Bank of Nova Scotia Takes $33.76 Million Position in Lazard, Inc. $LAZ

Key Points

• Bank of Nova Scotia acquired 804,872 Lazard shares worth approximately $33.76 million, representing about 0.73% of the company. Institutional investors collectively own 54.8% of Lazard.
• Lazard reported quarterly EPS of $0.12, missing the $0.34 consensus estimate, although revenue rose 1.5% year over year to $786.47 million.
• The company maintains a quarterly dividend of $0.50 per share, or $2.00 annually, yielding about 4.5%. Analysts have a consensus “Hold” rating with an average price target of $50.38, compared with the stock’s $44.14 opening price.

Bank of Nova Scotia acquired a new stake in Lazard, Inc. (NYSE:LAZ - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 804,872 shares of the asset manager's stock, valued at approximately $33,756,000. Bank of Nova Scotia owned approximately 0.73% of Lazard as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its position in Lazard by 131.8% in the 1st quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager's stock valued at $544,000 after buying an additional 7,144 shares during the period. Goldman Sachs Group Inc. boosted 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 valued at $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 boosted 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 valued at $10,318,000 after purchasing an additional 18,444 shares during the period. American Century Companies Inc. grew its stake in Lazard by 167.0% during the 2nd 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 in the last quarter. Finally, Prudential Financial Inc. grew its stake in Lazard by 62.4% during the 2nd 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 in the last quarter. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Trading Down 0.0%

LAZ opened at $44.14 on Monday. Lazard, Inc. has a one year low of $38.67 and a one year high of $58.75. The company has a market cap of $4.88 billion, a P/E ratio of 21.64, a PEG ratio of 0.93 and a beta of 1.43. The company has a debt-to-equity ratio of 1.87, a quick ratio of 2.84 and a current ratio of 2.84. The business's 50-day simple moving average is $42.91 and its 200-day simple moving average is $45.48.

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

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Monday, August 3rd. Lazard's payout ratio is currently 98.04%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price target on Lazard from $44.00 to $42.00 and set a "market perform" rating on the stock in a research report on Friday, July 24th. Weiss Ratings downgraded Lazard from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, July 29th. UBS Group restated a "neutral" rating and set a $44.00 target price on shares of Lazard in a research note on Tuesday, June 9th. Citigroup reaffirmed a "market outperform" rating on shares of Lazard in a report on Friday, July 24th. Finally, The Goldman Sachs Group reiterated a "sell" rating on shares of Lazard in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $50.38.

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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