Aureus Asset Management LLC purchased a new stake in Lazard, Inc. (NYSE:LAZ - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 30,822 shares of the asset manager's stock, valued at approximately $1,309,000.
Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Lazard during the 4th quarter worth approximately $80,169,000. M&T Bank Corp raised its holdings in shares of Lazard by 2,763.4% in the fourth quarter. M&T Bank Corp now owns 1,405,899 shares of the asset manager's stock worth $68,270,000 after buying an additional 1,356,800 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Lazard by 13.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,807,320 shares of the asset manager's stock worth $427,685,000 after buying an additional 1,047,869 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Lazard during the second quarter worth $34,305,000. Finally, Algebris UK Ltd. purchased a new stake in shares of Lazard during the fourth quarter valued at $24,424,000. Institutional investors and hedge funds own 54.80% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Morgan Stanley lowered their price target on Lazard from $53.00 to $47.00 and set an "underweight" rating for the company in a research report on Thursday, July 9th. Citigroup reissued an "outperform" rating on shares of Lazard in a report on Friday, April 10th. Zacks Research upgraded Lazard from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Argus decreased their target price on 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 set a $40.00 target price on Lazard in a research report on Friday, June 12th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $51.00.
Read Our Latest Stock Analysis on Lazard
Lazard Stock Performance
Shares of NYSE LAZ opened at $43.48 on Thursday. The company's fifty day moving average price is $44.32 and its 200 day moving average price is $46.84. Lazard, Inc. has a 1 year low of $38.67 and a 1 year high of $58.75. The company has a market capitalization of $4.86 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.94, a quick ratio of 3.51 and a current ratio of 3.51.
Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The asset manager reported $0.42 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.10). The firm had revenue of $672.98 million for the quarter, compared to analyst estimates of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The firm's quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.56 EPS. On average, research analysts predict that Lazard, Inc. will post 2.63 earnings per share for the current year.
Lazard Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 11th were given a dividend of $0.50 per share. The ex-dividend date was Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.6%. Lazard's dividend payout ratio (DPR) is 79.05%.
Lazard Company Profile
(
Free Report)
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.
Further Reading
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