Bank of America Corp DE Buys 99,110 Shares of Lazard, Inc. $LAZ

Key Points

• Bank of America increased its Lazard stake by 28.4% in the first quarter, purchasing 99,110 additional shares and bringing its holdings to 448,446 shares, valued at approximately $19.05 million.
• Institutional ownership remains substantial at 54.8%, with UBS, Janus Henderson, Fisher Asset Management and other firms also increasing or initiating positions in Lazard.
• Lazard reported quarterly revenue of $786.5 million, exceeding estimates, but its $0.12 earnings per share missed expectations of $0.34. The company pays a quarterly dividend of $0.50 per share, representing a 4.4% yield, while analysts maintain a consensus “Hold” rating.

Bank of America Corp DE lifted its stake in Lazard, Inc. (NYSE:LAZ - Free Report) by 28.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 448,446 shares of the asset manager's stock after buying an additional 99,110 shares during the period. Bank of America Corp DE owned approximately 0.40% of Lazard worth $19,050,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. UBS Group AG boosted its stake in shares of Lazard by 97.6% during the fourth quarter. UBS Group AG now owns 332,333 shares of the asset manager's stock valued at $16,138,000 after purchasing an additional 164,168 shares during the period. Algebris UK Ltd. bought a new position in shares of Lazard in the fourth quarter worth approximately $24,424,000. 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 buying an additional 48,607 shares during the period. Fisher Asset Management LLC increased its stake in shares of Lazard by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 1,760,637 shares of the asset manager's stock worth $85,497,000 after buying an additional 38,133 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new stake in Lazard during the 4th quarter valued at $1,983,000. Institutional investors own 54.80% of the company's stock.

Lazard Price Performance

LAZ opened at $45.20 on Thursday. The stock has a fifty day simple moving average of $42.90 and a two-hundred day simple moving average of $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. The company has a market cap of $5.00 billion, a price-to-earnings 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.

Lazard (NYSE:LAZ - Get Free Report) last announced its earnings results on Friday, July 24th. The asset manager reported $0.12 EPS 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 for the quarter, compared to the consensus estimate of $736.29 million. During the same quarter last year, the firm posted $0.52 EPS. The business's quarterly revenue was up 1.5% on a year-over-year basis. Research analysts predict that Lazard, Inc. will post 2.18 earnings per share for the current fiscal year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Monday, August 3rd. Lazard's dividend payout ratio (DPR) is presently 98.04%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group restated a "neutral" rating and set a $44.00 price target on shares of Lazard in a report on Tuesday, June 9th. The Goldman Sachs Group reaffirmed a "sell" rating on shares of Lazard in a research note on Thursday, July 23rd. Weiss Ratings cut shares of Lazard from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, July 29th. Morgan Stanley set a $44.00 price objective on shares of Lazard in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Lazard from $44.00 to $42.00 and set a "market perform" rating for the company in a research report on Friday, July 24th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target 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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