Freemont Management S.A. Purchases New Holdings in Lazard, Inc. (NYSE:LAZ)

Key Points

• Freemont Management S.A. has acquired a new position in Lazard, Inc. by purchasing 78,700 shares valued at approximately $3.4 million, representing around 0.07% of the company.
• Lazard reported earnings of $0.52 per share, exceeding analysts' expectations of $0.38, alongside a revenue of $796 million, showing a 16.2% increase year-over-year.
• The company has declared a quarterly dividend of $0.50 per share, with a yield of 3.66%, set to be paid on August 15th to shareholders on record as of August 4th.

Freemont Management S.A. bought a new position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 78,700 shares of the asset manager's stock, valued at approximately $3,408,000. Freemont Management S.A. owned about 0.07% of Lazard at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Calton & Associates Inc. acquired a new stake in shares of Lazard in the first quarter valued at about $28,000. NewEdge Advisors LLC grew its position in shares of Lazard by 54.3% in the fourth quarter. NewEdge Advisors LLC now owns 977 shares of the asset manager's stock valued at $50,000 after purchasing an additional 344 shares during the last quarter. Bessemer Group Inc. acquired a new stake in shares of Lazard in the first quarter valued at about $50,000. Farther Finance Advisors LLC grew its position in shares of Lazard by 164.1% in the first quarter. Farther Finance Advisors LLC now owns 1,244 shares of the asset manager's stock valued at $55,000 after purchasing an additional 773 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Lazard in the fourth quarter valued at about $72,000. 54.80% of the stock is owned by institutional investors and hedge funds.

Lazard Price Performance

Shares of NYSE:LAZ traded down $1.03 during trading on Tuesday, reaching $53.30. The stock had a trading volume of 533,655 shares, compared to its average volume of 1,130,611. Lazard, Inc. has a 52 week low of $31.97 and a 52 week high of $61.14. The business's 50-day moving average price is $47.52 and its 200 day moving average price is $46.32. The company has a debt-to-equity ratio of 2.60, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $6.01 billion, a PE ratio of 18.36 and a beta of 1.33.

Lazard (NYSE:LAZ - Get Free Report) last posted its earnings results on Thursday, July 24th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.14. Lazard had a net margin of 9.96% and a return on equity of 35.81%. The company had revenue of $796.00 million during the quarter, compared to analysts' expectations of $674.13 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. Lazard's quarterly revenue was up 16.2% compared to the same quarter last year. As a group, equities analysts predict that Lazard, Inc. will post 4.24 earnings per share for the current year.

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, August 4th. Lazard's dividend payout ratio is currently 68.97%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on LAZ. Wall Street Zen cut shares of Lazard from a "buy" rating to a "hold" rating in a research note on Thursday, April 10th. Wells Fargo & Company raised their price target on shares of Lazard from $38.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. The Goldman Sachs Group raised their price target on shares of Lazard from $35.00 to $40.00 and gave the stock a "sell" rating in a research note on Thursday, May 15th. JMP Securities set a $60.00 price target on shares of Lazard and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Finally, Citigroup restated an "outperform" rating on shares of Lazard in a research note on Monday, July 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $51.50.

Lazard Company Profile

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.