Adirondack Research & Management Inc. acquired a new position in shares of Lazard Ltd (NYSE:LAZ) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 56,647 shares of the asset manager’s stock, valued at approximately $1,983,000. Lazard makes up 1.7% of Adirondack Research & Management Inc.’s holdings, making the stock its 21st biggest holding. Adirondack Research & Management Inc. owned approximately 0.05% of Lazard as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Lazard by 11.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,638,704 shares of the asset manager’s stock valued at $228,305,000 after purchasing an additional 698,677 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Lazard by 56.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,130,116 shares of the asset manager’s stock valued at $107,394,000 after purchasing an additional 1,125,817 shares during the period. RWC Asset Management LLP lifted its stake in shares of Lazard by 36.1% in the 2nd quarter. RWC Asset Management LLP now owns 1,967,570 shares of the asset manager’s stock valued at $67,664,000 after purchasing an additional 522,202 shares during the period. Invesco Ltd. lifted its stake in shares of Lazard by 16.4% in the 2nd quarter. Invesco Ltd. now owns 1,334,557 shares of the asset manager’s stock valued at $45,896,000 after purchasing an additional 188,236 shares during the period. Finally, Strs Ohio lifted its stake in shares of Lazard by 2.3% in the 2nd quarter. Strs Ohio now owns 1,239,000 shares of the asset manager’s stock valued at $42,609,000 after purchasing an additional 28,000 shares during the period. 77.54% of the stock is currently owned by hedge funds and other institutional investors.
LAZ opened at $38.42 on Friday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 3.11. Lazard Ltd has a 12 month low of $31.07 and a 12 month high of $42.24. The company has a fifty day simple moving average of $36.36 and a 200 day simple moving average of $35.61. The stock has a market cap of $4.15 billion, a P/E ratio of 9.24 and a beta of 1.73.
Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, October 31st. The asset manager reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.03. Lazard had a net margin of 12.29% and a return on equity of 48.60%. The business had revenue of $588.00 million during the quarter, compared to analysts’ expectations of $612.98 million. During the same quarter in the prior year, the company earned $0.86 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. On average, equities research analysts expect that Lazard Ltd will post 3.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 11th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend is Thursday, November 7th. Lazard’s dividend payout ratio is currently 45.19%.
In related news, CAO Scott D. Hoffman sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total value of $1,021,200.00. Following the completion of the sale, the chief accounting officer now owns 24,388 shares in the company, valued at approximately $830,167.52. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.94% of the stock is owned by corporate insiders.
A number of research analysts have recently weighed in on LAZ shares. Zacks Investment Research raised Lazard from a “sell” rating to a “hold” rating and set a $40.00 price target on the stock in a research note on Wednesday, September 11th. Buckingham Research cut their price target on Lazard from $41.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, ValuEngine raised Lazard from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Lazard currently has an average rating of “Hold” and an average price target of $38.80.
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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