Ameriprise Financial Inc. raised its position in Lazard Ltd. (NYSE:LAZ) by 56.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,243 shares of the asset manager’s stock after acquiring an additional 100,483 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.21% of Lazard worth $12,892,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. JFS Wealth Advisors LLC boosted its stake in shares of Lazard by 1,759.2% in the 2nd quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock valued at $177,000 after buying an additional 3,624 shares during the period. SG Americas Securities LLC purchased a new stake in Lazard during the second quarter worth approximately $179,000. Pinnacle Financial Partners Inc. purchased a new stake in Lazard during the second quarter worth approximately $206,000. Ballentine Partners LLC purchased a new stake in Lazard during the second quarter worth approximately $216,000. Finally, KCG Holdings Inc. purchased a new stake in Lazard during the first quarter worth approximately $219,000. 72.21% of the stock is owned by institutional investors.
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Several research analysts have commented on the company. BidaskClub raised Lazard from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 28th. Finally, Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $46.43.
Shares of Lazard Ltd. (LAZ) opened at 45.90 on Tuesday. The stock has a market capitalization of $5.58 billion, a P/E ratio of 13.00 and a beta of 1.85. The stock has a 50 day moving average price of $43.37 and a 200 day moving average price of $44.66. Lazard Ltd. has a 12 month low of $34.14 and a 12 month high of $48.86.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.98 EPS for the quarter, beating the consensus estimate of $0.80 by $0.18. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The company had revenue of $720.16 million during the quarter, compared to analysts’ expectations of $627.12 million. During the same quarter in the previous year, the company posted $0.61 EPS. The business’s revenue for the quarter was up 32.8% compared to the same quarter last year. On average, analysts anticipate that Lazard Ltd. will post $3.50 EPS for the current fiscal year.
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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