335,445 Shares in Lazard, Inc. $LAZ Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC acquired a new stake in shares of Lazard, Inc. (NYSE:LAZ) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 335,445 shares of the asset manager’s stock, valued at approximately $14,079,000.

A number of other hedge funds have also recently bought and sold shares of the company. Kestra Advisory Services LLC bought a new position in shares of Lazard during the fourth quarter valued at about $26,000. Sound Income Strategies LLC increased its stake 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 buying an additional 220 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Lazard by 53.5% during the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after buying an additional 224 shares in the last quarter. Quest 10 Wealth Builders Inc. purchased a new position in shares of Lazard in the 4th quarter worth approximately $32,000. Finally, State of Wyoming bought a new position in shares of Lazard in the second quarter valued at approximately $38,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Stock Performance

Shares of LAZ stock opened at $43.49 on Wednesday. The firm’s 50 day moving average is $44.36 and its 200 day moving average is $46.88. The stock has a market capitalization of $4.86 billion, a P/E ratio of 17.19, a PEG ratio of 0.62 and a beta of 1.43. Lazard, Inc. has a 12 month low of $38.67 and a 12 month high of $58.75. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94.

Lazard (NYSE:LAZ) last issued its earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). The business had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.56 EPS. On average, sell-side analysts anticipate that Lazard, Inc. will post 2.63 earnings per share for the current year.

Lazard Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Monday, May 11th. Lazard’s payout ratio is presently 79.05%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Morgan Stanley cut their price objective on Lazard from $53.00 to $47.00 and set an “underweight” rating on the stock in a research report on Thursday, July 9th. Argus lowered their target price on Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. The Goldman Sachs Group set a $40.00 price objective on Lazard in a report on Friday, June 12th. Keefe, Bruyette & Woods decreased their target price on Lazard from $49.00 to $44.00 and set a “market perform” rating for the company in a research report on Friday, July 10th. Finally, Citigroup reissued an “outperform” rating on shares of Lazard in a research report on Friday, April 10th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Lazard has a consensus rating of “Hold” and a consensus target price of $51.00.

Lazard Profile

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.