Lazard, Inc. $LAZ Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System boosted its position in Lazard, Inc. (NYSE:LAZ) by 9.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,468 shares of the asset manager’s stock after buying an additional 17,634 shares during the quarter. California Public Employees Retirement System’s holdings in Lazard were worth $8,643,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in shares of Lazard by 131.8% in the first quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager’s stock worth $544,000 after acquiring an additional 7,144 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Lazard by 27.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager’s stock valued at $32,902,000 after purchasing an additional 163,983 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Lazard by 8.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager’s stock valued at $10,318,000 after purchasing an additional 18,444 shares in the last quarter. American Century Companies Inc. increased its holdings in Lazard by 167.0% during the 2nd quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager’s stock worth $1,252,000 after purchasing an additional 16,322 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in Lazard by 62.4% during the 2nd quarter. Prudential Financial Inc. now owns 7,102 shares of the asset manager’s stock worth $369,000 after purchasing an additional 2,730 shares during the last quarter. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Stock Up 2.7%

Shares of Lazard stock opened at $44.21 on Friday. The company has a quick ratio of 3.51, a current ratio of 2.84 and a debt-to-equity ratio of 1.87. The business has a 50-day moving average price of $44.24 and a 200 day moving average price of $46.78. Lazard, Inc. has a fifty-two week low of $38.67 and a fifty-two week high of $58.75. The firm has a market cap of $4.94 billion, a P/E ratio of 21.67, a P/E/G ratio of 0.65 and a beta of 1.43.

Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 23rd. The asset manager reported $0.12 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.22). Lazard had a return on equity of 23.58% and a net margin of 6.95%.The firm had revenue of $786.02 million during the quarter, compared to analyst estimates of $736.29 million. During the same quarter in the previous year, the business posted $0.52 EPS. Lazard’s revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that Lazard, Inc. will post 2.45 earnings per share for the current fiscal year.

Lazard Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, August 3rd. This represents a $2.00 annualized dividend and a yield of 4.5%. Lazard’s dividend payout ratio (DPR) is 98.04%.

Trending Headlines about Lazard

Here are the key news stories impacting Lazard this week:

• Positive Sentiment: Lazard expanded its buyback plan while continuing to grow Asset Management revenue and assets under management, which supports the long-term capital return and earnings story. LAZ Stock Down as Q2 Earnings Lag on Higher Costs, Expands Buyback Plan
• Positive Sentiment: The company reiterated a long-term revenue target for Lazard Capital and outlined productivity goals, including higher revenue per managing director, suggesting management is focused on improving margins. Lazard targets $10m per MD by 2028 as it reiterates $500m Lazard CL 2027 revenue plan
• Neutral Sentiment: CEO Peter Orszag said AI should make future deal teams “leaner,” reinforcing the firm’s cost-efficiency push, but the impact on near-term results is still uncertain. Lazard CEO Orszag: AI will lead to ‘leaner’ deal teams with more MDs
• Neutral Sentiment: Lazard declared a quarterly dividend, which may appeal to income investors, but it is not a major fresh catalyst for the stock. Lazard earnings report and conference call
• Negative Sentiment: Q2 earnings missed expectations, with EPS of $0.12 versus estimates around $0.34-$0.42, reflecting pressure from weaker Financial Advisory revenue and higher expenses. Lazard (LAZ) Q2 Earnings Miss Estimates
• Negative Sentiment: Profit fell sharply year over year, with reports pointing to a 91% decline in quarterly profit due to a higher tax rate and volatility in the advisory business, which likely weighed on sentiment. Lazard profit plunges on elevated tax rate, financial advisory volatility
• Negative Sentiment: Keefe, Bruyette & Woods cut its price target on LAZ to $42 and kept a market-perform rating, signaling limited near-term upside. Benzinga report on Lazard price target cut

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citizens Jmp cut their target price on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a research report on Friday, April 10th. UBS Group reissued a “neutral” rating and set a $44.00 price target on shares of Lazard in a research report on Tuesday, June 9th. Zacks Research upgraded shares of Lazard from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Argus cut their price target on shares of Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Finally, Morgan Stanley set a $44.00 price objective on shares of Lazard in a research note on Friday. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.38.

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.