Lazard Ltd (NYSE:LAZ) Shares Sold by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC reduced its stake in Lazard Ltd (NYSE:LAZGet Rating) by 35.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,051 shares of the asset manager’s stock after selling 575 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Lazard were worth $36,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. acquired a new stake in shares of Lazard in the 4th quarter worth approximately $55,000. CIBC Asset Management Inc lifted its stake in Lazard by 5.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,916 shares of the asset manager’s stock valued at $214,000 after purchasing an additional 274 shares during the last quarter. Jeppson Wealth Management LLC bought a new position in shares of Lazard in the first quarter valued at $214,000. GSA Capital Partners LLP acquired a new stake in shares of Lazard during the 4th quarter valued at $223,000. Finally, PFG Private Wealth Management LLC lifted its position in shares of Lazard by 9,502.5% during the 1st quarter. PFG Private Wealth Management LLC now owns 7,682 shares of the asset manager’s stock valued at $265,000 after acquiring an additional 7,602 shares during the last quarter.

Lazard Price Performance

LAZ opened at $38.21 on Friday. The stock has a fifty day moving average of $34.17 and a 200-day moving average of $35.26. The firm has a market capitalization of $4.01 billion, a P/E ratio of 8.01 and a beta of 1.43. Lazard Ltd has a 12-month low of $30.72 and a 12-month high of $53.00. The company has a quick ratio of 1.75, a current ratio of 1.70 and a debt-to-equity ratio of 2.04.

Lazard (NYSE:LAZGet Rating) last released its earnings results on Thursday, July 28th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Lazard had a return on equity of 56.01% and a net margin of 16.85%. The company had revenue of $676.00 million during the quarter, compared to analyst estimates of $666.39 million. During the same quarter in the prior year, the company earned $1.28 earnings per share. The company’s revenue for the quarter was down 17.7% on a year-over-year basis. Equities analysts forecast that Lazard Ltd will post 3.98 EPS for the current fiscal year.

Lazard Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Monday, August 8th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $2.00 annualized dividend and a dividend yield of 5.23%. Lazard’s dividend payout ratio is 39.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LAZ shares. Piper Sandler cut their price objective on Lazard from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, July 8th. Morgan Stanley downgraded Lazard from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $40.00 to $30.00 in a research report on Monday, July 18th. StockNews.com downgraded Lazard from a “buy” rating to a “hold” rating in a research report on Friday, July 8th. JMP Securities cut their price objective on Lazard from $58.00 to $56.00 and set a “market outperform” rating for the company in a research report on Thursday, April 7th. Finally, The Goldman Sachs Group increased their price objective on Lazard from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.71.

Insider Buying and Selling

In related news, President Alexander F. Stern sold 70,000 shares of the stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $35.29, for a total transaction of $2,470,300.00. Following the completion of the sale, the president now directly owns 209,258 shares in the company, valued at $7,384,714.82. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 3.86% of the stock is owned by corporate insiders.

Lazard Company Profile

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Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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