Purpose Unlimited Inc. Takes Position in Lazard, Inc. $LAZ

Purpose Unlimited Inc. acquired a new position in Lazard, Inc. (NYSE:LAZ) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 176,526 shares of the asset manager’s stock, valued at approximately $8,574,000.

Several other large investors have also recently modified their holdings of the company. Kestra Advisory Services LLC purchased a new stake in Lazard during the fourth quarter valued at approximately $26,000. Sound Income Strategies LLC grew its holdings in Lazard by 59.5% in the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after purchasing an additional 220 shares during the last quarter. Quest 10 Wealth Builders Inc. purchased a new position in Lazard in the fourth quarter worth $32,000. IFP Advisors Inc increased its position in shares of Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after purchasing an additional 224 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Lazard during the second quarter worth $38,000. Institutional investors own 54.80% of the company’s stock.

Lazard Trading Up 0.0%

Shares of Lazard stock opened at $44.32 on Friday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94. Lazard, Inc. has a 12-month low of $38.67 and a 12-month high of $58.75. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 0.47 and a beta of 1.41. The firm’s 50 day simple moving average is $46.83 and its two-hundred day simple moving average is $48.23.

Lazard (NYSE:LAZ) last posted its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 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 previous year, the firm posted $0.56 earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. Analysts predict that Lazard, Inc. will post 2.85 EPS for the current year.

Lazard Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were paid a $0.50 dividend. The ex-dividend date was Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. Lazard’s dividend payout ratio (DPR) is 79.05%.

Wall Street Analysts Forecast Growth

LAZ has been the subject of several analyst reports. Weiss Ratings lowered Lazard from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Citizens Jmp dropped their target price on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a research note on Friday, April 10th. The Goldman Sachs Group set a $40.00 target price on Lazard in a research report on Friday, June 12th. Citigroup reiterated an “outperform” rating on shares of Lazard in a research note on Friday, April 10th. Finally, Argus decreased their price target 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 analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Lazard currently has an average rating of “Hold” and a consensus price target of $52.00.

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.