Fisher Asset Management LLC Buys 38,133 Shares of Lazard, Inc. $LAZ

Fisher Asset Management LLC grew its position in shares of Lazard, Inc. (NYSE:LAZ) by 2.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,760,637 shares of the asset manager’s stock after buying an additional 38,133 shares during the quarter. Fisher Asset Management LLC’s holdings in Lazard were worth $85,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Catalyst Funds Management Pty Ltd bought a new position in Lazard in the fourth quarter valued at about $1,409,000. Jefferies Financial Group Inc. purchased a new position in Lazard in the fourth quarter worth about $1,983,000. Global Retirement Partners LLC grew its stake in shares of Lazard by 1,140.8% during the 4th quarter. Global Retirement Partners LLC now owns 4,740 shares of the asset manager’s stock valued at $230,000 after purchasing an additional 4,358 shares during the period. Mach 1 Financial Group LLC purchased a new stake in shares of Lazard during the 4th quarter valued at about $236,000. Finally, Algebris UK Ltd. purchased a new stake in shares of Lazard during the 4th quarter valued at about $24,424,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Lazard Stock Up 0.1%

Shares of LAZ opened at $48.09 on Tuesday. The business’s 50 day moving average is $44.87 and its 200 day moving average is $48.68. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94. Lazard, Inc. has a 12-month low of $38.67 and a 12-month high of $58.75. The company has a market capitalization of $5.37 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 0.51 and a beta of 1.44.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.10). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The business had revenue of $672.98 million during the quarter, compared to the consensus estimate of $707.42 million. During the same quarter in the previous year, the company earned $0.56 earnings per share. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. Research analysts expect that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were given a dividend of $0.50 per share. The ex-dividend date was Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.2%. Lazard’s dividend payout ratio is currently 79.05%.

Analysts Set New Price Targets

Several research firms have weighed in on LAZ. Citigroup reiterated an “outperform” rating on shares of Lazard in a research report on Friday, April 10th. Citizens Jmp cut their price objective on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating for the company in a research report on Friday, April 10th. The Goldman Sachs Group upped their price objective on Lazard from $40.00 to $45.00 and gave the stock a “sell” rating in a research note on Tuesday, April 14th. Bank of America initiated coverage on Lazard in a report on Monday, January 26th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Morgan Stanley lowered their target price on Lazard from $59.00 to $52.00 and set an “underweight” rating on the stock in a research report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $52.56.

Insiders Place Their Bets

In other Lazard news, CEO Peter Richard Orszag sold 69,170 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total value of $2,819,369.20. Following the sale, the chief executive officer owned 210,942 shares in the company, valued at $8,597,995.92. The trade was a 24.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Hogbin sold 7,885 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the completion of the sale, the chief executive officer owned 15,773 shares in the company, valued at approximately $636,756.01. The trade was a 33.33% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 80,999 shares of company stock valued at $3,292,962. 0.95% of the stock is owned by company insiders.

Lazard Company Profile

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.