4th quarter valued at about $32,000. IFP Advisors Inc increased its holdings in shares of Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 224 shares during the period. Costello Asset Management INC acquired a new position in shares of Lazard in the 3rd quarter valued at about $37,000. Finally, State of Wyoming acquired a new position in shares of Lazard in the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LAZ. Citizens Jmp dropped their target price on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Bank of America began coverage on Lazard in a report on Monday, January 26th. They issued a “buy” rating and a $65.00 target price on the stock. Wall Street Zen downgraded Lazard from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. The Goldman Sachs Group upped their target price on Lazard from $40.00 to $45.00 and gave the company a “sell” rating in a report on Tuesday, April 14th. Finally, Citigroup reiterated an “outperform” rating on shares of Lazard in a report on Friday, April 10th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $52.56.

Lazard Stock Up 4.0%

Shares of Lazard stock opened at $47.21 on Thursday. The stock has a market capitalization of $5.27 billion, a P/E ratio of 18.66, a PEG ratio of 0.49 and a beta of 1.44. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.94. The stock has a 50 day moving average price of $44.55 and a two-hundred day moving average price of $48.69. Lazard, Inc. has a 12-month low of $38.67 and a 12-month high of $58.75.

Lazard (NYSE:LAZ) last announced its earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). The company had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a return on equity of 29.30% and a net margin of 8.47%.The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 EPS. Equities analysts expect that Lazard, Inc. will post 2.85 earnings per share for the current year.

Lazard Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 11th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.2%. Lazard’s dividend payout ratio is presently 79.05%.

Insider Buying and Selling

In other Lazard news, CEO Christopher Hogbin sold 3,944 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $39.37, for a total transaction of $155,275.28. Following the completion of the sale, the chief executive officer owned 11,829 shares of the company’s stock, valued at $465,707.73. This represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Richard Orszag sold 69,170 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the sale, the chief executive officer directly owned 210,942 shares of the company’s stock, valued at $8,597,995.92. The trade was a 24.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,999 shares of company stock valued at $3,292,962 in the last ninety days. Company insiders own 0.95% of the company’s stock.

Lazard Profile

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.