Buck Wealth Strategies LLC Acquires New Shares in Lazard, Inc. $LAZ

Key Points

• Buck Wealth Strategies LLC disclosed a new position in Lazard, buying 180,962 shares worth about $8.8 million in the fourth quarter, bringing its ownership to roughly 0.16% of the company.
• Lazard shares were up about 3.4% to $48.03, while the company reported quarterly earnings of $0.42 per share, missing estimates and coming in below prior-year EPS despite revenue growth of 16.8% year over year.
• The company announced a $0.50 quarterly dividend payable May 22, implying an annualized yield of about 4.2%; meanwhile, insiders have recently sold shares and analyst sentiment remains mixed with an average rating of Hold.

Buck Wealth Strategies LLC bought a new stake in shares of Lazard, Inc. (NYSE:LAZ - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 180,962 shares of the asset manager's stock, valued at approximately $8,787,000. Buck Wealth Strategies LLC owned about 0.16% of Lazard at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC raised its stake in Lazard by 59.5% during the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager's stock valued at $31,000 after buying an additional 220 shares during the last quarter. Quest 10 Wealth Builders Inc. purchased a new stake in Lazard during the 4th quarter valued at $32,000. IFP Advisors Inc raised its stake in Lazard by 53.5% during the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock valued at $34,000 after buying an additional 224 shares during the last quarter. Costello Asset Management INC purchased a new stake in Lazard during the 3rd quarter valued at $37,000. Finally, State of Wyoming purchased a new stake in Lazard during the 2nd quarter valued at $38,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LAZ has been the subject of a number of research reports. UBS Group decreased their target price on shares of Lazard from $45.00 to $44.00 and set a "neutral" rating for the company in a research note on Monday, May 4th. Argus decreased their target price on shares of Lazard from $63.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday. Weiss Ratings upgraded shares of Lazard from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday. Wall Street Zen lowered shares of Lazard from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, The Goldman Sachs Group upped their price objective on Lazard from $40.00 to $45.00 and gave the stock a "sell" rating in a research note on Tuesday, April 14th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $52.56.

Lazard Trading Up 3.4%

Lazard stock opened at $48.03 on Friday. The stock has a market cap of $5.36 billion, a P/E ratio of 18.98, a PEG ratio of 0.50 and a beta of 1.44. The company has a debt-to-equity ratio of 1.94, a current ratio of 3.51 and a quick ratio of 2.28. Lazard, Inc. has a 1 year low of $38.67 and a 1 year high of $58.75. The firm's 50 day moving average price is $45.00 and its 200-day moving average price is $48.90.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.10). The company had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The company's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.56 EPS. On average, equities analysts predict that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 11th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.2%. Lazard's dividend payout ratio (DPR) is presently 79.05%.

Insider Transactions at Lazard

In other news, CEO Peter Richard Orszag sold 69,170 shares of the firm's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the completion of the transaction, the chief executive officer owned 210,942 shares in the company, valued at $8,597,995.92. This trade represents a 24.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher Hogbin sold 7,885 shares of the firm's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $40.37, for a total value of $318,317.45. Following the transaction, the chief executive officer owned 15,773 shares of the company's stock, valued at approximately $636,756.01. The trade was a 33.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 80,999 shares of company stock valued at $3,292,962. Company insiders own 0.95% of the company's stock.

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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