Capital Research Global Investors Purchases 221,214 Shares of Lazard, Inc. $LAZ

Key Points

• Capital Research Global Investors boosted its Lazard stake by 9.9% in the fourth quarter, buying 221,214 more shares and bringing its total holding to 2,456,726 shares worth about $119.3 million.
• Several other major institutions also adjusted their positions, and overall hedge funds and institutional investors own 54.8% of Lazard’s stock.
• Lazard’s latest earnings missed analyst estimates, with EPS of $0.42 versus $0.52 expected and revenue of $672.98 million versus $707.42 million anticipated; the stock also has a consensus analyst rating of Hold with an average target price of $52.56.

Capital Research Global Investors increased its holdings in Lazard, Inc. (NYSE:LAZ - Free Report) by 9.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,456,726 shares of the asset manager's stock after buying an additional 221,214 shares during the period. Capital Research Global Investors owned 2.18% of Lazard worth $119,299,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Lazard by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,180,752 shares of the asset manager's stock valued at $590,120,000 after acquiring an additional 245,205 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Lazard by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 2,357,095 shares of the asset manager's stock worth $114,481,000 after purchasing an additional 6,429 shares in the last quarter. State Street Corp increased its position in shares of Lazard by 9.3% in the second quarter. State Street Corp now owns 2,108,229 shares of the asset manager's stock worth $101,153,000 after purchasing an additional 180,244 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Lazard by 11.3% in the third quarter. Ameriprise Financial Inc. now owns 1,884,093 shares of the asset manager's stock worth $99,442,000 after purchasing an additional 192,008 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Lazard by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 1,760,637 shares of the asset manager's stock valued at $85,497,000 after purchasing an additional 38,133 shares in the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Morgan Stanley cut their price target on shares of Lazard from $59.00 to $52.00 and set an "underweight" rating for the company in a research note on Thursday, April 9th. The Goldman Sachs Group raised their price objective on shares of Lazard from $40.00 to $45.00 and gave the company a "sell" rating in a research report on Tuesday, April 14th. Argus dropped their price objective on shares of Lazard from $63.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, May 5th. Keefe, Bruyette & Woods increased their target price on Lazard from $47.00 to $49.00 and gave the company a "market perform" rating in a research note on Monday, May 4th. Finally, Wall Street Zen downgraded Lazard from a "buy" rating to a "hold" rating in a research report on Saturday, March 14th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $52.56.

Insider Transactions at Lazard

In related news, CEO Christopher Hogbin sold 7,885 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the completion of the sale, the chief executive officer directly owned 15,773 shares in the company, valued at $636,756.01. This represents a 33.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Peter Richard Orszag sold 69,170 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the transaction, the chief executive officer owned 210,942 shares in the company, valued at approximately $8,597,995.92. The trade was a 24.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 80,999 shares of company stock worth $3,292,962 over the last ninety days. Insiders own 0.95% of the company's stock.

Lazard Trading Down 1.2%

LAZ stock opened at $45.81 on Tuesday. The company has a market capitalization of $5.12 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 0.50 and a beta of 1.41. Lazard, Inc. has a one year low of $38.67 and a one year high of $58.75. The company's 50 day moving average price is $46.40 and its two-hundred day moving average price is $48.54. 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 announced its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.10). Lazard had a net margin of 8.47% and a return on equity of 29.30%. The business had revenue of $672.98 million during the quarter, compared to analysts' expectations of $707.42 million. During the same period last year, the company posted $0.56 EPS. Lazard's revenue for the quarter was up 16.8% on a year-over-year basis. As a group, analysts predict that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.4%. The ex-dividend date was Monday, May 11th. Lazard's dividend payout ratio is presently 79.05%.

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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