Lazard Ltd. (LAZ) Holdings Increased by Greystone Managed Investments Inc.
Greystone Managed Investments Inc. raised its holdings in Lazard Ltd. (NYSE:LAZ) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,955 shares of the asset manager’s stock after acquiring an additional 1,826 shares during the period. Greystone Managed Investments Inc.’s holdings in Lazard were worth $2,214,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in shares of Lazard by 9.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after acquiring an additional 306 shares in the last quarter. JFS Wealth Advisors LLC raised its holdings in shares of Lazard by 1,759.2% in the 2nd quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock valued at $177,000 after acquiring an additional 3,624 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Lazard in the 2nd quarter valued at about $179,000. Pinnacle Financial Partners Inc. purchased a new position in shares of Lazard during the 2nd quarter valued at about $206,000. Finally, Ballentine Partners LLC purchased a new position in shares of Lazard during the 2nd quarter valued at about $216,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
Lazard Ltd. (NYSE LAZ) traded up $1.01 on Tuesday, reaching $47.11. The company had a trading volume of 338,400 shares, compared to its average volume of 825,336. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.87. Lazard Ltd. has a fifty-two week low of $38.46 and a fifty-two week high of $48.86. The company has a market cap of $6,090.00, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.54 and a beta of 1.89.
Lazard (NYSE:LAZ) last posted its quarterly earnings results on Thursday, October 26th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.10. Lazard had a return on equity of 38.81% and a net margin of 17.16%. The business had revenue of $624.00 million for the quarter, compared to analyst estimates of $593.19 million. During the same period last year, the company earned $0.85 EPS. Lazard’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities research analysts anticipate that Lazard Ltd. will post 3.52 EPS for the current fiscal year.
Lazard declared that its board has initiated a stock repurchase program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were given a dividend of $0.41 per share. The ex-dividend date was Friday, November 3rd. This represents a $1.64 annualized dividend and a yield of 3.48%. Lazard’s payout ratio is 45.81%.
LAZ has been the topic of a number of research reports. Zacks Investment Research raised Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a report on Monday, October 23rd. Buckingham Research raised their price objective on Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a report on Friday, October 27th. ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Nomura raised their price objective on Lazard from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Finally, BidaskClub raised Lazard from a “buy” rating to a “strong-buy” rating in a report on Monday, July 31st. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Lazard currently has a consensus rating of “Buy” and a consensus price target of $48.56.
Lazard Company Profile
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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