NN Investment Partners Holdings N.V. raised its stake in Lazard Ltd (NYSE:LAZ) by 111.5% during the first quarter, Holdings Channel reports. The fund owned 102,870 shares of the asset manager’s stock after buying an additional 54,231 shares during the period. NN Investment Partners Holdings N.V. owned about 0.08% of Lazard worth $4,731,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of LAZ. Webster Bank N. A. increased its stake in Lazard by 0.5% in the first quarter. Webster Bank N. A. now owns 31,947 shares of the asset manager’s stock worth $1,469,000 after buying an additional 150 shares during the last quarter. Evanson Asset Management LLC increased its stake in Lazard by 0.9% in the first quarter. Evanson Asset Management LLC now owns 22,905 shares of the asset manager’s stock worth $1,053,000 after buying an additional 201 shares during the last quarter. Reinhart Partners Inc. increased its stake in Lazard by 0.6% in the first quarter. Reinhart Partners Inc. now owns 34,910 shares of the asset manager’s stock worth $1,606,000 after buying an additional 210 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in Lazard by 0.7% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 34,235 shares of the asset manager’s stock worth $1,407,000 after buying an additional 230 shares during the last quarter. Finally, Commonwealth Financial Services LLC increased its stake in Lazard by 7.7% in the first quarter. Commonwealth Financial Services LLC now owns 4,875 shares of the asset manager’s stock worth $217,000 after buying an additional 347 shares during the last quarter. 70.45% of the stock is owned by institutional investors.
Shares of Lazard Ltd (NYSE:LAZ) traded up 1.47% during mid-day trading on Friday, reaching $44.20. The company’s stock had a trading volume of 450,455 shares. The company has a market cap of $5.42 billion, a PE ratio of 13.68 and a beta of 1.91. The company has a 50-day moving average price of $44.57 and a 200 day moving average price of $42.66. Lazard Ltd has a 52-week low of $26.21 and a 52-week high of $47.09.
Lazard (NYSE:LAZ) last announced its earnings results on Thursday, April 27th. The asset manager reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.03. The firm had revenue of $624.43 million during the quarter, compared to analysts’ expectations of $611.43 million. Lazard had a return on equity of 32.97% and a net margin of 16.26%. The company’s quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 EPS. Equities analysts expect that Lazard Ltd will post $3.39 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 19th. Stockholders of record on Monday, May 8th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Thursday, May 4th. Lazard’s dividend payout ratio (DPR) is 52.05%.
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LAZ has been the subject of a number of recent research reports. Raymond James Financial, Inc. downgraded Lazard from a “strong-buy” rating to an “outperform” rating and set a $45.00 target price for the company. in a research report on Friday, January 20th. Credit Suisse Group AG restated a “buy” rating and issued a $50.00 target price on shares of Lazard in a research report on Sunday, February 5th. Keefe, Bruyette & Woods initiated coverage on Lazard in a research report on Friday, February 17th. They issued an “outperform” rating and a $51.00 target price for the company. Finally, Bank of America Corp upgraded Lazard from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a research report on Thursday, March 23rd. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $45.50.
In other news, COO Alexander F. Stern sold 65,000 shares of Lazard stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $44.75, for a total value of $2,908,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Scott D. Hoffman sold 20,000 shares of Lazard stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $43.16, for a total value of $863,200.00. Following the completion of the transaction, the general counsel now owns 129,031 shares of the company’s stock, valued at approximately $5,568,977.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 120,000 shares of company stock valued at $5,351,500. Company insiders own 2.20% of the company’s stock.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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