Invesco Ltd. grew its stake in Lazard, Inc. (NYSE:LAZ - Free Report) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,283,279 shares of the asset manager's stock after acquiring an additional 82,878 shares during the period. Invesco Ltd. owned 1.14% of Lazard worth $55,566,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the stock. Calton & Associates Inc. acquired a new stake in shares of Lazard in the first quarter valued at approximately $28,000. NewEdge Advisors LLC grew its stake in shares of Lazard by 54.3% during the fourth quarter. NewEdge Advisors LLC now owns 977 shares of the asset manager's stock worth $50,000 after buying an additional 344 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Lazard in the first quarter worth $50,000. Farther Finance Advisors LLC grew its stake 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 worth $55,000 after purchasing an additional 773 shares during the last quarter. Finally, HM Payson & Co. grew its stake in shares of Lazard by 861.2% in the first quarter. HM Payson & Co. now owns 2,057 shares of the asset manager's stock worth $89,000 after purchasing an additional 1,843 shares during the last quarter. Institutional investors own 54.80% of the company's stock.
Lazard Trading Down 0.7%
NYSE:LAZ traded down $0.36 during trading hours on Wednesday, reaching $53.38. The company's stock had a trading volume of 632,562 shares, compared to its average volume of 1,103,005. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 18.41 and a beta of 1.35. Lazard, Inc. has a 1 year low of $31.97 and a 1 year high of $61.14. The company has a debt-to-equity ratio of 2.15, a quick ratio of 2.53 and a current ratio of 2.53. The firm has a 50-day simple moving average of $50.43 and a 200-day simple moving average of $46.47.
Lazard (NYSE:LAZ - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.14. The business had revenue of $796.00 million for the quarter, compared to analyst estimates of $674.13 million. Lazard had a net margin of 9.96% and a return on equity of 34.33%. The company's revenue was up 16.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Research analysts expect that Lazard, Inc. will post 4.24 EPS for the current fiscal year.
Lazard Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, August 4th. Lazard's dividend payout ratio is currently 68.97%.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. Morgan Stanley upped their price target on shares of Lazard from $33.00 to $45.00 and gave the company an "underweight" rating in a research report on Monday, June 23rd. Wells Fargo & Company upped their target price on shares of Lazard from $38.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. JMP Securities set a $60.00 price objective on shares of Lazard and gave the company a "market outperform" rating in a research note on Monday, July 14th. The Goldman Sachs Group increased their target price on shares of Lazard from $35.00 to $40.00 and gave the company a "sell" rating in a research report on Thursday, May 15th. Finally, Citigroup restated an "outperform" rating on shares of Lazard in a research note on Monday, July 14th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.50.
Check Out Our Latest Analysis on Lazard
About Lazard
(
Free Report)
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.
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