Eaton Vance Management Has $38.85 Million Stake in Lazard Ltd. (LAZ)
Eaton Vance Management cut its holdings in shares of Lazard Ltd. (NYSE:LAZ) by 47.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 838,482 shares of the asset manager’s stock after selling 751,585 shares during the period. Eaton Vance Management owned approximately 0.65% of Lazard worth $38,847,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Lazard by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 10,216,558 shares of the asset manager’s stock valued at $469,860,000 after acquiring an additional 397,075 shares during the period. BlackRock Inc. grew its position in shares of Lazard by 68,589.3% during the 1st quarter. BlackRock Inc. now owns 7,603,906 shares of the asset manager’s stock valued at $349,704,000 after acquiring an additional 7,592,836 shares during the period. LSV Asset Management grew its position in shares of Lazard by 560.2% during the 2nd quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock valued at $158,837,000 after acquiring an additional 2,909,090 shares during the period. Westpac Banking Corp acquired a new stake in shares of Lazard during the 1st quarter valued at about $103,532,000. Finally, Blue Harbour Group L.P. grew its position in shares of Lazard by 23.4% during the 1st quarter. Blue Harbour Group L.P. now owns 1,720,041 shares of the asset manager’s stock valued at $79,105,000 after acquiring an additional 326,683 shares during the period. Hedge funds and other institutional investors own 72.15% of the company’s stock.
Lazard Ltd. (NYSE:LAZ) opened at 40.66 on Friday. The company has a 50-day moving average of $44.09 and a 200-day moving average of $44.70. Lazard Ltd. has a 52 week low of $33.48 and a 52 week high of $48.86. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 11.52 and a beta of 1.84.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.18. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The company had revenue of $720.16 million for the quarter, compared to analyst estimates of $627.12 million. During the same period in the prior year, the business posted $0.61 earnings per share. The firm’s revenue for the quarter was up 32.8% compared to the same quarter last year. Analysts anticipate that Lazard Ltd. will post $3.52 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were given a dividend of $0.41 per share. The ex-dividend date was Thursday, August 3rd. This represents a $1.64 annualized dividend and a yield of 4.03%. Lazard’s payout ratio is currently 46.46%.
A number of research analysts recently weighed in on the stock. ValuEngine raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. BidaskClub lowered shares of Lazard from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. Finally, Zacks Investment Research lowered shares of Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $46.89.
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 & Stock Ratings for Lazard Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard Ltd. and related stocks with our FREE daily email newsletter.