Crossmark Global Holdings Inc. Has $1.45 Million Stock Position in Lazard, Inc. $LAZ

Key Points

• Crossmark Global Holdings cut its Lazard stake by 53.8% in the fourth quarter, ending with 29,821 shares worth about $1.45 million.
• Lazard’s latest quarter missed earnings and revenue estimates, posting EPS of $0.42 versus $0.52 expected and revenue of $672.98 million versus $707.42 million projected, though revenue still rose 16.8% year over year.
• The company declared a quarterly dividend of $0.50 per share, implying a 4.3% annualized yield, while analysts currently rate the stock a consensus Hold with an average price target of $52.56.

Crossmark Global Holdings Inc. lowered its position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) by 53.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,821 shares of the asset manager's stock after selling 34,669 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Lazard were worth $1,448,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of LAZ. AQR Capital Management LLC boosted its holdings in shares of 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 last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Lazard by 27.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager's stock valued at $32,902,000 after buying an additional 163,983 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Lazard by 8.4% in the 1st 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 buying an additional 18,444 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Lazard by 167.0% in the 2nd quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager's stock valued at $1,252,000 after buying an additional 16,322 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of Lazard by 62.4% in the 2nd quarter. Prudential Financial Inc. now owns 7,102 shares of the asset manager's stock valued at $369,000 after buying an additional 2,730 shares during the last quarter. Institutional investors and hedge funds own 54.80% of the company's stock.

Lazard Trading Up 0.3%

Shares of Lazard stock opened at $46.10 on Wednesday. The business has a fifty day simple moving average of $44.69 and a two-hundred day simple moving average of $48.83. 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 $5.15 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of 0.49 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 3.51.

Lazard (NYSE:LAZ - Get Free Report) last announced its quarterly earnings results 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 business 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 company's revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS. Research analysts forecast that Lazard, Inc. will post 2.85 EPS for the current year.

Lazard Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders 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 annualized dividend and a yield of 4.3%. Lazard's dividend payout ratio (DPR) is presently 79.05%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on Lazard from $40.00 to $45.00 and gave the company a "sell" rating in a report on Tuesday, April 14th. Bank of America started coverage on Lazard in a report on Monday, January 26th. They issued a "buy" rating and a $65.00 price objective for the company. Argus dropped their price target on Lazard from $63.00 to $52.00 and set a "buy" rating on the stock in a research note on Tuesday, May 5th. UBS Group cut their price target on Lazard from $45.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, May 4th. Finally, Morgan Stanley cut their price target on Lazard from $59.00 to $52.00 and set an "underweight" rating for the company in a report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $52.56.

Insider Buying and Selling at Lazard

In other Lazard news, CEO Peter Richard Orszag sold 69,170 shares of the stock in a transaction on 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher Hogbin sold 7,885 shares of the stock in a transaction on Wednesday, March 18th. The stock was 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 in the company, valued at $636,756.01. The trade was a 33.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,999 shares of company stock worth $3,292,962 in the last quarter. Company insiders own 0.95% of the company's stock.

About Lazard

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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