Wells Fargo & Company MN increased its position in Lazard Ltd (NYSE:LAZ) by 5.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 279,325 shares of the asset manager’s stock after buying an additional 15,622 shares during the period. Wells Fargo & Company MN’s holdings in Lazard were worth $9,606,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Machina Capital S.A.S. bought a new position in shares of Lazard during the 2nd quarter worth approximately $53,000. Advisors Asset Management Inc. lifted its position in shares of Lazard by 52.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,599 shares of the asset manager’s stock worth $94,000 after buying an additional 892 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Lazard during the 2nd quarter worth approximately $282,000. American Asset Management Inc. bought a new position in shares of Lazard during the 2nd quarter worth approximately $295,000. Finally, Cerebellum GP LLC lifted its position in shares of Lazard by 26.1% during the 1st quarter. Cerebellum GP LLC now owns 8,967 shares of the asset manager’s stock worth $324,000 after buying an additional 1,858 shares in the last quarter. Institutional investors own 64.37% of the company’s stock.
Shares of NYSE:LAZ traded down $0.37 during mid-day trading on Thursday, reaching $38.47. The company had a trading volume of 19,423 shares, compared to its average volume of 907,923. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 3.11. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 9.21 and a beta of 1.72. The company’s 50-day moving average price is $35.10 and its 200-day moving average price is $35.78. Lazard Ltd has a one year low of $31.07 and a one year high of $49.24.
Lazard (NYSE:LAZ) last posted its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $630.00 million for the quarter, compared to analysts’ expectations of $604.18 million. Lazard had a net margin of 14.42% and a return on equity of 47.09%. Lazard’s revenue was down 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.10 EPS. On average, research analysts anticipate that Lazard Ltd will post 3.35 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a $0.47 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.89%. Lazard’s dividend payout ratio (DPR) is presently 45.19%.
In related news, CAO Scott D. Hoffman sold 30,000 shares of Lazard stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total value of $1,021,200.00. Following the sale, the chief accounting officer now owns 24,388 shares of the company’s stock, valued at approximately $830,167.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.94% of the company’s stock.
Several research firms have commented on LAZ. Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating and set a $40.00 target price on the stock in a research report on Wednesday. Buckingham Research lowered their price target on shares of Lazard from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, UBS Group cut shares of Lazard from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $43.00 to $36.00 in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $40.17.
Lazard Company Profile
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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