Todd Asset Management LLC lifted its position in Lazard Ltd. (NYSE:LAZ) by 35.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 427,507 shares of the asset manager’s stock after buying an additional 112,761 shares during the quarter. Todd Asset Management LLC owned approximately 0.33% of Lazard worth $19,332,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in LAZ. UBS Asset Management Americas Inc. lifted its holdings in shares of Lazard by 65.0% in the first quarter. UBS Asset Management Americas Inc. now owns 18,525 shares of the asset manager’s stock worth $852,000 after buying an additional 7,300 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Lazard by 266.1% in the first quarter. Legal & General Group Plc now owns 40,802 shares of the asset manager’s stock worth $1,877,000 after buying an additional 29,658 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Lazard by 0.9% in the first quarter. New York State Teachers Retirement System now owns 11,200 shares of the asset manager’s stock worth $515,000 after buying an additional 100 shares in the last quarter. KCG Holdings Inc. purchased a new stake in shares of Lazard in the first quarter worth about $219,000. Finally, State Street Corp lifted its holdings in shares of Lazard by 8.9% in the first quarter. State Street Corp now owns 1,713,338 shares of the asset manager’s stock worth $78,795,000 after buying an additional 140,406 shares in the last quarter. 72.32% of the stock is currently owned by hedge funds and other institutional investors.
LAZ has been the topic of a number of recent analyst reports. Buckingham Research increased their price target on shares of Lazard from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, October 27th. BidaskClub raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a report on Monday, July 31st. Zacks Investment Research downgraded shares of Lazard from a “buy” rating to a “hold” rating in a report on Friday, July 28th. ValuEngine cut shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Nomura upped their price objective on shares of Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $48.56.
Lazard Ltd. (LAZ) traded up $0.40 during mid-day trading on Tuesday, hitting $47.69. 322,800 shares of the company traded hands, compared to its average volume of 831,912. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.09 and a current ratio of 2.09. The company has a market capitalization of $6,136.64, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.58 and a beta of 1.89. Lazard Ltd. has a one year low of $38.46 and a one year high of $48.86.
Lazard (NYSE:LAZ) last posted its quarterly earnings data on Thursday, October 26th. The asset manager reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.10. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The company had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $593.19 million. During the same period in the prior year, the business earned $0.85 earnings per share. Lazard’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities analysts anticipate that Lazard Ltd. will post 3.52 earnings per share for the current fiscal year.
Lazard declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Friday, November 3rd. Lazard’s payout ratio is currently 46.86%.
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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