Gillespie Robinson & Grimm Inc. Invests $249,000 in Lazard Ltd (LAZ) Stock
Gillespie Robinson & Grimm Inc. purchased a new stake in shares of Lazard Ltd (NYSE:LAZ) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,750 shares of the asset manager’s stock, valued at approximately $249,000.
A number of other hedge funds and other institutional investors have also modified their holdings of LAZ. Vanguard Group Inc. raised its holdings in Lazard by 7.4% in the second quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock worth $508,124,000 after buying an additional 750,941 shares during the last quarter. Voya Investment Management LLC raised its holdings in Lazard by 2.7% in the second quarter. Voya Investment Management LLC now owns 2,207,755 shares of the asset manager’s stock worth $102,286,000 after buying an additional 57,181 shares during the last quarter. BT Investment Management Ltd purchased a new position in Lazard in the second quarter worth about $94,831,000. FMR LLC raised its holdings in Lazard by 35.2% in the second quarter. FMR LLC now owns 1,647,335 shares of the asset manager’s stock worth $76,322,000 after buying an additional 429,046 shares during the last quarter. Finally, AJO LP raised its holdings in Lazard by 20.3% in the second quarter. AJO LP now owns 1,504,194 shares of the asset manager’s stock worth $69,689,000 after buying an additional 254,118 shares during the last quarter. 73.47% of the stock is owned by institutional investors.
Lazard Ltd (LAZ) traded up $0.94 on Wednesday, hitting $57.03. 615,600 shares of the stock traded hands, compared to its average volume of 806,383. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.09 and a quick ratio of 2.09. Lazard Ltd has a 1 year low of $40.22 and a 1 year high of $57.50. The stock has a market capitalization of $7,430.00, a PE ratio of 15.93, a price-to-earnings-growth ratio of 1.86 and a beta of 1.89.
Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, October 26th. The asset manager reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.10. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The firm had revenue of $624.00 million during the quarter, compared to analysts’ expectations of $593.19 million. During the same period in the previous year, the company earned $0.85 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. equities analysts predict that Lazard Ltd will post 3.58 earnings per share for the current year.
Lazard announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several brokerages have issued reports on LAZ. Nomura lifted their target price on shares of Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. Buckingham Research cut shares of Lazard from a “buy” rating to a “neutral” rating and set a $54.00 price objective for the company. in a report on Thursday, December 21st. Goldman Sachs Group raised shares of Lazard from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday. Instinet raised shares of Lazard from a “neutral” rating to a “buy” rating in a report on Wednesday, January 3rd. Finally, Zacks Investment Research cut shares of Lazard from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $52.67.
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.
Want to see what other hedge funds are holding LAZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lazard Ltd (NYSE:LAZ).
Receive News & Ratings for Lazard Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard and related companies with MarketBeat.com's FREE daily email newsletter.