Sterling Capital Management LLC Acquires Shares of 47,930 Lazard Ltd (LAZ)
Sterling Capital Management LLC acquired a new stake in Lazard Ltd (NYSE:LAZ) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 47,930 shares of the asset manager’s stock, valued at approximately $2,344,000.
Several other hedge funds have also added to or reduced their stakes in LAZ. Prudential Financial Inc. lifted its stake in shares of Lazard by 63.6% in the 1st quarter. Prudential Financial Inc. now owns 317,630 shares of the asset manager’s stock valued at $16,695,000 after purchasing an additional 123,465 shares during the last quarter. Chicago Equity Partners LLC acquired a new position in Lazard during the 1st quarter worth $844,000. Schwab Charles Investment Management Inc. lifted its position in Lazard by 16.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 922,865 shares of the asset manager’s stock worth $48,506,000 after acquiring an additional 133,386 shares during the last quarter. Synovus Financial Corp acquired a new position in Lazard during the 1st quarter worth $295,000. Finally, American International Group Inc. lifted its position in Lazard by 608.8% during the 1st quarter. American International Group Inc. now owns 19,499 shares of the asset manager’s stock worth $1,025,000 after acquiring an additional 16,748 shares during the last quarter. 71.91% of the stock is owned by institutional investors and hedge funds.
Lazard stock opened at $48.09 on Friday. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.99 and a beta of 1.79. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.78 and a quick ratio of 1.78. Lazard Ltd has a fifty-two week low of $41.44 and a fifty-two week high of $60.00.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Monday, August 6th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $1.76 annualized dividend and a dividend yield of 3.66%. Lazard’s payout ratio is 46.56%.
A number of research analysts have weighed in on LAZ shares. Zacks Investment Research raised shares of Lazard from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Tuesday, July 31st. TheStreet lowered shares of Lazard from a “b” rating to a “c+” rating in a research report on Friday, July 27th. Finally, ValuEngine lowered shares of Lazard from a “buy” rating to a “hold” rating in a research report on Tuesday, May 29th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.25.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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