Standard Life Investments LTD Decreases Stake in Lazard Ltd (LAZ)
Standard Life Investments LTD lowered its stake in Lazard Ltd (NYSE:LAZ) by 42.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,422,069 shares of the company’s stock after selling 2,484,679 shares during the period. Standard Life Investments LTD owned about 2.72% of Lazard worth $101,875,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Strs Ohio raised its stake in shares of Lazard by 28.7% in the second quarter. Strs Ohio now owns 1,993,000 shares of the company’s stock valued at $59,351,000 after buying an additional 445,000 shares during the period. Bank of Montreal Can acquired a new stake in shares of Lazard during the second quarter valued at $18,285,000. Gilman Hill Asset Management LLC acquired a new stake in shares of Lazard during the second quarter valued at $439,000. CIBC World Markets Inc. raised its stake in shares of Lazard by 6.4% in the second quarter. CIBC World Markets Inc. now owns 24,418 shares of the company’s stock valued at $727,000 after buying an additional 1,462 shares during the period. Finally, IBM Retirement Fund raised its stake in shares of Lazard by 0.8% in the second quarter. IBM Retirement Fund now owns 12,870 shares of the company’s stock valued at $383,000 after buying an additional 100 shares during the period.
Shares of Lazard Ltd (NYSE:LAZ) traded up 1.24% during trading on Tuesday, hitting $35.95. 758,775 shares of the stock were exchanged. The firm has a 50 day moving average price of $36.55 and a 200 day moving average price of $35.10. The firm has a market capitalization of $4.47 billion, a P/E ratio of 6.80 and a beta of 2.20. Lazard Ltd has a 52 week low of $26.21 and a 52 week high of $49.57.
Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $542.30 million for the quarter, compared to the consensus estimate of $542.68 million. During the same period in the prior year, the business posted $0.98 earnings per share. Lazard’s revenue was down 11.9% compared to the same quarter last year. Analysts forecast that Lazard Ltd will post $2.85 EPS for the current fiscal year.
Several analysts have recently weighed in on the stock. Credit Suisse Group AG reiterated a “buy” rating and set a $42.00 target price on shares of Lazard in a research report on Tuesday, September 6th. Zacks Investment Research upgraded shares of Lazard from a “sell” rating to a “hold” rating in a research report on Tuesday, August 30th. TheStreet upgraded shares of Lazard to a “buy” rating in a research report on Thursday, August 18th. Finally, Nomura lifted their target price on shares of Lazard from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $50.50.
In other Lazard news, Director Jane L. Mendillo purchased 1,400 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average cost of $35.22 per share, with a total value of $49,308.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Scott D. Hoffman sold 42,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $34.92, for a total transaction of $1,466,640.00. The disclosure for this sale can be found here.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates in two business segments: Financial Advisory and Asset Management. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients 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.
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