Kingsview Wealth Management LLC Invests $2.82 Million in Lazard, Inc. $LAZ

Key Points

• Kingsview Wealth Management disclosed a new stake in Lazard, buying 58,059 shares valued at about $2.82 million in the fourth quarter.
• Lazard’s latest quarterly results missed analyst expectations, with EPS of $0.42 versus $0.52 expected and revenue of $672.98 million below estimates, though revenue still rose 16.8% year over year.
• The company recently paid a $0.50 quarterly dividend ($2.00 annualized), while analysts currently rate the stock a Hold on average with a consensus price target of $52.56.

Kingsview Wealth Management LLC acquired a new position in Lazard, Inc. (NYSE:LAZ - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 58,059 shares of the asset manager's stock, valued at approximately $2,819,000. Kingsview Wealth Management LLC owned 0.05% of Lazard at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of LAZ. Sound Income Strategies LLC increased its holdings in shares of Lazard by 59.5% in the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager's stock worth $31,000 after buying an additional 220 shares during the period. Quest 10 Wealth Builders Inc. purchased a new position in shares of Lazard in the fourth quarter worth about $32,000. IFP Advisors Inc increased its holdings in shares of Lazard by 53.5% in the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock worth $34,000 after buying an additional 224 shares during the period. Costello Asset Management INC purchased a new position in shares of Lazard in the third quarter worth about $37,000. Finally, State of Wyoming purchased a new position in shares of Lazard in the second quarter worth about $38,000. Hedge funds and other institutional investors own 54.80% of the company's stock.

Lazard Stock Performance

Shares of LAZ opened at $47.17 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.94. The business's 50 day moving average price is $45.51 and its 200-day moving average price is $48.64. Lazard, Inc. has a 52 week low of $38.67 and a 52 week high of $58.75. The stock has a market cap of $5.27 billion, a P/E ratio of 18.65, a P/E/G ratio of 0.51 and a beta of 1.44.

Lazard (NYSE:LAZ - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The asset manager reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.10). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The company had revenue of $672.98 million during the quarter, compared to the consensus estimate of $707.42 million. During the same period in the prior year, the firm earned $0.56 earnings per share. The business's revenue for the quarter was up 16.8% compared to the same quarter last year. Equities research analysts anticipate that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Peter Richard Orszag sold 69,170 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the sale, the chief executive officer directly owned 210,942 shares of the company's stock, valued at $8,597,995.92. The trade was a 24.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Hogbin sold 3,944 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $39.37, for a total value of $155,275.28. Following the completion of the sale, the chief executive officer directly owned 11,829 shares in the company, valued at approximately $465,707.73. This represents a 25.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 80,999 shares of company stock worth $3,292,962. Insiders own 0.95% of the company's stock.

Analyst Upgrades and Downgrades

LAZ has been the topic of several analyst reports. The Goldman Sachs Group lifted their price objective on Lazard from $40.00 to $45.00 and gave the stock a "sell" rating in a report on Tuesday, April 14th. Morgan Stanley reduced their price target on Lazard from $59.00 to $52.00 and set an "underweight" rating on the stock in a report on Thursday, April 9th. Citigroup restated an "outperform" rating on shares of Lazard in a report on Friday, April 10th. Wall Street Zen downgraded Lazard from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Finally, Zacks Research downgraded Lazard from a "hold" rating to a "strong sell" rating in a report on Friday, April 10th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $52.56.

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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