Sterling Capital Management LLC Acquires Shares of 47,930 Lazard Ltd (LAZ)

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Sterling Capital Management LLC acquired a new position in shares of Lazard Ltd (NYSE:LAZ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 47,930 shares of the asset manager’s stock, valued at approximately $2,344,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Bank of America Corp DE grew its position in Lazard by 77.6% during the 2nd quarter. Bank of America Corp DE now owns 486,915 shares of the asset manager’s stock worth $23,815,000 after purchasing an additional 212,706 shares in the last quarter. Capital Fund Management S.A. grew its position in Lazard by 1,659.3% during the 2nd quarter. Capital Fund Management S.A. now owns 115,904 shares of the asset manager’s stock worth $5,669,000 after purchasing an additional 109,316 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Lazard during the 2nd quarter worth approximately $310,000. First Republic Investment Management Inc. grew its position in Lazard by 113.2% during the 2nd quarter. First Republic Investment Management Inc. now owns 36,376 shares of the asset manager’s stock worth $1,779,000 after purchasing an additional 19,314 shares in the last quarter. Finally, Raymond James & Associates grew its position in Lazard by 9.9% during the 2nd quarter. Raymond James & Associates now owns 108,270 shares of the asset manager’s stock worth $5,295,000 after purchasing an additional 9,781 shares in the last quarter. Hedge funds and other institutional investors own 71.91% of the company’s stock.

LAZ has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 31st. TheStreet lowered shares of Lazard from a “b” rating to a “c+” rating in a research note on Friday, July 27th. Finally, ValuEngine lowered shares of Lazard from a “buy” rating to a “hold” rating in a research note on Tuesday, May 29th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Lazard currently has an average rating of “Buy” and a consensus target price of $60.25.

Shares of NYSE:LAZ opened at $48.09 on Friday. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 0.99 and a beta of 1.79. Lazard Ltd has a 12-month low of $41.44 and a 12-month high of $60.00. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.78 and a quick ratio of 1.78.

Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 26th. The asset manager reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.18. The company had revenue of $741.00 million during the quarter, compared to analyst estimates of $663.44 million. Lazard had a net margin of 11.58% and a return on equity of 47.49%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. equities analysts forecast that Lazard Ltd will post 4.58 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 17th. Shareholders of record on Monday, August 6th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend was Friday, August 3rd. Lazard’s dividend payout ratio (DPR) is currently 46.56%.

Lazard Profile

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

Further Reading: Asset Allocation and Your Retirement

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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