Cadence Capital Management LLC lifted its position in Lazard Ltd (NYSE:LAZ) by 21.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,128 shares of the asset manager’s stock after buying an additional 6,994 shares during the quarter. Cadence Capital Management LLC’s holdings in Lazard were worth $2,107,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Denali Advisors LLC bought a new position in shares of Lazard in the fourth quarter valued at $105,000. PNC Financial Services Group Inc. grew its stake in shares of Lazard by 9.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after buying an additional 306 shares in the last quarter. Oakbrook Investments LLC bought a new position in shares of Lazard in the fourth quarter valued at $208,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Lazard in the third quarter valued at $221,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Lazard by 18.4% in the second quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock valued at $225,000 after buying an additional 753 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.
Shares of Lazard Ltd (NYSE:LAZ) opened at $54.23 on Friday. Lazard Ltd has a twelve month low of $40.50 and a twelve month high of $60.00. The stock has a market capitalization of $7,040.00, a price-to-earnings ratio of 28.24, a price-to-earnings-growth ratio of 1.35 and a beta of 1.84. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.87.
Lazard announced that its board has authorized a share buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 12th will be issued a dividend of $0.116 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Friday, February 9th. Lazard’s dividend payout ratio is currently 85.42%.
Several brokerages have issued reports on LAZ. Sandler O’Neill reaffirmed a “buy” rating and set a $64.00 price target on shares of Lazard in a report on Thursday, January 11th. Nomura raised their price target on Lazard from $62.00 to $67.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised Lazard from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Monday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $67.00 price target on shares of Lazard in a report on Thursday, February 1st. Finally, TheStreet downgraded Lazard from an “a-” rating to a “c+” rating in a report on Friday, February 2nd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $60.56.
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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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