Edgestream Partners L.P. Invests $3.39 Million in Lazard, Inc. $LAZ

Key Points

• Edgestream Partners L.P. acquired 79,856 Lazard shares worth approximately $3.39 million during the first quarter, giving it a 0.07% stake. Institutional investors collectively own 54.8% of Lazard.
• Lazard’s latest quarterly results were mixed: revenue rose 1.5% year over year to $786.5 million, exceeding estimates, but earnings per share of $0.12 fell short of the $0.34 consensus forecast.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a 4.7% annualized yield. Analysts hold a consensus “Hold” rating, with an average price target of $50.38 versus the recent share price of $42.41.

Edgestream Partners L.P. acquired a new stake in Lazard, Inc. (NYSE:LAZ - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 79,856 shares of the asset manager's stock, valued at approximately $3,392,000. Edgestream Partners L.P. owned 0.07% of Lazard at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of LAZ. Kestra Advisory Services LLC bought a new position in Lazard during the fourth quarter worth $26,000. Sound Income Strategies LLC boosted its holdings in Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager's stock valued at $31,000 after purchasing an additional 220 shares during the period. Quest 10 Wealth Builders Inc. acquired a new stake in Lazard in the 4th quarter worth $32,000. IFP Advisors Inc grew its position in Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock worth $34,000 after purchasing an additional 224 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Lazard during the 2nd quarter worth about $38,000. Institutional investors and hedge funds own 54.80% of the company's stock.

Lazard Stock Up 1.1%

Shares of LAZ opened at $42.41 on Friday. The company has a quick ratio of 3.51, a current ratio of 2.84 and a debt-to-equity ratio of 1.87. The company has a 50-day moving average price of $43.77 and a two-hundred day moving average price of $46.47. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 0.89 and a beta of 1.43. Lazard, Inc. has a 12 month low of $38.67 and a 12 month high of $58.75.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings data 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). Lazard had a net margin of 6.95% and a return on equity of 23.58%. The company had revenue of $786.47 million during the quarter, compared to the consensus estimate of $736.29 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company's revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts predict that Lazard, Inc. will post 2.18 EPS for the current fiscal year.

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, August 3rd. Lazard's dividend payout ratio is 98.04%.

Wall Street Analysts Forecast Growth

LAZ has been the subject of several research reports. Citizens Jmp reduced their target price on shares of Lazard from $65.00 to $60.00 and set a "market outperform" rating for the company in a research note on Friday, April 10th. Citigroup reissued a "market outperform" rating on shares of Lazard in a research report on Friday, July 24th. Keefe, Bruyette & Woods lowered their price target on Lazard from $44.00 to $42.00 and set a "market perform" rating on the stock in a research note on Friday, July 24th. Morgan Stanley set a $44.00 price target on Lazard in a report on Friday, July 24th. Finally, Zacks Research raised Lazard from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $50.38.

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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