Steinberg Global Asset Management trimmed its holdings in Lazard Ltd (NYSE:LAZ) by 31.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,326 shares of the asset manager’s stock after selling 18,241 shares during the quarter. Steinberg Global Asset Management’s holdings in Lazard were worth $1,941,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of LAZ. LPL Financial LLC lifted its holdings in Lazard by 13.5% in the 1st quarter. LPL Financial LLC now owns 32,174 shares of the asset manager’s stock valued at $1,691,000 after acquiring an additional 3,826 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in Lazard by 212.4% in the 1st quarter. Guggenheim Capital LLC now owns 62,934 shares of the asset manager’s stock valued at $3,309,000 after acquiring an additional 42,790 shares during the last quarter. Cerebellum GP LLC lifted its holdings in Lazard by 82.7% in the 2nd quarter. Cerebellum GP LLC now owns 3,544 shares of the asset manager’s stock valued at $173,000 after acquiring an additional 1,604 shares during the last quarter. Summit Financial Wealth Advisors LLC lifted its holdings in Lazard by 74.5% in the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 61,340 shares of the asset manager’s stock valued at $3,224,000 after acquiring an additional 26,180 shares during the last quarter. Finally, Polianta Ltd acquired a new stake in Lazard during the 2nd quarter worth about $1,032,000. 71.96% of the stock is owned by institutional investors.
LAZ has been the topic of several recent analyst reports. Zacks Investment Research downgraded Lazard from a “hold” rating to a “sell” rating in a report on Sunday, July 15th. TheStreet downgraded Lazard from a “b” rating to a “c+” rating in a report on Friday, July 27th. Wolfe Research initiated coverage on Lazard in a report on Tuesday, September 25th. They set a “market perform” rating on the stock. ValuEngine downgraded Lazard from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Buckingham Research cut their price objective on Lazard from $64.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $60.00.
NYSE LAZ opened at $41.42 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.78 and a current ratio of 1.83. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 1.11 and a beta of 1.80. Lazard Ltd has a 1 year low of $37.75 and a 1 year high of $60.00.
Lazard (NYSE:LAZ) last posted its quarterly earnings data on Thursday, October 25th. The asset manager reported $0.86 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.07). The company had revenue of $605.61 million for the quarter. Lazard had a return on equity of 49.98% and a net margin of 11.49%. On average, sell-side analysts expect that Lazard Ltd will post 4.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Monday, November 5th will be issued a $0.44 dividend. The ex-dividend date is Friday, November 2nd. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.25%. Lazard’s dividend payout ratio is 46.56%.
Lazard Company Profile
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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