Lazard, Inc. $LAZ Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC cut its stake in shares of Lazard, Inc. (NYSE:LAZ) by 46.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,638 shares of the asset manager’s stock after selling 21,927 shares during the period. Oliver Luxxe Assets LLC’s holdings in Lazard were worth $1,075,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Kestra Advisory Services LLC acquired a new position in shares of Lazard in the 4th quarter valued at $26,000. Sound Income Strategies LLC raised its holdings in Lazard by 59.5% during the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after buying an additional 220 shares during the period. Quest 10 Wealth Builders Inc. purchased a new stake in Lazard during the fourth quarter valued at about $32,000. IFP Advisors Inc lifted its stake in Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after buying an additional 224 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Lazard in the second quarter worth about $38,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Price Performance

Shares of LAZ opened at $44.09 on Monday. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 0.93 and a beta of 1.43. Lazard, Inc. has a fifty-two week low of $38.67 and a fifty-two week high of $58.75. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.84 and a quick ratio of 2.84. The business’s 50-day moving average is $43.32 and its 200-day moving average is $46.11.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Friday, July 24th. The asset manager reported $0.12 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.22). Lazard had a return on equity of 23.58% and a net margin of 6.95%.The company had revenue of $786.47 million for the quarter, compared to analyst estimates of $736.29 million. During the same quarter in the prior year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. Equities research analysts expect that Lazard, Inc. will post 2.18 EPS for the current fiscal year.

Lazard Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be given a $0.50 dividend. The ex-dividend date is Monday, August 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. Lazard’s dividend payout ratio is presently 98.04%.

Wall Street Analyst Weigh In

LAZ has been the topic of several analyst reports. Argus dropped their target price on shares of Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, May 5th. The Goldman Sachs Group reaffirmed a “sell” rating on shares of Lazard in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods lowered their price objective on shares of Lazard from $44.00 to $42.00 and set a “market perform” rating on the stock in a research report on Friday, July 24th. UBS Group reissued a “neutral” rating and set a $44.00 target price on shares of Lazard in a research note on Tuesday, June 9th. Finally, Morgan Stanley set a $44.00 target price on Lazard in a report on Friday, July 24th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.38.

Lazard 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.