Algert Global LLC Sells 172,940 Shares of Lazard, Inc. $LAZ

Key Points

• Algert Global cut its Lazard stake by 95.1% in the second quarter, selling 172,940 shares and retaining 8,850 shares valued at approximately $371,000. Institutional investors overall own 54.8% of Lazard.
• Lazard reported quarterly revenue of $786.5 million, above analyst estimates, but earnings of $0.12 per share missed expectations of $0.34. The stock opened at $43.70, while analysts’ consensus rating remains “Hold” with a $50.38 price target.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a $2.00 annualized payout and a 4.6% yield. CEO Peter Orszag also sold 125,000 shares worth $5.44 million under a pre-arranged trading plan.

Algert Global LLC lessened its holdings in Lazard, Inc. (NYSE:LAZ - Free Report) by 95.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,850 shares of the asset manager's stock after selling 172,940 shares during the period. Algert Global LLC's holdings in Lazard were worth $371,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LAZ. BlackRock Inc. purchased a new position in Lazard in the second quarter valued at about $379,092,000. Price T Rowe Associates Inc. MD boosted its holdings 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 in the last quarter. Capital Research Global Investors boosted its holdings in shares of Lazard by 9.9% in 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 in the last quarter. Geode Capital Management LLC grew its position in shares of Lazard by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 2,357,095 shares of the asset manager's stock worth $114,481,000 after buying an additional 6,429 shares during the last quarter. Finally, State Street Corp grew its position in shares of Lazard by 9.3% in the 2nd quarter. State Street Corp now owns 2,108,229 shares of the asset manager's stock worth $101,153,000 after buying an additional 180,244 shares during the last quarter. 54.80% of the stock is currently owned by institutional investors.

Lazard Stock Up 0.1%

NYSE:LAZ opened at $43.70 on Monday. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.84 and a quick ratio of 2.84. The company's fifty day moving average price is $42.85 and its 200-day moving average price is $45.07. Lazard, Inc. has a 1-year low of $38.67 and a 1-year high of $58.75. The firm has a market capitalization of $4.83 billion, a P/E ratio of 21.42, a PEG ratio of 0.92 and a beta of 1.43.

Lazard (NYSE:LAZ - Get Free Report) last posted its earnings results on Friday, July 24th. The asset manager reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.22). The business had revenue of $786.47 million for the quarter, compared to analyst estimates of $736.29 million. Lazard had a net margin of 6.95% and a return on equity of 23.58%. The company's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, equities research analysts anticipate 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. Investors of record on Monday, August 3rd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, August 3rd. Lazard's dividend payout ratio (DPR) is currently 98.04%.

Insider Transactions at Lazard

In other Lazard news, CEO Peter Richard Orszag sold 125,000 shares of the company'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 sale, the chief executive officer owned 260,942 shares in the company, valued at approximately $11,356,195.84. This represents a 32.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LAZ shares. The Goldman Sachs Group reiterated a "sell" rating on shares of Lazard in a research note on Thursday, July 23rd. Morgan Stanley set a $44.00 price objective on shares of Lazard in a report on Friday, July 24th. UBS Group reaffirmed a "neutral" rating and issued a $44.00 price objective on shares of Lazard in a research report on Tuesday, June 9th. Argus dropped their target price on shares of Lazard from $63.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of Lazard from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, July 29th. 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $50.38.

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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