Emerald Advisers Inc. PA reduced its stake in shares of Lazard Ltd. (NYSE:LAZ) by 9.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,240 shares of the asset manager’s stock after selling 2,842 shares during the quarter. Emerald Advisers Inc. PA’s holdings in Lazard were worth $1,187,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of LAZ. PNC Financial Services Group Inc. boosted its stake in shares of Lazard by 9.0% during the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after purchasing an additional 306 shares during the period. JFS Wealth Advisors LLC boosted its stake in shares of Lazard by 1,759.2% during the second quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock valued at $177,000 after purchasing an additional 3,624 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Lazard during the second quarter valued at $179,000. Pinnacle Financial Partners Inc. purchased a new stake in shares of Lazard during the second quarter valued at $206,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Lazard during the second quarter valued at $216,000. 72.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Lazard Ltd. (NYSE LAZ) opened at $47.01 on Friday. The company has a market cap of $6,100.30, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.57 and a beta of 1.89. Lazard Ltd. has a 1 year low of $37.37 and a 1 year high of $48.86. The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 0.87.
Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.10. The business had revenue of $624.00 million during the quarter, compared to analyst estimates of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 earnings per share. equities research analysts predict that Lazard Ltd. will post 3.52 EPS for the current year.
The company 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 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, November 3rd. Lazard’s payout ratio is 46.86%.
Lazard announced that its board has approved a stock buyback plan on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
LAZ has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 target price for the company in a research note on Monday, October 23rd. ValuEngine raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. BidaskClub raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Buckingham Research upped their price objective on shares of Lazard from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. 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 note on Friday. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $48.56.
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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