502,730 Shares in Lazard, Inc. $LAZ Purchased by Algebris UK Ltd.

Key Points

• Algebris UK Ltd. disclosed a new position in Lazard, buying 502,730 shares in the fourth quarter valued at about $24.4 million. The stake represents roughly 1.2% of Algebris’s portfolio and about 0.45% of Lazard.
• Lazard’s latest quarterly results missed analyst expectations, with EPS of $0.42 versus $0.52 expected and revenue of $672.98 million versus $707.42 million projected. Revenue still rose 16.8% year over year.
• The company declared a $0.50 quarterly dividend, implying a 4.2% yield, while Wall Street’s overall view remains Hold with a consensus price target of $52.56.

Algebris UK Ltd. acquired a new position in Lazard, Inc. (NYSE:LAZ - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 502,730 shares of the asset manager's stock, valued at approximately $24,424,000. Lazard accounts for approximately 1.2% of Algebris UK Ltd.'s investment portfolio, making the stock its 23rd biggest holding. Algebris UK Ltd. owned about 0.45% of Lazard at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of LAZ. AQR Capital Management LLC lifted its holdings in Lazard by 131.8% in the first quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager's stock worth $544,000 after purchasing an additional 7,144 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Lazard by 27.5% in the first quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager's stock worth $32,902,000 after purchasing an additional 163,983 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Lazard by 8.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager's stock worth $10,318,000 after purchasing an additional 18,444 shares during the period. American Century Companies Inc. lifted its holdings in Lazard by 167.0% in the second quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager's stock worth $1,252,000 after purchasing an additional 16,322 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in Lazard by 62.4% in the second quarter. Prudential Financial Inc. now owns 7,102 shares of the asset manager's stock worth $369,000 after purchasing an additional 2,730 shares during the period. Institutional investors and hedge funds own 54.80% of the company's stock.

Lazard Price Performance

Shares of Lazard stock opened at $47.21 on Thursday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94. The company's 50-day moving average price is $44.55 and its two-hundred day moving average price is $48.69. Lazard, Inc. has a 52 week low of $38.67 and a 52 week high of $58.75. The stock has a market cap of $5.27 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 0.49 and a beta of 1.44.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.10). The company had revenue of $672.98 million for the quarter, compared to analyst estimates of $707.42 million. Lazard had a return on equity of 29.30% and a net margin of 8.47%.Lazard's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.56 EPS. As a group, sell-side analysts anticipate that Lazard, Inc. will post 2.85 EPS for the current fiscal year.

Lazard Dividend Announcement

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

Wall Street Analyst Weigh In

LAZ has been the topic of several research reports. Wall Street Zen cut shares of Lazard from a "buy" rating to a "hold" rating in a research report on Saturday, March 14th. Morgan Stanley dropped their price target on shares of Lazard from $59.00 to $52.00 and set an "underweight" rating on the stock in a research report on Thursday, April 9th. Bank of America initiated coverage on shares of Lazard in a research report on Monday, January 26th. They issued a "buy" rating and a $65.00 price target on the stock. UBS Group dropped their price target on shares of Lazard from $45.00 to $44.00 and set a "neutral" rating on the stock in a research report on Monday, May 4th. Finally, Weiss Ratings upgraded shares of Lazard from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Lazard presently has a consensus rating of "Hold" and a consensus price target of $52.56.

Insider Activity

In other Lazard news, CEO Peter Richard Orszag sold 69,170 shares of the business's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the sale, the chief executive officer owned 210,942 shares in the company, valued at approximately $8,597,995.92. The trade was a 24.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher Hogbin sold 3,944 shares of the business's stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $39.37, for a total value of $155,275.28. Following the sale, the chief executive officer owned 11,829 shares in the company, valued at approximately $465,707.73. The trade was a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 80,999 shares of company stock worth $3,292,962. Corporate 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.

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