Cornerstone Capital Management Holdings LLC. decreased its position in Lazard Ltd (NYSE:LAZ) by 5.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 480,523 shares of the asset manager’s stock after selling 27,383 shares during the period. Cornerstone Capital Management Holdings LLC. owned 0.37% of Lazard worth $25,227,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in LAZ. The Manufacturers Life Insurance Company boosted its holdings in shares of Lazard by 18.4% in the second quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock valued at $225,000 after purchasing an additional 753 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Lazard by 71.5% in the third quarter. Principal Financial Group Inc. now owns 971,137 shares of the asset manager’s stock valued at $43,915,000 after purchasing an additional 405,016 shares during the period. Alps Advisors Inc. purchased a new stake in shares of Lazard in the third quarter valued at approximately $512,000. Todd Asset Management LLC boosted its holdings in shares of Lazard by 35.8% in the third quarter. Todd Asset Management LLC now owns 427,507 shares of the asset manager’s stock valued at $19,332,000 after purchasing an additional 112,761 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Lazard by 1.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 213,764 shares of the asset manager’s stock valued at $9,282,000 after purchasing an additional 2,337 shares during the period. Hedge funds and other institutional investors own 71.83% of the company’s stock.
In other news, COO Alexander F. Stern sold 65,160 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $53.12, for a total transaction of $3,461,299.20. Following the completion of the sale, the chief operating officer now owns 276,886 shares in the company, valued at approximately $14,708,184.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Scott D. Hoffman sold 15,000 shares of the stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $52.13, for a total value of $781,950.00. Following the sale, the chief accounting officer now owns 147,341 shares of the company’s stock, valued at approximately $7,680,886.33. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,320 shares of company stock valued at $5,053,854. Company insiders own 2.50% of the company’s stock.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, February 1st. The asset manager reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.20. The company had revenue of $683.00 million during the quarter, compared to analyst estimates of $658.86 million. Lazard had a return on equity of 38.93% and a net margin of 9.40%. Lazard’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.13 earnings per share. equities analysts forecast that Lazard Ltd will post 3.99 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Monday, February 12th were issued a dividend of $0.116 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.46 annualized dividend and a dividend yield of 0.83%. Lazard’s dividend payout ratio is presently 89.13%.
A number of analysts recently issued reports on the company. Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a report on Tuesday. ValuEngine lowered Lazard from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 7th. TheStreet lowered Lazard from an “a-” rating to a “c+” rating in a report on Friday, February 2nd. JMP Securities upped their target price on Lazard from $63.00 to $65.00 and gave the stock a “market outperform” rating in a report on Friday, February 2nd. Finally, Nomura upped their target price on Lazard from $62.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.56.
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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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