Crossmark Global Holdings Inc. Purchases New Stake in Lazard, Inc. $LAZ

Key Points

• Crossmark Global Holdings acquired a new stake of 64,490 shares of Lazard (NYSE:LAZ) in Q3, valued at about $3.4 million and representing roughly 0.06% of the company.
• Lazard beat expectations in its latest quarter with $0.80 EPS versus $0.68 expected and revenue of $892M (up 11% YoY), and it pays a $0.50 quarterly dividend (annualized $2.00) for a ~4.5% yield.
• Analyst views are mixed: the consensus rating is a "Hold" with a $57.13 average target, though some firms (e.g., BofA) rate it a Buy with a $65 target while others have downgraded the stock.

Crossmark Global Holdings Inc. acquired a new position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 64,490 shares of the asset manager's stock, valued at approximately $3,404,000. Crossmark Global Holdings Inc. owned approximately 0.06% of Lazard as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Costello Asset Management INC acquired a new stake in shares of Lazard during the 3rd quarter worth approximately $37,000. State of Wyoming acquired a new stake in shares of Lazard in the 2nd quarter valued at $38,000. Bessemer Group Inc. acquired a new stake in shares of Lazard in the 3rd quarter valued at $50,000. Westfuller Advisors LLC acquired a new position in shares of Lazard during the 3rd quarter worth $83,000. Finally, US Bancorp DE lifted its position in shares of Lazard by 122.1% during the 3rd quarter. US Bancorp DE now owns 1,588 shares of the asset manager's stock worth $84,000 after buying an additional 873 shares during the last quarter. 54.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group reiterated a "neutral" rating and issued a $59.00 target price on shares of Lazard in a research report on Friday, January 30th. Citigroup restated a "market outperform" rating on shares of Lazard in a research note on Friday, January 30th. Wall Street Zen raised shares of Lazard from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. Bank of America assumed coverage on shares of Lazard in a research report on Monday, January 26th. They issued a "buy" rating and a $65.00 target price on the stock. Finally, Zacks Research cut shares of Lazard from a "hold" rating to a "strong sell" rating in a research note on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Lazard currently has a consensus rating of "Hold" and a consensus price target of $57.13.

Lazard Stock Performance

NYSE:LAZ opened at $44.61 on Friday. The stock's 50-day moving average is $51.82 and its 200-day moving average is $51.79. Lazard, Inc. has a 1-year low of $31.97 and a 1-year high of $58.75. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 1.85. The stock has a market cap of $4.98 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 0.36 and a beta of 1.40.

Lazard (NYSE:LAZ - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.12. Lazard had a net margin of 7.49% and a return on equity of 33.04%. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $876.32 million. During the same quarter last year, the business earned $0.78 EPS. The firm's quarterly revenue was up 11.0% on a year-over-year basis. Equities research analysts anticipate that Lazard, Inc. will post 4.24 earnings per share for the current year.

Lazard Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Monday, February 9th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. Lazard's dividend payout ratio (DPR) is presently 91.74%.

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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