Legal & General Group Plc increased its position in shares of Lazard Ltd (NYSE:LAZ) by 12.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 49,919 shares of the asset manager’s stock after buying an additional 5,594 shares during the period. Legal & General Group Plc’s holdings in Lazard were worth $2,257,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Lazard by 7.4% during the second quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock worth $508,124,000 after acquiring an additional 750,941 shares during the period. LSV Asset Management raised its position in Lazard by 560.2% during the second quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock worth $158,837,000 after acquiring an additional 2,909,090 shares during the period. Voya Investment Management LLC raised its position in Lazard by 2.7% during the second quarter. Voya Investment Management LLC now owns 2,207,755 shares of the asset manager’s stock worth $102,286,000 after acquiring an additional 57,181 shares during the period. BT Investment Management Ltd acquired a new position in Lazard during the second quarter worth $94,831,000. Finally, FMR LLC raised its position in Lazard by 35.2% during the second quarter. FMR LLC now owns 1,647,335 shares of the asset manager’s stock worth $76,322,000 after acquiring an additional 429,046 shares during the period. 73.47% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on LAZ. Sandler O’Neill restated a “buy” rating and set a $64.00 price objective on shares of Lazard in a research report on Thursday. Nomura upped their price objective on shares of Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Buckingham Research cut shares of Lazard from a “buy” rating to a “neutral” rating and set a $54.00 price objective for the company. in a research report on Thursday, December 21st. Goldman Sachs Group upgraded shares of Lazard from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Monday, January 8th. Finally, Instinet upgraded shares of Lazard from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 3rd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $53.80.
Shares of Lazard Ltd (LAZ) opened at $57.71 on Friday. The company has a market cap of $7,550.00, a PE ratio of 16.12, a PEG ratio of 1.86 and a beta of 1.89. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.09 and a quick ratio of 2.09. Lazard Ltd has a 12-month low of $40.37 and a 12-month high of $58.39.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.10. The business had revenue of $624.00 million during the quarter, compared to analysts’ expectations of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.85 earnings per share. sell-side analysts anticipate that Lazard Ltd will post 3.58 EPS for the current fiscal year.
Lazard announced that its Board of Directors has approved a share buyback plan on Wednesday, October 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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