Nationwide Fund Advisors Sells 68,305 Shares of Lazard Ltd. (LAZ)
Nationwide Fund Advisors decreased its holdings in shares of Lazard Ltd. (NYSE:LAZ) by 17.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 328,859 shares of the asset manager’s stock after selling 68,305 shares during the period. Nationwide Fund Advisors owned approximately 0.25% of Lazard worth $15,236,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in LAZ. US Bancorp DE boosted its stake in shares of Lazard by 116.6% during the first quarter. US Bancorp DE now owns 15,211 shares of the asset manager’s stock worth $699,000 after buying an additional 8,188 shares during the period. Suntrust Banks Inc. acquired a new stake in shares of Lazard during the first quarter worth about $204,000. World Asset Management Inc acquired a new stake in shares of Lazard during the first quarter worth about $222,000. UBS Asset Management Americas Inc. boosted its stake in shares of Lazard by 65.0% during the first quarter. UBS Asset Management Americas Inc. now owns 18,525 shares of the asset manager’s stock worth $852,000 after buying an additional 7,300 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in shares of Lazard during the first quarter worth about $375,000. Institutional investors and hedge funds own 72.14% of the company’s stock.
A number of equities research analysts recently commented on the stock. BidaskClub downgraded shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. ValuEngine downgraded shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, June 7th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $46.89.
Shares of Lazard Ltd. (NYSE:LAZ) opened at 43.00 on Friday. Lazard Ltd. has a 12 month low of $33.48 and a 12 month high of $48.86. The company has a 50-day moving average of $43.05 and a 200-day moving average of $44.67. The firm has a market cap of $5.23 billion, a P/E ratio of 12.18 and a beta of 1.84.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 27th. The asset manager reported $0.98 EPS for the quarter, topping 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 firm had revenue of $720.16 million during the quarter, compared to analysts’ expectations of $627.12 million. During the same quarter in the prior year, the firm earned $0.61 EPS. Lazard’s quarterly revenue was up 32.8% on a year-over-year basis. Equities analysts forecast that Lazard Ltd. will post $3.52 EPS for the current fiscal year.
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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