Advisors Asset Management Inc. Sells 1,209 Shares of Lazard Ltd (NYSE:LAZ)

Advisors Asset Management Inc. reduced its position in shares of Lazard Ltd (NYSE:LAZGet Rating) by 9.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 11,922 shares of the asset manager’s stock after selling 1,209 shares during the quarter. Advisors Asset Management Inc.’s holdings in Lazard were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Pinnacle Associates Ltd. boosted its holdings in shares of Lazard by 4.6% during the 2nd quarter. Pinnacle Associates Ltd. now owns 6,216 shares of the asset manager’s stock worth $201,000 after buying an additional 275 shares during the period. Heron Bay Capital Management raised its stake in Lazard by 4.6% during the 2nd quarter. Heron Bay Capital Management now owns 10,808 shares of the asset manager’s stock valued at $350,000 after purchasing an additional 473 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in Lazard by 1.6% during the 1st quarter. Treasurer of the State of North Carolina now owns 36,843 shares of the asset manager’s stock valued at $1,271,000 after purchasing an additional 578 shares during the last quarter. Empire Life Investments Inc. raised its stake in Lazard by 3.4% during the 2nd quarter. Empire Life Investments Inc. now owns 18,320 shares of the asset manager’s stock valued at $594,000 after purchasing an additional 599 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Lazard by 2.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 25,240 shares of the asset manager’s stock valued at $871,000 after purchasing an additional 638 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research note on Monday, October 31st. Morgan Stanley upped their target price on shares of Lazard from $28.00 to $29.00 and gave the company an “underweight” rating in a research note on Monday, October 31st. Finally, The Goldman Sachs Group upped their target price on shares of Lazard from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, August 4th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $39.57.

Lazard Trading Down 0.7 %

Shares of LAZ stock opened at $36.59 on Friday. Lazard Ltd has a 52-week low of $30.20 and a 52-week high of $47.17. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 7.48 and a beta of 1.43. The company has a debt-to-equity ratio of 2.49, a quick ratio of 1.82 and a current ratio of 1.82. The firm has a fifty day moving average of $35.03 and a 200-day moving average of $34.98.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend was Friday, November 4th. Lazard’s dividend payout ratio (DPR) is currently 40.90%.

About Lazard

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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.

Further Reading

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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