Engineers Gate Manager LP Purchases 40,846 Shares of Lazard, Inc. $LAZ

Key Points

• Engineers Gate Manager LP increased its Lazard position by 74.7% in the second quarter, purchasing 40,846 additional shares and bringing its holdings to 95,509 shares worth approximately $4.0 million.
• Institutional ownership remains significant at 54.8%, although Lazard’s CEO Peter Orszag sold 125,000 shares for $5.44 million under a pre-arranged Rule 10b5-1 plan.
• Lazard shares opened at $41.15, below the analyst consensus target of $50.38. The company recently reported quarterly EPS of $0.12—below expectations—but revenue of $786.5 million exceeded estimates, while its annualized dividend yield was approximately 4.9%.

Engineers Gate Manager LP raised its holdings in Lazard, Inc. (NYSE:LAZ - Free Report) by 74.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 95,509 shares of the asset manager's stock after acquiring an additional 40,846 shares during the quarter. Engineers Gate Manager LP owned about 0.09% of Lazard worth $4,006,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in Lazard by 131.8% during the 1st quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager's stock worth $544,000 after buying an additional 7,144 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Lazard by 27.5% during the first quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager's stock worth $32,902,000 after acquiring an additional 163,983 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Lazard by 8.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager's stock worth $10,318,000 after acquiring an additional 18,444 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Lazard by 167.0% during the second quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager's stock worth $1,252,000 after acquiring an additional 16,322 shares during the period. Finally, Prudential Financial Inc. lifted its position in 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 acquiring an additional 2,730 shares in the last quarter. 54.80% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Peter Orszag sold 125,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $43.52, for a total value of $5,440,000.00. Following the completion of the sale, the chief executive officer directly owned 260,942 shares in the company, valued at approximately $11,356,195.84. This trade represents a 32.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on LAZ shares. Morgan Stanley set a $44.00 target price on Lazard in a report on Friday, July 24th. Zacks Research downgraded Lazard from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. The Goldman Sachs Group restated a "sell" rating on shares of Lazard in a research note on Thursday, July 23rd. Citigroup reaffirmed a "market outperform" rating on shares of Lazard in a research note on Friday, July 24th. Finally, UBS Group reiterated a "neutral" rating and issued a $44.00 price objective on shares of Lazard in a report on Tuesday, June 9th. 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $50.38.

Lazard Stock Performance

Shares of NYSE LAZ opened at $41.15 on Friday. The stock has a market capitalization of $4.55 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43. Lazard, Inc. has a 52 week low of $38.67 and a 52 week high of $58.75. The stock has a 50 day moving average price of $43.23 and a 200 day moving average price of $44.46. The company has a debt-to-equity ratio of 1.87, a quick ratio of 2.84 and a current ratio of 2.84.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The asset manager reported $0.12 EPS 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 analyst estimates of $736.29 million. During the same period in the previous year, the company posted $0.52 EPS. The company's quarterly revenue was up 1.5% compared to the same quarter last year. Analysts predict that Lazard, Inc. will post 2.18 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, August 3rd. Lazard's dividend payout ratio is presently 98.04%.

About Lazard

Lazard Ltd. NYSE: LAZ is a global financial advisory and asset management firm. The company provides advice on mergers and acquisitions, capital structure, restructuring, strategic matters and other corporate finance activities. Lazard also offers asset management services for institutions, financial intermediaries, private clients and other investors.

Lazard traces its origins to 1848, when the Lazard brothers established a business in New Orleans. The firm later expanded to San Francisco and Paris, developing an international platform that serves clients across North America, Europe, Asia-Pacific and other key global markets.

The company operates through financial advisory and asset management businesses, with teams serving corporations, governments, institutions and high-net-worth individuals.

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