Tocqueville Asset Management L.P. Purchases 188,645 Shares of Lazard Ltd (LAZ)
Tocqueville Asset Management L.P. boosted its position in shares of Lazard Ltd (NYSE:LAZ) by 58.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 511,500 shares of the company’s stock after buying an additional 188,645 shares during the period. Tocqueville Asset Management L.P. owned about 0.41% of Lazard worth $15,232,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in LAZ. Geode Capital Management LLC increased its stake in Lazard by 2.3% in the first quarter. Geode Capital Management LLC now owns 771,208 shares of the company’s stock worth $29,922,000 after buying an additional 17,551 shares in the last quarter. Strs Ohio increased its stake in Lazard by 28.7% in the second quarter. Strs Ohio now owns 1,993,000 shares of the company’s stock worth $59,351,000 after buying an additional 445,000 shares in the last quarter. State Street Corp increased its stake in Lazard by 3.1% in the first quarter. State Street Corp now owns 1,623,623 shares of the company’s stock worth $62,998,000 after buying an additional 49,394 shares in the last quarter. BlackRock Inc. purchased a new stake in Lazard during the first quarter worth about $414,000. Finally, BB&T Securities LLC increased its stake in Lazard by 23.5% in the first quarter. BB&T Securities LLC now owns 6,566 shares of the company’s stock worth $254,000 after buying an additional 1,251 shares in the last quarter.
Lazard Ltd (NYSE:LAZ) traded up 0.26% on Friday, reaching $34.43. The company had a trading volume of 226,382 shares. The stock’s 50 day moving average is $36.25 and its 200-day moving average is $34.96. The stock has a market capitalization of $4.28 billion, a P/E ratio of 6.51 and a beta of 2.20. Lazard Ltd has a 1-year low of $26.21 and a 1-year high of $49.57.
Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The firm earned $542.30 million during the quarter, compared to analyst estimates of $542.68 million. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 earnings per share. On average, equities analysts predict that Lazard Ltd will post $2.84 EPS for the current fiscal year.
A number of equities research analysts have issued reports on LAZ shares. Nomura restated a “buy” rating and set a $47.00 price target on shares of Lazard in a research note on Wednesday, October 5th. Zacks Investment Research raised Lazard from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Wednesday, October 5th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Lazard in a research report on Tuesday, June 28th. Finally, TheStreet raised Lazard to a “buy” rating in a research report on Thursday, August 18th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $49.11.
In related news, Director Jane L. Mendillo bought 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were purchased 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 can be accessed 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 value of $1,466,640.00. The disclosure for this sale can be found here.
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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