UBS Group AG increased its stake in shares of Lazard, Inc. (NYSE:LAZ – Free Report) by 97.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 332,333 shares of the asset manager’s stock after buying an additional 164,168 shares during the period. UBS Group AG’s holdings in Lazard were worth $16,138,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. M&T Bank Corp boosted its holdings in Lazard by 2,763.4% during the fourth quarter. M&T Bank Corp now owns 1,405,899 shares of the asset manager’s stock worth $68,270,000 after buying an additional 1,356,800 shares in the last quarter. Evergreen Capital Management LLC boosted its holdings in Lazard by 101.7% during the fourth quarter. Evergreen Capital Management LLC now owns 7,909 shares of the asset manager’s stock worth $384,000 after buying an additional 3,988 shares in the last quarter. Autumn Glory Partners LLC boosted its holdings in Lazard by 4.8% during the fourth quarter. Autumn Glory Partners LLC now owns 22,086 shares of the asset manager’s stock worth $1,072,000 after buying an additional 1,015 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings in Lazard by 18.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,294 shares of the asset manager’s stock worth $111,000 after buying an additional 353 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Lazard by 4.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,911 shares of the asset manager’s stock worth $1,355,000 after buying an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 54.80% of the company’s stock.
Insider Activity at Lazard
In related news, CEO Peter Richard Orszag sold 69,170 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the transaction, the chief executive officer owned 210,942 shares of the company’s stock, valued at approximately $8,597,995.92. This represents a 24.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher Hogbin sold 7,885 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the transaction, the chief executive officer directly owned 15,773 shares of the company’s stock, valued at $636,756.01. This trade represents a 33.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,999 shares of company stock worth $3,292,962 in the last three months. Insiders own 0.95% of the company’s stock.
Lazard Stock Performance
Lazard (NYSE:LAZ – Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.10). The firm had revenue of $672.98 million for the quarter, compared to analysts’ expectations of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The business’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.56 EPS. On average, sell-side analysts predict that Lazard, Inc. will post 2.85 EPS for the current year.
Lazard Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 11th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.3%. Lazard’s dividend payout ratio is presently 79.05%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the stock. Bank of America started coverage on shares of Lazard in a report on Monday, January 26th. They set a “buy” rating and a $65.00 price objective on the stock. Morgan Stanley reduced their price target on shares of Lazard from $59.00 to $52.00 and set an “underweight” rating on the stock in a report on Thursday, April 9th. Citizens Jmp reduced their price target on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Keefe, Bruyette & Woods upped their price target on shares of Lazard from $47.00 to $49.00 and gave the company a “market perform” rating in a report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of Lazard from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.56.
Check Out Our Latest Report on LAZ
About Lazard
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.
Featured Articles
- Five stocks we like better than Lazard
- Navy Catalyst Ignites Odysight’s Growth Engine
- AST SpaceMobile Plummets on Galactic Q1 Miss: Can Vertical Integration Save the SpaceX Rival?
- Axon Surged After Earnings and Is Still Down Over 50% From Highs
- The Event That Could Redefine Apple’s Summer Rally
Want to see what other hedge funds are holding LAZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lazard, Inc. (NYSE:LAZ – Free Report).
Receive News & Ratings for Lazard Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard and related companies with MarketBeat.com's FREE daily email newsletter.
