Advisor Group Inc. Has $304,000 Holdings in Lazard Ltd. (LAZ)
Advisor Group Inc. trimmed its holdings in shares of Lazard Ltd. (NYSE:LAZ) by 48.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,560 shares of the asset manager’s stock after selling 6,086 shares during the period. Advisor Group Inc.’s holdings in Lazard were worth $304,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Lazard by 9.0% during the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after buying an additional 306 shares during the period. JFS Wealth Advisors LLC boosted its position in Lazard by 1,759.2% during the second 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 valued at about $179,000. Pinnacle Financial Partners Inc. purchased a new stake in Lazard during the second quarter valued at about $206,000. Finally, Ballentine Partners LLC purchased a new stake in Lazard during the second quarter valued at about $216,000. Institutional investors and hedge funds own 72.20% of the company’s stock.
Several analysts have issued reports on LAZ shares. BidaskClub upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. ValuEngine upgraded shares of Lazard from a “buy” rating to a “strong-buy” rating in a report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of Lazard from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $46.43.
Lazard Ltd. (NYSE LAZ) opened at 45.36 on Friday. The company has a market capitalization of $5.52 billion, a P/E ratio of 12.85 and a beta of 1.85. Lazard Ltd. has a 1-year low of $34.14 and a 1-year high of $48.86. The company has a 50-day moving average of $43.34 and a 200-day moving average of $44.67.
Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. The company had revenue of $720.16 million during the quarter, compared to analysts’ expectations of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The firm’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.61 EPS. Equities analysts expect that Lazard Ltd. will post $3.50 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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