Principal Financial Group Inc. Sells 212,946 Shares of Lazard, Inc. $LAZ

Key Points

• Principal Financial Group cut its Lazard stake by 14.4% in the first quarter, selling 212,946 shares and leaving it with 1,267,322 shares worth about $53.8 million.
• Lazard’s latest quarterly results missed Wall Street estimates, with EPS of $0.42 versus $0.52 expected and revenue of $672.98 million versus $707.42 million forecast, even though revenue rose 16.8% year over year.
• The company recently paid a quarterly dividend of $0.50 per share, equal to a 4.6% annualized yield, while analysts currently rate the stock a consensus “Hold” with a $51.00 price target.

Principal Financial Group Inc. reduced its stake in Lazard, Inc. (NYSE:LAZ - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,267,322 shares of the asset manager's stock after selling 212,946 shares during the quarter. Principal Financial Group Inc. owned approximately 1.13% of Lazard worth $53,836,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC bought a new position in shares of Lazard in the fourth quarter valued at approximately $26,000. Sound Income Strategies LLC boosted its holdings in shares of Lazard by 59.5% during the 4th 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. IFP Advisors Inc boosted its holdings in shares of Lazard by 53.5% during the 3rd 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. Quest 10 Wealth Builders Inc. acquired a new position in Lazard in the 4th quarter valued at $32,000. Finally, State of Wyoming acquired a new position in Lazard in the 2nd quarter valued at $38,000. Institutional investors own 54.80% of the company's stock.

Lazard Price Performance

Shares of Lazard stock opened at $43.21 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 company has a market cap of $4.83 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The firm has a fifty day moving average price of $44.49 and a two-hundred day moving average price of $46.98. Lazard, Inc. has a fifty-two week low of $38.67 and a fifty-two week high of $58.75.

Lazard (NYSE:LAZ - Get Free Report) last posted 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 company had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a return on equity of 29.30% and a net margin of 8.47%.The business's revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. Analysts expect that Lazard, Inc. will post 2.63 EPS for the current year.

Lazard Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, May 11th. Lazard's payout ratio is currently 79.05%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LAZ. Keefe, Bruyette & Woods cut their target price on shares of Lazard from $49.00 to $44.00 and set a "market perform" rating for the company in a research report on Friday, July 10th. Zacks Research upgraded Lazard from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Citigroup reiterated an "outperform" rating on shares of Lazard in a research note on Friday, April 10th. Morgan Stanley cut their price objective on Lazard from $53.00 to $47.00 and set an "underweight" rating for the company in a research report on Thursday, July 9th. Finally, Argus decreased 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. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Lazard currently has a consensus rating of "Hold" and a consensus price target of $51.00.

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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