Rockefeller Financial Services Inc. Has $186,000 Stake in Lazard Ltd. (LAZ)
Rockefeller Financial Services Inc. maintained its position in Lazard Ltd. (NYSE:LAZ) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,025 shares of the asset manager’s stock at the end of the second quarter. Rockefeller Financial Services Inc.’s holdings in Lazard were worth $186,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Lazard during the fourth quarter worth approximately $26,117,000. Comerica Bank increased its stake in shares of Lazard by 37.7% in the fourth quarter. Comerica Bank now owns 22,650 shares of the asset manager’s stock valued at $931,000 after buying an additional 6,199 shares during the last quarter. Allianz Asset Management AG purchased a new stake in shares of Lazard during the fourth quarter valued at $305,000. UBS Group AG increased its stake in shares of Lazard by 84.2% in the first quarter. UBS Group AG now owns 322,512 shares of the asset manager’s stock valued at $14,832,000 after buying an additional 147,436 shares during the last quarter. Finally, Evanson Asset Management LLC increased its stake in shares of Lazard by 0.9% in the first quarter. Evanson Asset Management LLC now owns 22,905 shares of the asset manager’s stock valued at $1,053,000 after buying an additional 201 shares during the last quarter. Institutional investors own 73.73% of the company’s stock.
Lazard Ltd. (NYSE:LAZ) traded down 0.13% during mid-day trading on Friday, reaching $46.96. 17,972 shares of the company were exchanged. Lazard Ltd. has a 12 month low of $32.53 and a 12 month high of $47.62. The stock has a market capitalization of $5.76 billion, a P/E ratio of 14.53 and a beta of 1.84. The company’s 50 day moving average price is $45.92 and its 200-day moving average price is $44.24.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, April 27th. The asset manager reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. The firm had revenue of $624.43 million for the quarter, compared to analysts’ expectations of $611.43 million. Lazard had a net margin of 17.06% and a return on equity of 36.15%. Lazard’s quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. On average, equities analysts expect that Lazard Ltd. will post $3.39 earnings per share for the current fiscal year.
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LAZ has been the topic of several analyst reports. Bank of America Corporation raised shares of Lazard from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a report on Thursday, March 23rd. They noted that the move was a valuation call. BidaskClub raised shares of Lazard from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st. Zacks Investment Research raised shares of Lazard from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, June 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $51.00 target price on shares of Lazard in a report on Tuesday, May 9th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Lazard in a report on Friday, April 21st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Lazard has an average rating of “Buy” and an average price target of $46.89.
In other Lazard news, General Counsel Scott D. Hoffman sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $45.13, for a total transaction of $1,579,550.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Alexander F. Stern sold 65,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $44.75, for a total transaction of $2,908,750.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,000 shares of company stock worth $8,521,200. 2.50% of the stock is owned by corporate insiders.
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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