Lazard Ltd. (LAZ) Holdings Lowered by Prudential Financial Inc.
Prudential Financial Inc. lowered its position in shares of Lazard Ltd. (NYSE:LAZ) by 49.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 210,795 shares of the asset manager’s stock after selling 209,792 shares during the quarter. Prudential Financial Inc. owned 0.16% of Lazard worth $9,766,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted 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 worth $469,860,000 after buying an additional 397,075 shares in the last quarter. BlackRock Inc. lifted 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 worth $349,704,000 after buying an additional 7,592,836 shares in the last quarter. Westpac Banking Corp bought a new position in shares of Lazard during the 1st quarter worth approximately $103,532,000. Blue Harbour Group L.P. lifted 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 worth $79,105,000 after buying an additional 326,683 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Lazard by 8.9% during the 1st quarter. State Street Corp now owns 1,713,338 shares of the asset manager’s stock worth $78,795,000 after buying an additional 140,406 shares in the last quarter. 72.15% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lazard Ltd. (LAZ) opened at 41.57 on Wednesday. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 11.78 and a beta of 1.84. Lazard Ltd. has a 52 week low of $33.48 and a 52 week high of $48.86. The stock’s 50 day moving average is $43.93 and its 200 day moving average is $44.71.
Lazard (NYSE:LAZ) last issued its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.18. The company had revenue of $720.16 million for the quarter, compared to the consensus estimate of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The firm’s revenue for the quarter was up 32.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.61 earnings per share. On average, equities analysts forecast that Lazard Ltd. will post $3.52 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 3.95%. Lazard’s dividend payout ratio (DPR) is 46.46%.
Several research firms have commented on LAZ. BidaskClub cut shares of Lazard from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. ValuEngine raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 28th. Finally, Zacks Investment Research cut shares of Lazard from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average 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.
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