Walleye Capital LLC acquired a new stake in Lazard Ltd (NYSE:LAZ – Get Rating) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,816 shares of the asset manager’s stock, valued at approximately $442,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LAZ. PNC Financial Services Group Inc. grew its holdings in Lazard by 64.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,839 shares of the asset manager’s stock valued at $63,000 after buying an additional 720 shares in the last quarter. First Manhattan Co. grew its holdings in Lazard by 267.5% in the 1st quarter. First Manhattan Co. now owns 2,205 shares of the asset manager’s stock valued at $75,000 after buying an additional 1,605 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Lazard in the 1st quarter valued at $135,000. Northwestern Mutual Wealth Management Co. grew its holdings in Lazard by 99.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,141 shares of the asset manager’s stock valued at $142,000 after buying an additional 2,063 shares in the last quarter. Finally, Pinnacle Associates Ltd. bought a new stake in shares of Lazard during the 1st quarter valued at $205,000.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. StockNews.com downgraded Lazard from a “buy” rating to a “hold” rating in a research report on Friday, July 8th. Morgan Stanley downgraded Lazard from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $40.00 to $30.00 in a research report on Monday, July 18th. Keefe, Bruyette & Woods downgraded Lazard from a “market perform” rating to an “underperform” rating and cut their target price for the company from $38.00 to $30.00 in a research report on Wednesday, July 13th. The Goldman Sachs Group upped their target price on Lazard from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, August 4th. Finally, Piper Sandler cut their target price on Lazard from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, July 8th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $39.71.
Lazard Price Performance
Lazard (NYSE:LAZ – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The business had revenue of $676.00 million during the quarter, compared to analysts’ expectations of $666.39 million. Lazard had a net margin of 16.85% and a return on equity of 56.01%. The firm’s quarterly revenue was down 17.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 EPS. Research analysts anticipate that Lazard Ltd will post 3.8 EPS for the current fiscal year.
Lazard Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Monday, August 8th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.67%. The ex-dividend date was Friday, August 5th. Lazard’s dividend payout ratio is 41.93%.
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.
- Get a free copy of the StockNews.com research report on Lazard (LAZ)
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