Insider Selling: Lazard (NYSE:LAZ) CEO Sells $2,819,369.20 in Stock

Lazard, Inc. (NYSE:LAZ) CEO Peter Richard Orszag sold 69,170 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the completion of the sale, the chief executive officer directly owned 210,942 shares of the company’s stock, valued at $8,597,995.92. This represents a 24.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Lazard Stock Performance

Shares of NYSE LAZ opened at $39.22 on Friday. The business’s 50-day simple moving average is $50.01 and its 200-day simple moving average is $50.77. The company has a debt-to-equity ratio of 1.85, a quick ratio of 2.28 and a current ratio of 2.28. Lazard, Inc. has a 52 week low of $31.97 and a 52 week high of $58.75. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 17.99, a P/E/G ratio of 0.32 and a beta of 1.40.

Lazard (NYSE:LAZ) last posted its earnings results on Thursday, January 29th. The asset manager reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.12. The firm had revenue of $892.00 million during the quarter, compared to analyst estimates of $876.32 million. Lazard had a return on equity of 33.04% and a net margin of 7.49%.The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 EPS. As a group, equities research analysts expect that Lazard, Inc. will post 4.24 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Monday, February 9th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, February 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.1%. Lazard’s dividend payout ratio (DPR) is currently 91.74%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Teza Capital Management LLC grew its position in Lazard by 2.4% during the second quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager’s stock worth $387,000 after buying an additional 187 shares in the last quarter. Lesa Sroufe & Co raised its holdings in Lazard by 0.4% in the 3rd quarter. Lesa Sroufe & Co now owns 52,836 shares of the asset manager’s stock valued at $2,789,000 after acquiring an additional 217 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 220 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after acquiring an additional 224 shares during the period. Finally, Xponance LLC grew its holdings in shares of Lazard by 3.7% during the 4th quarter. Xponance LLC now owns 6,454 shares of the asset manager’s stock worth $313,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 54.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LAZ. Keefe, Bruyette & Woods raised their target price on shares of Lazard from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Lazard in a research report on Monday, December 29th. Morgan Stanley decreased their price target on shares of Lazard from $61.00 to $59.00 and set an “underweight” rating for the company in a report on Tuesday, January 6th. The Goldman Sachs Group lowered their price target on Lazard from $53.00 to $46.00 and set a “sell” rating on the stock in a research report on Thursday, March 12th. Finally, UBS Group dropped their price objective on Lazard from $59.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $55.75.

About Lazard

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.