308,420 Shares in Lazard, Inc. $LAZ Purchased by Callodine Capital Management LP

Key Points

• Callodine Capital Management LP opened a new position in Lazard, buying 308,420 shares valued at about $13.1 million in the first quarter. The stake represented 0.28% of Lazard at the end of the reporting period.
• Lazard’s latest earnings disappointed, with quarterly EPS of $0.12 versus consensus estimates of about $0.34. Revenue came in above expectations at $786.0 million, but profit fell sharply year over year and analysts still expect full-year EPS of 2.45.
• Analysts are cautious overall: the stock has a consensus rating of Hold with an average price target of $50.38. Keefe, Bruyette & Woods recently cut its target to $42, while Lazard also announced a quarterly dividend of $0.50 per share yielding about 4.5%.

Callodine Capital Management LP bought a new position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 308,420 shares of the asset manager's stock, valued at approximately $13,102,000. Callodine Capital Management LP owned 0.28% of Lazard at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of LAZ. Price T Rowe Associates Inc. MD grew its stake in shares of Lazard by 13.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,807,320 shares of the asset manager's stock valued at $427,685,000 after buying an additional 1,047,869 shares during the period. Capital Research Global Investors raised its position in shares of Lazard by 9.9% during the 4th quarter. Capital Research Global Investors now owns 2,456,726 shares of the asset manager's stock valued at $119,299,000 after buying an additional 221,214 shares during the period. Geode Capital Management LLC lifted its holdings in Lazard by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 2,357,095 shares of the asset manager's stock valued at $114,481,000 after acquiring an additional 6,429 shares during the last quarter. State Street Corp lifted its holdings in Lazard by 9.3% in the second quarter. State Street Corp now owns 2,108,229 shares of the asset manager's stock valued at $101,153,000 after acquiring an additional 180,244 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Lazard by 2.1% in the fourth quarter. Victory Capital Management Inc. now owns 1,929,435 shares of the asset manager's stock valued at $93,693,000 after acquiring an additional 39,901 shares during the last quarter. 54.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on LAZ shares. Keefe, Bruyette & Woods cut their target price on Lazard from $44.00 to $42.00 and set a "market perform" rating for the company in a research note on Friday. Weiss Ratings raised Lazard from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. Citigroup reiterated a "market outperform" rating on shares of Lazard in a report on Friday. UBS Group reissued a "neutral" rating and set a $44.00 price objective on shares of Lazard in a research report on Tuesday, June 9th. Finally, Citizens Jmp reduced their price objective on shares of Lazard from $65.00 to $60.00 and set a "market outperform" rating on the stock in a report on Friday, April 10th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lazard currently has an average rating of "Hold" and a consensus target price of $50.38.

Lazard Stock Up 2.7%

Lazard stock opened at $44.21 on Friday. Lazard, Inc. has a fifty-two week low of $38.67 and a fifty-two week high of $58.75. The company has a debt-to-equity ratio of 1.87, a quick ratio of 3.51 and a current ratio of 2.84. The firm has a 50 day moving average price of $44.24 and a 200 day moving average price of $46.78. The company has a market capitalization of $4.94 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 0.65 and a beta of 1.43.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.22). Lazard had a return on equity of 23.58% and a net margin of 6.95%.The firm had revenue of $786.02 million for the quarter, compared to analyst estimates of $736.29 million. During the same quarter last year, the company earned $0.52 earnings per share. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. Research analysts expect that Lazard, Inc. will post 2.45 earnings per share for the current year.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.00 annualized dividend and a yield of 4.5%. Lazard's dividend payout ratio is presently 98.04%.

Lazard News Summary

Here are the key news stories impacting Lazard this week:

• Positive Sentiment: Lazard expanded its buyback plan while continuing to grow Asset Management revenue and assets under management, which supports the long-term capital return and earnings story. LAZ Stock Down as Q2 Earnings Lag on Higher Costs, Expands Buyback Plan
• Positive Sentiment: The company reiterated a long-term revenue target for Lazard Capital and outlined productivity goals, including higher revenue per managing director, suggesting management is focused on improving margins. Lazard targets $10m per MD by 2028 as it reiterates $500m Lazard CL 2027 revenue plan
• Neutral Sentiment: CEO Peter Orszag said AI should make future deal teams “leaner,” reinforcing the firm’s cost-efficiency push, but the impact on near-term results is still uncertain. Lazard CEO Orszag: AI will lead to ‘leaner’ deal teams with more MDs
• Neutral Sentiment: Lazard declared a quarterly dividend, which may appeal to income investors, but it is not a major fresh catalyst for the stock. Lazard earnings report and conference call
• Negative Sentiment: Q2 earnings missed expectations, with EPS of $0.12 versus estimates around $0.34-$0.42, reflecting pressure from weaker Financial Advisory revenue and higher expenses. Lazard (LAZ) Q2 Earnings Miss Estimates
• Negative Sentiment: Profit fell sharply year over year, with reports pointing to a 91% decline in quarterly profit due to a higher tax rate and volatility in the advisory business, which likely weighed on sentiment. Lazard profit plunges on elevated tax rate, financial advisory volatility
• Negative Sentiment: Keefe, Bruyette & Woods cut its price target on LAZ to $42 and kept a market-perform rating, signaling limited near-term upside. Benzinga report on Lazard price target cut

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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