Lazard, Inc. (NYSE:LAZ – Get Free Report) declared a quarterly dividend on Wednesday, October 21st. Stockholders of record on Monday, November 2nd will be given a dividend of $0.50 per share by the asset manager on Friday, November 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Monday, November 2nd.
Lazard has a payout ratio of 53.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lazard to earn $3.77 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 53.1%.
Lazard Stock Performance
Shares of NYSE:LAZ traded down $1.31 during trading on Thursday, reaching $36.05. 383,082 shares of the company’s stock traded hands, compared to its average volume of 1,651,855. The stock has a market capitalization of $3.99 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 1.22 and a beta of 1.47. Lazard has a 12 month low of $34.13 and a 12 month high of $58.75. The company has a 50 day moving average of $39.62 and a 200-day moving average of $43.00. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.84 and a quick ratio of 2.84.
Lazard (NYSE:LAZ – Get Free Report) last issued its earnings results on Thursday, October 22nd. The asset manager reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $844.23 million. Lazard had a net margin of 6.95% and a return on equity of 23.58%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. On average, equities analysts expect that Lazard will post 1.93 EPS for the current year.
Insiders Place Their Bets
In other Lazard news, CEO Peter Orszag sold 125,000 shares of Lazard stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total transaction of $5,440,000.00. Following the sale, the chief executive officer owned 260,942 shares of the company’s stock, valued at $11,356,195.84. The trade was a 32.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.95% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of LAZ. Pinnacle Associates Ltd. raised its holdings in Lazard by 60.6% during the third quarter. Pinnacle Associates Ltd. now owns 12,526 shares of the asset manager’s stock worth $454,000 after purchasing an additional 4,725 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Lazard during the third quarter valued at approximately $586,000. TD Waterhouse Canada Inc. boosted its position in shares of Lazard by 2.5% in the third quarter. TD Waterhouse Canada Inc. now owns 13,129 shares of the asset manager’s stock worth $478,000 after buying an additional 320 shares during the period. GAMMA Investing LLC grew its stake in Lazard by 37.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,872 shares of the asset manager’s stock valued at $68,000 after acquiring an additional 508 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Lazard by 251.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,500 shares of the asset manager’s stock valued at $91,000 after buying an additional 1,789 shares during the period. 54.80% of the stock is owned by institutional investors and hedge funds.
Lazard Company Profile
Lazard, Ltd. is a global financial advisory and asset management firm that serves corporations, financial institutions, governments, sovereign entities and individuals. Its Financial Advisory business provides advice on mergers and acquisitions, strategic matters, capital structure, restructuring, capital raising and other complex financial transactions.
Through its Asset Management business, Lazard offers investment strategies across equities, fixed income, private markets, alternatives and multi-asset portfolios.
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