NEXT Financial Group Inc Makes New Investment in Lazard Ltd (NYSE:LAZ)

NEXT Financial Group Inc purchased a new stake in Lazard Ltd (NYSE:LAZ) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,885 shares of the asset manager’s stock, valued at approximately $340,000.

Several other large investors have also recently modified their holdings of LAZ. FMR LLC lifted its position in shares of Lazard by 94.8% in the 1st quarter. FMR LLC now owns 5,015,114 shares of the asset manager’s stock valued at $181,247,000 after acquiring an additional 2,440,822 shares in the last quarter. Norges Bank purchased a new stake in shares of Lazard in the 4th quarter valued at approximately $56,663,000. Bank of America Corp DE lifted its position in shares of Lazard by 107.3% in the 4th quarter. Bank of America Corp DE now owns 1,015,712 shares of the asset manager’s stock valued at $37,490,000 after acquiring an additional 525,629 shares in the last quarter. Miller Howard Investments Inc. NY acquired a new position in Lazard in the 1st quarter valued at approximately $8,421,000. Finally, JPMorgan Chase & Co. increased its stake in Lazard by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 2,004,299 shares of the asset manager’s stock valued at $72,435,000 after buying an additional 189,715 shares during the period. Institutional investors and hedge funds own 65.55% of the company’s stock.

Several research analysts have weighed in on the stock. Buckingham Research dropped their price objective on shares of PJT Partners from $49.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Bank of America set a $7.00 price objective on shares of Deutsche Bank and gave the company a “sell” rating in a research note on Thursday, April 11th. UBS Group upgraded shares of China Unicom (Hong Kong) from a “neutral” rating to a “buy” rating in a research note on Monday, June 10th. Finally, Zacks Investment Research upgraded shares of Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Monday, April 29th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Lazard presently has a consensus rating of “Hold” and an average price target of $43.50.

Shares of LAZ traded up $0.10 during mid-day trading on Tuesday, hitting $36.39. 20,936 shares of the company’s stock were exchanged, compared to its average volume of 757,099. The firm’s fifty day simple moving average is $34.83. Lazard Ltd has a twelve month low of $31.07 and a twelve month high of $54.64. The firm has a market capitalization of $4.72 billion, a PE ratio of 8.74, a price-to-earnings-growth ratio of 7.26 and a beta of 1.67. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.28.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.29. Lazard had a net margin of 16.72% and a return on equity of 48.17%. The company had revenue of $620.00 million for the quarter, compared to analyst estimates of $598.66 million. During the same quarter in the prior year, the business posted $1.26 EPS. Lazard’s quarterly revenue was down 14.4% on a year-over-year basis. As a group, equities research analysts forecast that Lazard Ltd will post 3.48 EPS for the current year.

Lazard Company Profile

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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