Gofen & Glossberg LLC IL Has $1.98 Million Position in Lazard Ltd (LAZ)

Gofen & Glossberg LLC IL reduced its position in Lazard Ltd (NYSE:LAZ) by 10.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 37,696 shares of the asset manager’s stock after selling 4,375 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Lazard were worth $1,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Lazard by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock valued at $508,124,000 after purchasing an additional 750,941 shares during the period. Voya Investment Management LLC lifted its stake in shares of Lazard by 2.7% in the 2nd quarter. Voya Investment Management LLC now owns 2,207,755 shares of the asset manager’s stock valued at $102,286,000 after purchasing an additional 57,181 shares during the period. FMR LLC lifted its stake in shares of Lazard by 35.2% in the 2nd quarter. FMR LLC now owns 1,647,335 shares of the asset manager’s stock valued at $76,322,000 after purchasing an additional 429,046 shares during the period. Strs Ohio lifted its stake in shares of Lazard by 3.5% in the 3rd quarter. Strs Ohio now owns 1,486,000 shares of the asset manager’s stock valued at $67,196,000 after purchasing an additional 50,000 shares during the period. Finally, Hosking Partners LLP lifted its stake in shares of Lazard by 0.5% in the 3rd quarter. Hosking Partners LLP now owns 1,013,954 shares of the asset manager’s stock valued at $45,851,000 after purchasing an additional 4,667 shares during the period. Hedge funds and other institutional investors own 73.47% of the company’s stock.

Lazard Ltd (LAZ) opened at $56.08 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.87. The firm has a market cap of $7,488.80, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 1.41 and a beta of 1.89. Lazard Ltd has a 12-month low of $40.37 and a 12-month high of $58.42.

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 Zacks’ consensus estimate of $0.75 by $0.10. The company had revenue of $624.00 million during the quarter, compared to analysts’ expectations of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 earnings per share. equities analysts predict that Lazard Ltd will post 3.57 EPS for the current fiscal year.

Lazard declared that its board has authorized a share buyback program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

LAZ has been the subject of several analyst reports. Zacks Investment Research upgraded 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. Buckingham Research boosted their target price on shares of Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, October 27th. ValuEngine cut shares of Lazard from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 3rd. Nomura upgraded shares of Lazard from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $62.00 in a research note on Wednesday, January 3rd. Finally, Instinet upgraded shares of Lazard from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 3rd. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $53.80.

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Lazard 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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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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