Tocqueville Asset Management L.P. lessened its holdings in shares of Lazard Ltd (NYSE:LAZ) by 10.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 124,050 shares of the asset manager’s stock after selling 15,200 shares during the quarter. Tocqueville Asset Management L.P. owned 0.10% of Lazard worth $5,971,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Thornburg Investment Management Inc. bought a new position in Lazard during the 3rd quarter worth approximately $56,733,000. Caisse DE Depot ET Placement DU Quebec bought a new position in Lazard during the 2nd quarter worth approximately $19,564,000. Bank of America Corp DE lifted its holdings in Lazard by 77.6% during the 2nd quarter. Bank of America Corp DE now owns 486,915 shares of the asset manager’s stock worth $23,815,000 after buying an additional 212,706 shares during the last quarter. LSV Asset Management lifted its holdings in Lazard by 4.7% during the 2nd quarter. LSV Asset Management now owns 4,073,240 shares of the asset manager’s stock worth $199,222,000 after buying an additional 182,346 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in Lazard by 13.7% during the 3rd quarter. Royce & Associates LP now owns 1,220,563 shares of the asset manager’s stock worth $58,746,000 after buying an additional 147,400 shares during the last quarter. Hedge funds and other institutional investors own 71.37% of the company’s stock.
A number of research analysts have commented on LAZ shares. Zacks Investment Research downgraded Lazard from a “buy” rating to a “hold” rating in a report on Wednesday, September 26th. Buckingham Research reduced their target price on Lazard from $64.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, October 26th. Goldman Sachs Group started coverage on Lazard in a report on Tuesday, November 6th. They set a “neutral” rating and a $46.00 target price on the stock. ValuEngine downgraded Lazard from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Wolfe Research started coverage on Lazard in a report on Tuesday, September 25th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $57.75.
Shares of NYSE LAZ opened at $35.48 on Friday. The company has a market capitalization of $4.81 billion, a P/E ratio of 9.39, a P/E/G ratio of 1.06 and a beta of 1.85. Lazard Ltd has a 12-month low of $35.44 and a 12-month high of $60.00. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.83 and a current ratio of 1.83.
Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, October 25th. The asset manager reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.07). The company had revenue of $605.61 million during the quarter. Lazard had a return on equity of 49.98% and a net margin of 11.49%. On average, research analysts forecast that Lazard Ltd will post 4.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Investors of record on Monday, November 5th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.96%. The ex-dividend date of this dividend was Friday, November 2nd. Lazard’s dividend payout ratio (DPR) is 46.56%.
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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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