Lazard Ltd. (LAZ) Position Boosted by Credit Suisse AG
Credit Suisse AG raised its stake in shares of Lazard Ltd. (NYSE:LAZ) by 64.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,494 shares of the asset manager’s stock after buying an additional 21,791 shares during the period. Credit Suisse AG’s holdings in Lazard were worth $2,552,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in LAZ. CENTRAL TRUST Co raised its position in shares of Lazard by 558.7% in the first quarter. CENTRAL TRUST Co now owns 3,537 shares of the asset manager’s stock valued at $163,000 after buying an additional 3,000 shares during the period. Suntrust Banks Inc. purchased a new position in Lazard during the first quarter valued at about $204,000. Peapack Gladstone Financial Corp purchased a new position in Lazard during the first quarter valued at about $207,000. King Wealth Management Group LLC purchased a new position in Lazard during the first quarter valued at about $207,000. Finally, Wedbush Securities Inc. purchased a new position in Lazard during the first quarter valued at about $212,000. 73.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lazard Ltd. (NYSE LAZ) traded down 0.33% during midday trading on Friday, reaching $45.48. The company’s stock had a trading volume of 376,694 shares. The firm’s 50 day moving average is $46.40 and its 200 day moving average is $44.60. Lazard Ltd. has a 52 week low of $33.42 and a 52 week high of $48.86. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 12.88 and a beta of 1.84.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.18. Lazard had a return on equity of 39.33% and a net margin of 17.39%. The firm had revenue of $720.16 million for the quarter, compared to analysts’ expectations of $627.12 million. During the same quarter last year, the firm earned $0.61 earnings per share. The firm’s revenue for the quarter was up 32.8% compared to the same quarter last year. Equities analysts forecast that Lazard Ltd. will post $3.60 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend is Thursday, August 3rd. Lazard’s dividend payout ratio is presently 46.46%.
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Several research firms recently issued reports on LAZ. BidaskClub raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $51.00 target price on shares of Lazard in a research note on Tuesday, May 9th. Finally, Credit Suisse Group reissued a “buy” rating and set a $50.00 target price on shares of Lazard in a research note on Friday, April 21st. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $46.89.
In other Lazard news, General Counsel Scott D. Hoffman sold 35,000 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $45.13, for a total transaction of $1,579,550.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Matthieu Bucaille sold 90,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total value of $4,032,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 190,000 shares of company stock worth $8,521,200. 2.50% of the stock is currently owned by insiders.
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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