NJ State Employees Deferred Compensation Plan continued to hold its position in shares of Lazard Ltd. (NYSE:LAZ) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,000 shares of the asset manager’s stock at the end of the second quarter. NJ State Employees Deferred Compensation Plan’s holdings in Lazard were worth $278,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Glen Harbor Capital Management LLC purchased a new position in shares of Lazard during the first quarter worth about $2,446,000. Acadian Asset Management LLC raised its position in shares of Lazard by 97.8% in the first quarter. Acadian Asset Management LLC now owns 10,410 shares of the asset manager’s stock valued at $479,000 after buying an additional 5,148 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Lazard by 8.1% in the first quarter. ProShare Advisors LLC now owns 18,773 shares of the asset manager’s stock valued at $863,000 after buying an additional 1,414 shares during the last quarter. Van Cleef Asset Management Inc raised its position in shares of Lazard by 1.4% in the first quarter. Van Cleef Asset Management Inc now owns 123,215 shares of the asset manager’s stock valued at $5,667,000 after buying an additional 1,705 shares during the last quarter. Finally, Covenant Asset Management LLC bought a new position in shares of Lazard during the first quarter valued at $295,000. Institutional investors and hedge funds own 73.67% of the company’s stock.
Shares of Lazard Ltd. (NYSE:LAZ) opened at 44.73 on Thursday. The stock has a market cap of $5.44 billion, a P/E ratio of 12.67 and a beta of 1.84. The firm has a 50 day moving average of $46.45 and a 200 day moving average of $44.75. Lazard Ltd. has a one year low of $33.48 and a one year high of $48.86.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.18. The business had revenue of $720.16 million for the quarter, compared to the consensus estimate of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The firm’s quarterly revenue was up 32.8% compared to the same quarter last year. During the same period last year, the firm posted $0.61 earnings per share. On average, equities research analysts predict that Lazard Ltd. will post $3.60 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Thursday, August 3rd. Lazard’s dividend payout ratio is currently 46.46%.
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Several research analysts have weighed in on the stock. ValuEngine upgraded shares of Lazard from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 28th. BidaskClub upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, June 7th. Credit Suisse Group restated a “buy” rating and set a $50.00 target price on shares of Lazard in a research report on Friday, April 21st. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $51.00 target price on shares of Lazard in a research report on Tuesday, May 9th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $46.89.
In related news, CFO Matthieu Bucaille sold 90,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $44.81, for a total transaction of $4,032,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Scott D. Hoffman sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $45.13, for a total transaction of $1,579,550.00. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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