Algebris UK Ltd. Buys New Stake in Lazard, Inc. $LAZ

Key Points

• Algebris UK Ltd. acquired 261,796 Lazard shares in the second quarter, valued at approximately $10.9 million and representing a 0.24% stake. Institutional investors collectively own 54.8% of Lazard.
• Analyst sentiment remains mixed, with four Buy, four Hold, and three Sell ratings; the consensus rating is Hold with an average price target of $50.38.
• Lazard’s latest quarterly earnings missed expectations, reporting $0.12 per share versus the $0.34 consensus, although revenue exceeded estimates at $786.5 million. The company also maintained a quarterly dividend of $0.50, equivalent to a 4.4% annualized yield.

Algebris UK Ltd. bought a new position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 261,796 shares of the asset manager's stock, valued at approximately $10,945,000. Algebris UK Ltd. owned 0.24% of Lazard as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. UBS Group AG lifted its holdings in shares of Lazard by 97.6% during the 4th quarter. UBS Group AG now owns 332,333 shares of the asset manager's stock valued at $16,138,000 after buying an additional 164,168 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Lazard by 3.5% in the first quarter. Janus Henderson Group PLC now owns 1,431,358 shares of the asset manager's stock worth $60,806,000 after purchasing an additional 48,607 shares during the period. Fisher Asset Management LLC boosted its holdings in Lazard by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 1,760,637 shares of the asset manager's stock valued at $85,497,000 after purchasing an additional 38,133 shares during the period. Jefferies Financial Group Inc. bought a new stake in shares of Lazard in the 4th quarter worth approximately $1,983,000. Finally, Robertson Stephens Wealth Management LLC acquired a new stake in Lazard during the fourth quarter worth $1,856,000. Institutional investors own 54.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on LAZ shares. Citigroup reiterated a "market outperform" rating on shares of Lazard in a research note on Friday, July 24th. Keefe, Bruyette & Woods dropped their price target 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. UBS Group reiterated a "neutral" rating and set a $44.00 target price on shares of Lazard in a report on Tuesday, June 9th. Argus reduced their price target on shares of Lazard from $63.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group reiterated a "sell" rating on shares of Lazard in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $50.38.

Lazard Stock Performance

Shares of LAZ opened at $45.20 on Thursday. The stock has a market capitalization of $5.00 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 0.93 and a beta of 1.43. Lazard, Inc. has a 12 month low of $38.67 and a 12 month high of $58.75. The firm's fifty day simple moving average is $42.90 and its two-hundred day simple moving average is $45.62. The company has a current ratio of 2.84, a quick ratio of 2.84 and a debt-to-equity ratio of 1.87.

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

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Monday, August 3rd. Lazard's payout ratio is currently 98.04%.

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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