Cornerstone Capital Management Holdings LLC. lessened its holdings in shares of Lazard Ltd (NYSE:LAZ) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 480,523 shares of the asset manager’s stock after selling 27,383 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Lazard were worth $25,227,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of LAZ. Denali Advisors LLC purchased a new stake in shares of Lazard during the 4th quarter valued at $105,000. Advisory Services Network LLC increased its position in shares of Lazard by 83.2% in the 4th quarter. Advisory Services Network LLC now owns 2,151 shares of the asset manager’s stock valued at $113,000 after acquiring an additional 977 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC acquired a new position in shares of Lazard in the 4th quarter valued at $125,000. First Dallas Securities Inc. acquired a new position in shares of Lazard in the 4th quarter valued at $127,000. Finally, American International Group Inc. acquired a new position in shares of Lazard in the 4th quarter valued at $144,000. Hedge funds and other institutional investors own 71.83% of the company’s stock.
Several research firms recently issued reports on LAZ. Sandler O’Neill reissued a “buy” rating and issued a $64.00 target price on shares of Lazard in a research report on Thursday, January 11th. Nomura upped their target price on Lazard from $62.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research raised Lazard from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Monday, February 5th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $67.00 target price on shares of Lazard in a research report on Thursday, February 1st. Finally, JMP Securities upped their target price on Lazard from $63.00 to $65.00 and gave the company a “market outperform” rating in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Lazard presently has a consensus rating of “Buy” and a consensus target price of $60.56.
Shares of Lazard Ltd (NYSE LAZ) opened at $55.68 on Wednesday. The firm has a market capitalization of $7,373.31, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.35 and a beta of 1.81. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.91 and a current ratio of 1.91. Lazard Ltd has a 12-month low of $40.50 and a 12-month high of $60.00.
Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, February 1st. The asset manager reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.20. The company had revenue of $683.00 million for the quarter, compared to the consensus estimate of $658.86 million. Lazard had a return on equity of 38.93% and a net margin of 9.40%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the firm earned $1.13 EPS. equities analysts anticipate that Lazard Ltd will post 3.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Monday, February 12th were given a dividend of $0.116 per share. This represents a $0.46 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, February 9th. Lazard’s dividend payout ratio is currently 89.13%.
In other Lazard news, CAO Scott D. Hoffman sold 15,000 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $52.13, for a total transaction of $781,950.00. Following the sale, the chief accounting officer now directly owns 147,341 shares of the company’s stock, valued at approximately $7,680,886.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Alexander F. Stern sold 65,160 shares of the stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $53.12, for a total value of $3,461,299.20. Following the sale, the chief operating officer now directly owns 276,886 shares in the company, valued at $14,708,184.32. The disclosure for this sale can be found here. Insiders have sold a total of 95,320 shares of company stock worth $5,053,854 over the last ninety days. 2.50% of the stock is owned by insiders.
Lazard Company Profile
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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