Lazard, Inc. (NYSE:LAZ) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Lazard, Inc. by 37.1% during the first quarter, holding nearly 24,000 shares valued at over $1 million.
• Lazard reported earnings of $0.52 per share, exceeding analysts' expectations of $0.38 and showing a 16.2% revenue growth year-on-year.
• The firm declared a quarterly dividend of $0.50 per share, reflecting an annualized dividend yield of 3.9%.

Mackenzie Financial Corp grew its position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) by 37.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,937 shares of the asset manager's stock after acquiring an additional 6,483 shares during the quarter. Mackenzie Financial Corp's holdings in Lazard were worth $1,036,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Calton & Associates Inc. acquired a new position in Lazard during the 1st quarter worth approximately $28,000. NewEdge Advisors LLC lifted its position 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 purchasing an additional 344 shares in the last quarter. Bessemer Group Inc. purchased a new position in shares of Lazard in the first quarter valued at $50,000. Farther Finance Advisors LLC grew its holdings in Lazard by 164.1% during the 1st 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 in the last quarter. Finally, HM Payson & Co. grew its holdings in Lazard by 861.2% during the 1st quarter. HM Payson & Co. now owns 2,057 shares of the asset manager's stock valued at $89,000 after purchasing an additional 1,843 shares in the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Lazard Stock Performance

Shares of NYSE LAZ traded down $0.17 during midday trading on Wednesday, hitting $51.72. The company's stock had a trading volume of 608,818 shares, compared to its average volume of 1,081,084. 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's fifty day moving average price is $48.67 and its 200-day moving average price is $46.51. The firm has a market cap of $5.83 billion, a P/E ratio of 17.84 and a beta of 1.35. Lazard, Inc. has a 1-year low of $31.97 and a 1-year high of $61.14.

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 return on equity of 34.33% and a net margin of 9.96%. The company had revenue of $796.00 million for the quarter, compared to analysts' expectations of $674.13 million. During the same period last year, the business posted $0.52 earnings per share. The firm's quarterly revenue was up 16.2% compared to the same quarter last year. On average, sell-side analysts forecast that Lazard, Inc. will post 4.24 EPS for the current fiscal year.

Lazard Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be given a $0.50 dividend. The ex-dividend date is Monday, August 4th. This represents a $2.00 annualized dividend and a yield of 3.9%. Lazard's payout ratio is 68.97%.

Analyst Ratings Changes

A number of research firms have weighed in on LAZ. Keefe, Bruyette & Woods upped their price objective on shares of Lazard from $57.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Wall Street Zen downgraded Lazard from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Citigroup restated an "outperform" rating on shares of Lazard in a report on Monday, July 14th. 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 report on Thursday, May 15th. Finally, 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 report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Lazard 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.