Bank of Montreal Can raised its holdings in shares of Lazard Ltd (NYSE:LAZ) by 415.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,307 shares of the asset manager’s stock after purchasing an additional 12,338 shares during the period. Bank of Montreal Can’s holdings in Lazard were worth $804,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of LAZ. PNC Financial Services Group Inc. boosted its stake in Lazard by 9.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after purchasing an additional 306 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in Lazard by 2.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 19,025 shares of the asset manager’s stock valued at $881,000 after purchasing an additional 500 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Lazard during the 2nd quarter valued at $16,208,000. Janus Henderson Group PLC boosted its stake in Lazard by 277.4% during the 2nd quarter. Janus Henderson Group PLC now owns 148,154 shares of the asset manager’s stock valued at $6,863,000 after purchasing an additional 108,900 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Lazard during the 2nd quarter valued at $547,000. Institutional investors and hedge funds own 71.83% of the company’s stock.
In related news, COO Alexander F. Stern sold 15,160 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $53.47, for a total value of $810,605.20. Following the transaction, the chief operating officer now directly owns 276,886 shares of the company’s stock, valued at approximately $14,805,094.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Scott D. Hoffman sold 15,000 shares of the stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the sale, the chief accounting officer now owns 147,341 shares of the company’s stock, valued at approximately $7,680,886.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,320 shares of company stock worth $5,053,854. 2.50% of the stock is owned by insiders.
Lazard (NYSE:LAZ) last announced its earnings results on Thursday, February 1st. The asset manager reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.20. Lazard had a return on equity of 38.93% and a net margin of 9.40%. The company had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $658.86 million. During the same period last year, the firm earned $1.13 EPS. Lazard’s revenue for the quarter was down .3% compared to the same quarter last year. equities research analysts anticipate that Lazard Ltd will post 3.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were issued a $0.116 dividend. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.46 dividend on an annualized basis and a yield of 0.83%. Lazard’s dividend payout ratio is currently 30.20%.
LAZ has been the topic of several research analyst reports. Goldman Sachs Group raised Lazard from a “neutral” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, January 8th. Buckingham Research cut Lazard from a “buy” rating to a “neutral” rating and set a $54.00 price target on the stock. in a report on Thursday, December 21st. Zacks Investment Research cut Lazard from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and set a $67.00 price target on shares of Lazard in a report on Thursday, February 1st. Finally, Nomura raised Lazard from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $62.00 in a report on Wednesday, January 3rd. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $60.56.
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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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