TD Asset Management Inc Sells 47,790 Shares of Lazard, Inc. (NYSE:LAZ)

Key Points

• TD Asset Management Inc reduced its stake in Lazard, Inc. by 20.9%, selling 47,790 shares, and now owns approximately 181,126 shares valued at $7.84 million.
• Lazard's shares are currently trading at $50.13, down 3.6%, with a market capitalization of $5.65 billion and a price-to-earnings ratio of 17.29.
• The firm announced a quarterly dividend of $0.50 per share, translating to an annualized yield of 4.0%, with a payout ratio of 68.97%.

TD Asset Management Inc lowered its stake in shares of Lazard, Inc. (NYSE:LAZ - Free Report) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,126 shares of the asset manager's stock after selling 47,790 shares during the period. TD Asset Management Inc owned approximately 0.16% of Lazard worth $7,843,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Calton & Associates Inc. bought a new position in shares of Lazard during the 1st quarter valued at about $28,000. NewEdge Advisors LLC lifted its holdings in shares of Lazard by 54.3% during the 4th quarter. NewEdge Advisors LLC now owns 977 shares of the asset manager's stock valued at $50,000 after purchasing an additional 344 shares in the last quarter. Bessemer Group Inc. bought a new position in shares of Lazard during the 1st quarter valued at about $50,000. Farther Finance Advisors LLC lifted its holdings in shares of 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. lifted its holdings in shares of 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. Institutional investors own 54.80% of the company's stock.

Lazard Stock Down 3.6%

Shares of NYSE:LAZ traded down $1.85 during trading on Friday, hitting $50.13. 1,327,319 shares of the company were exchanged, compared to its average volume of 1,027,240. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 17.29 and a beta of 1.33. Lazard, Inc. has a fifty-two week low of $31.97 and a fifty-two week high of $61.14. The firm has a fifty day moving average price of $48.20 and a two-hundred day moving average price of $46.48. The company has a current ratio of 2.53, a quick ratio of 3.24 and a debt-to-equity ratio of 2.15.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.14. The firm had revenue of $796.00 million for the quarter, compared to analyst estimates of $674.13 million. Lazard had a return on equity of 34.33% and a net margin of 9.96%. The business's quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 EPS. As a group, research analysts anticipate that Lazard, Inc. will post 4.24 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.0%. Lazard's payout ratio is presently 68.97%.

Analyst Ratings Changes

Several research firms have recently weighed in on LAZ. Wall Street Zen cut Lazard from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Wells Fargo & Company lifted their target price on Lazard from $38.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. JMP Securities set a $60.00 target price on Lazard and gave the company a "market outperform" rating in a research report on Monday, July 14th. Citigroup reissued an "outperform" rating on shares of Lazard in a research report on Monday, July 14th. Finally, Keefe, Bruyette & Woods lifted their target price on Lazard from $57.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. 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. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $51.50.

Lazard 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.