1,604,098 Shares in Lazard, Inc. $LAZ Bought by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC purchased 1.6 million Lazard shares worth approximately $67.3 million, representing about 1.45% of the company. Institutional investors collectively own 54.8% of Lazard.
• Analyst sentiment remains mixed, with Lazard holding a consensus “Hold” rating and an average price target of $50.38; ratings include four Buys, four Holds, and three Sells.
• Lazard reported quarterly EPS of $0.12, missing estimates of $0.34, although revenue of $786.5 million exceeded forecasts. The company maintains a quarterly dividend of $0.50, equivalent to a 4.6% yield.

Jupiter Topco LLC purchased a new stake in Lazard, Inc. (NYSE:LAZ - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,604,098 shares of the asset manager's stock, valued at approximately $67,275,000. Jupiter Topco LLC owned approximately 1.45% of Lazard at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Lazard in the second quarter worth about $379,092,000. Norges Bank purchased a new stake in shares of Lazard during the 4th quarter valued at about $80,169,000. Price T Rowe Associates Inc. MD lifted its position in Lazard by 13.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,807,320 shares of the asset manager's stock worth $427,685,000 after acquiring an additional 1,047,869 shares in the last quarter. Bank of Nova Scotia acquired a new position in Lazard during the 2nd quarter worth approximately $33,756,000. Finally, Bank of New York Mellon Corp purchased a new position in Lazard in the 2nd quarter worth approximately $31,564,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LAZ shares. The Goldman Sachs Group reaffirmed a "sell" rating on shares of Lazard in a research report on Thursday, July 23rd. Citigroup reissued a "market outperform" rating on shares of Lazard in a research report on Friday, July 24th. Keefe, Bruyette & Woods decreased their target price on shares of Lazard from $44.00 to $42.00 and set a "market perform" rating for the company in a research note on Friday, July 24th. Zacks Research lowered shares of Lazard from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Finally, UBS Group reaffirmed a "neutral" rating and set a $44.00 price target on shares of Lazard in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $50.38.

Lazard Stock Performance

Shares of Lazard stock opened at $43.26 on Friday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 2.84 and a current ratio of 2.84. Lazard, Inc. has a 1 year low of $38.67 and a 1 year high of $58.75. The firm's 50-day simple moving average is $42.86 and its 200-day simple moving average is $45.16. The firm has a market cap of $4.78 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 0.90 and a beta of 1.43.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The asset manager reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.22). The firm had revenue of $786.47 million during the quarter, compared to analyst estimates of $736.29 million. Lazard had a return on equity of 23.58% and a net margin of 6.95%.The firm's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Equities analysts forecast that Lazard, Inc. will post 2.18 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a $0.50 dividend. The ex-dividend date was Monday, August 3rd. This represents a $2.00 annualized dividend and a dividend yield of 4.6%. Lazard's dividend payout ratio (DPR) is presently 98.04%.

Insider Activity at Lazard

In other news, CEO Peter Richard Orszag sold 125,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total value of $5,440,000.00. Following the completion of the sale, the chief executive officer directly owned 260,942 shares in the company, valued at approximately $11,356,195.84. The trade was a 32.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.95% of the company's stock.

Lazard Company 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.

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