Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of Lazard Ltd (NYSE:LAZ – Get Rating) by 43.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,200 shares of the asset manager’s stock after selling 1,700 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Lazard were worth $71,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC bought a new stake in shares of Lazard during the second quarter valued at approximately $26,000. PNC Financial Services Group Inc. grew its position 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 worth $63,000 after purchasing an additional 720 shares during the period. First Manhattan Co. grew its position in Lazard by 267.5% in the 1st quarter. First Manhattan Co. now owns 2,205 shares of the asset manager’s stock worth $75,000 after purchasing an additional 1,605 shares during the period. Northwestern Mutual Wealth Management Co. grew its position 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 worth $142,000 after purchasing an additional 2,063 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in Lazard in the 2nd quarter worth approximately $189,000.
Wall Street Analysts Forecast Growth
Several analysts have 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 price target 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 increased their price objective on shares of Lazard from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, August 4th. Three equities 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, Lazard presently has an average rating of “Hold” and a consensus price target of $39.57.
Lazard Trading Up 0.5 %
Lazard Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Friday, November 4th. Lazard’s dividend payout ratio is currently 40.90%.
Lazard Company Profile
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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