Jefferies Financial Group Inc. Takes $1.98 Million Position in Lazard, Inc. $LAZ

Key Points

• Jefferies Financial Group initiated a new position in Lazard during the fourth quarter, buying 40,842 shares valued at about $1.98 million.
• Insider selling has been notable, with CEO Peter Orszag and CEO Christopher Hogbin selling shares in March; insiders have sold 80,999 shares worth $3.29 million over the last 90 days.
• Lazard reported mixed quarterly results, with EPS of $0.42 missing estimates and revenue of $672.98 million also below expectations, even though revenue rose 16.8% year over year.

Jefferies Financial Group Inc. acquired a new stake in Lazard, Inc. (NYSE:LAZ - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 40,842 shares of the asset manager's stock, valued at approximately $1,983,000.

A number of other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC grew its stake in Lazard by 1.2% during the 3rd quarter. Fisher Asset Management LLC now owns 1,722,504 shares of the asset manager's stock worth $90,914,000 after purchasing an additional 20,591 shares in the last quarter. Alps Advisors Inc. acquired a new position in Lazard during the 3rd quarter worth $4,744,000. Van Berkom & Associates Inc. acquired a new position in Lazard during the 3rd quarter worth $2,920,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Lazard during the 3rd quarter worth $1,210,000. Finally, Vanguard Group Inc. grew its stake in Lazard by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,180,752 shares of the asset manager's stock worth $590,120,000 after purchasing an additional 245,205 shares in the last quarter. 54.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Peter Richard Orszag sold 69,170 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 210,942 shares of the company's stock, valued at approximately $8,597,995.92. This represents a 24.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher Hogbin sold 7,885 shares of the company's stock in a transaction dated 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 directly owned 15,773 shares of the company's stock, valued at approximately $636,756.01. This represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 80,999 shares of company stock valued at $3,292,962. Insiders own 0.95% of the company's stock.

Lazard Trading Down 1.6%

NYSE:LAZ opened at $48.14 on Thursday. The stock has a 50-day simple moving average of $45.20 and a 200-day simple moving average of $48.66. The stock has a market cap of $5.38 billion, a P/E ratio of 19.03, a P/E/G ratio of 0.52 and a beta of 1.44. Lazard, Inc. has a 1 year low of $38.67 and a 1 year high of $58.75. The company has a debt-to-equity ratio of 1.94, a quick ratio of 3.51 and a current ratio of 3.51.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings data 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 return on equity of 29.30% and a net margin of 8.47%.The company's revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 earnings per share. As a group, analysts anticipate that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, May 11th. Lazard's dividend payout ratio is currently 79.05%.

Analyst Ratings Changes

Several research analysts recently commented on LAZ shares. Keefe, Bruyette & Woods boosted their target price on Lazard from $47.00 to $49.00 and gave the stock a "market perform" rating in a research note on Monday, May 4th. UBS Group lowered their target price on Lazard from $45.00 to $44.00 and set a "neutral" rating for the company in a research note on Monday, May 4th. Citizens Jmp lowered their target price on Lazard from $65.00 to $60.00 and set a "market outperform" rating for the company in a research note on Friday, April 10th. Weiss Ratings cut Lazard from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. Finally, The Goldman Sachs Group boosted their target price on Lazard from $40.00 to $45.00 and gave the stock a "sell" rating in a research note on Tuesday, April 14th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $52.56.

Lazard Company 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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