Whittier Trust Co. Decreases Position in Lazard Ltd (LAZ)
Whittier Trust Co. lowered its position in Lazard Ltd (NYSE:LAZ) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,862 shares of the company’s stock after selling 1,652 shares during the period. Whittier Trust Co.’s holdings in Lazard were worth $1,872,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Strs Ohio raised its stake in shares of Lazard by 28.7% in the second quarter. Strs Ohio now owns 1,993,000 shares of the company’s stock worth $59,351,000 after buying an additional 445,000 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Lazard during the second quarter worth $18,285,000. Gilman Hill Asset Management LLC purchased a new stake in shares of Lazard during the second quarter worth $439,000. CIBC World Markets Inc. raised its stake in shares of Lazard by 6.4% in the second quarter. CIBC World Markets Inc. now owns 24,418 shares of the company’s stock worth $727,000 after buying an additional 1,462 shares in the last quarter. Finally, IBM Retirement Fund raised its stake in shares of Lazard by 0.8% in the second quarter. IBM Retirement Fund now owns 12,870 shares of the company’s stock worth $383,000 after buying an additional 100 shares in the last quarter.
Lazard Ltd (NYSE:LAZ) traded down 0.61% on Friday, reaching $35.67. The company had a trading volume of 270,555 shares. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 6.75 and a beta of 2.20. Lazard Ltd has a one year low of $26.21 and a one year high of $49.57. The company’s 50 day moving average is $36.54 and its 200-day moving average is $35.08.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, July 28th. The company reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. The firm earned $542.30 million during the quarter, compared to the consensus estimate of $542.68 million. The firm’s revenue was down 11.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 EPS. On average, equities research analysts expect that Lazard Ltd will post $2.84 earnings per share for the current fiscal year.
Several brokerages have commented on LAZ. Nomura reaffirmed a “buy” rating and set a $46.00 target price on shares of Lazard in a report on Wednesday, July 6th. Zacks Investment Research raised Lazard from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. TheStreet raised Lazard to a “buy” rating in a report on Thursday, August 18th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Lazard in a report on Tuesday, June 28th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $49.11.
In other news, General Counsel Scott D. Hoffman sold 42,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $34.92, for a total transaction of $1,466,640.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jane L. Mendillo acquired 1,400 shares of Lazard stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average cost of $35.22 per share, for a total transaction of $49,308.00. The disclosure for this purchase can be found here.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates in two business segments: Financial Advisory and Asset Management. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients 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.
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