Dimensional Fund Advisors LP Boosts Stake in Lazard Ltd (LAZ)
Dimensional Fund Advisors LP lifted its position in Lazard Ltd (NYSE:LAZ) by 111.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 738,623 shares of the asset manager’s stock after buying an additional 388,820 shares during the period. Dimensional Fund Advisors LP’s holdings in Lazard were worth $33,399,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew 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 worth $172,000 after acquiring an additional 306 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Lazard by 2.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 19,025 shares of the asset manager’s stock worth $881,000 after acquiring an additional 500 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Lazard by 18.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock worth $225,000 after acquiring an additional 753 shares during the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Lazard by 14.1% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 8,670 shares of the asset manager’s stock worth $402,000 after acquiring an additional 1,070 shares during the last quarter. Finally, ETRADE Capital Management LLC grew its holdings in shares of Lazard by 18.5% in the 3rd quarter. ETRADE Capital Management LLC now owns 6,971 shares of the asset manager’s stock worth $315,000 after acquiring an additional 1,088 shares during the last quarter. 73.47% of the stock is currently owned by institutional investors.
Lazard Ltd (NYSE LAZ) opened at $57.71 on Monday. Lazard Ltd has a twelve month low of $40.37 and a twelve month high of $58.39. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $7,490.00, a price-to-earnings ratio of 16.12, a PEG ratio of 1.92 and a beta of 1.89.
Lazard declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 25th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the asset manager to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of equities analysts recently issued reports on LAZ shares. ValuEngine cut Lazard from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 3rd. Zacks Investment Research upgraded Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 price target on the stock in a report on Monday, October 23rd. Buckingham Research lifted their price target on Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a report on Friday, October 27th. Nomura lifted their price target on Lazard from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Finally, Instinet upgraded Lazard from a “neutral” rating to a “buy” rating in a report on Wednesday, January 3rd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Lazard currently has a consensus rating of “Buy” and a consensus price target of $53.80.
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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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