Clearbridge Investments LLC trimmed its stake in Lazard Ltd (NYSE:LAZ) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,406,443 shares of the asset manager’s stock after selling 4,080 shares during the quarter. Clearbridge Investments LLC owned about 1.08% of Lazard worth $72,055,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Denali Advisors LLC acquired a new stake in Lazard in the fourth quarter worth $105,000. Advisory Services Network LLC grew its holdings in Lazard by 83.2% in the fourth quarter. Advisory Services Network LLC now owns 2,151 shares of the asset manager’s stock worth $113,000 after purchasing an additional 977 shares during the period. First Dallas Securities Inc. acquired a new stake in Lazard in the fourth quarter worth $127,000. American International Group Inc. acquired a new stake in Lazard in the fourth quarter worth $144,000. Finally, Pinnacle Financial Partners Inc. acquired a new stake in Lazard in the fourth quarter worth $202,000. Institutional investors and hedge funds own 71.83% of the company’s stock.
Lazard Ltd (NYSE LAZ) opened at $56.82 on Tuesday. The stock has a market cap of $7,275.98, a PE ratio of 14.83, a PEG ratio of 1.33 and a beta of 1.81. Lazard Ltd has a twelve month low of $40.50 and a twelve month high of $60.00. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.95.
The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were given a dividend of $0.116 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend was Friday, February 9th. Lazard’s payout ratio is currently 89.13%.
In related news, COO Alexander F. Stern sold 15,160 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $53.47, for a total transaction of $810,605.20. Following the transaction, the chief operating officer now directly owns 276,886 shares of the company’s stock, valued at $14,805,094.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Alexander F. Stern sold 65,160 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $53.12, for a total transaction of $3,461,299.20. Following the transaction, the chief operating officer now directly owns 276,886 shares in the company, valued at $14,708,184.32. The disclosure for this sale can be found here. Insiders have sold 95,320 shares of company stock worth $5,053,854 over the last three months. 2.50% of the stock is owned by insiders.
A number of research analysts have recently issued reports on LAZ shares. Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Monday, February 5th. Nomura upgraded shares of Lazard from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $62.00 in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $67.00 price objective on shares of Lazard in a report on Thursday, February 1st. Goldman Sachs Group upgraded shares of Lazard from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday, January 8th. Finally, Instinet upgraded shares of Lazard from a “neutral” rating to a “buy” rating in a report on Wednesday, January 3rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.56.
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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