Massachusetts Financial Services Co. MA reduced its stake in Lazard Ltd (NYSE:LAZ) by 49.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,468 shares of the asset manager’s stock after selling 27,084 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Lazard were worth $1,322,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Moody Aldrich Partners LLC purchased a new stake in Lazard during the 2nd quarter worth approximately $100,510,000. SG Americas Securities LLC purchased a new stake in Lazard during the 2nd quarter worth approximately $130,000. Contravisory Investment Management Inc. purchased a new stake in Lazard during the 2nd quarter worth approximately $134,000. Truvestments Capital LLC purchased a new stake in Lazard during the 3rd quarter worth approximately $146,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Lazard during the 2nd quarter worth approximately $208,000. Hedge funds and other institutional investors own 71.59% of the company’s stock.
Shares of NYSE:LAZ opened at $40.32 on Friday. Lazard Ltd has a 52 week low of $37.75 and a 52 week high of $60.00. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 1.19 and a beta of 1.86.
Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, October 25th. The asset manager reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.93 by ($0.07). Lazard had a net margin of 11.49% and a return on equity of 49.98%. The firm had revenue of $605.61 million during the quarter. On average, research analysts forecast that Lazard Ltd will post 4.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Monday, November 5th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Friday, November 2nd. Lazard’s dividend payout ratio is presently 46.56%.
LAZ has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Lazard from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. ValuEngine downgraded shares of Lazard from a “hold” rating to a “sell” rating in a research note on Thursday, October 18th. Wolfe Research started coverage on shares of Lazard in a research report on Tuesday, September 25th. They issued a “market perform” rating on the stock. TheStreet downgraded shares of Lazard from a “b” rating to a “c+” rating in a research report on Friday, July 27th. Finally, Goldman Sachs Group started coverage on shares of Lazard in a research report on Tuesday. They issued a “neutral” rating and a $46.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $57.75.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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