Northwestern Mutual Wealth Management Co. Acquires 242,864 Shares of Lazard, Inc. $LAZ

Key Points

• Northwestern Mutual Wealth Management sharply increased its Lazard stake, buying 242,864 shares in the fourth quarter and lifting its holdings to 250,335 shares worth about $12.16 million.
• Insiders sold shares recently, including CEO Christopher Hogbin and CEO Peter Richard Orszag, with total insider sales over the last quarter reaching 80,999 shares valued at roughly $3.29 million.
• Wall Street sentiment is mixed on Lazard: analysts currently rate the stock a consensus “Hold,” with an average price target of $52.56, while the company’s latest earnings missed estimates even as revenue rose year over year.

Northwestern Mutual Wealth Management Co. grew its holdings in Lazard, Inc. (NYSE:LAZ - Free Report) by 3,250.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 250,335 shares of the asset manager's stock after acquiring an additional 242,864 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 0.22% of Lazard worth $12,156,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC raised its stake 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 valued at $31,000 after purchasing an additional 220 shares in the last quarter. Quest 10 Wealth Builders Inc. acquired a new position in shares of Lazard in the fourth quarter valued at $32,000. IFP Advisors Inc raised its stake in shares of Lazard by 53.5% in the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock valued at $34,000 after purchasing an additional 224 shares in the last quarter. Costello Asset Management INC acquired a new position in shares of Lazard in the third quarter valued at $37,000. Finally, State of Wyoming acquired a new position in shares of Lazard in the second quarter valued at $38,000. 54.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Lazard

In other Lazard news, CEO Christopher Hogbin sold 7,885 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the completion of the transaction, the chief executive officer directly owned 15,773 shares in the company, valued at $636,756.01. This represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Richard Orszag sold 69,170 shares of the stock in a transaction 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 owned 210,942 shares in the company, valued at $8,597,995.92. The trade was a 24.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,999 shares of company stock valued at $3,292,962 over the last quarter. Corporate insiders own 0.95% of the company's stock.

Analysts Set New Price Targets

LAZ has been the subject of a number of recent research reports. Argus cut their target price on Lazard from $63.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, May 5th. Wall Street Zen lowered Lazard from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. UBS Group cut 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. Bank of America initiated coverage on Lazard in a research note on Monday, January 26th. They issued a "buy" rating and a $65.00 target price for the company. Finally, Zacks Research lowered Lazard from a "hold" rating to a "strong sell" rating in a research note on Friday, April 10th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $52.56.

Lazard Stock Performance

Lazard stock opened at $47.67 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a fifty day moving average price of $44.64 and a two-hundred day moving average price of $48.68. Lazard, Inc. has a 52-week low of $38.67 and a 52-week high of $58.75. The firm has a market capitalization of $5.32 billion, a P/E ratio of 18.84, a P/E/G ratio of 0.50 and a beta of 1.44.

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). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The company had revenue of $672.98 million for the quarter, compared to analyst estimates of $707.42 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The business's revenue was up 16.8% compared to the same quarter last year. As a group, analysts anticipate that Lazard, Inc. will post 2.85 EPS for the current fiscal year.

Lazard Announces Dividend

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

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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