Wedge Capital Management L L P NC Cuts Stake in Lazard Ltd (NYSE:LAZ)
Wedge Capital Management L L P NC cut its stake in Lazard Ltd (NYSE:LAZ) by 47.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,537 shares of the asset manager’s stock after selling 5,898 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Lazard were worth $229,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in LAZ. JPMorgan Chase & Co. raised its position in Lazard by 56.2% in the second quarter. JPMorgan Chase & Co. now owns 3,130,116 shares of the asset manager’s stock valued at $107,394,000 after purchasing an additional 1,125,817 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Lazard by 11.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,638,704 shares of the asset manager’s stock worth $228,305,000 after acquiring an additional 698,677 shares during the last quarter. RWC Asset Management LLP increased its position in shares of Lazard by 36.1% during the second quarter. RWC Asset Management LLP now owns 1,967,570 shares of the asset manager’s stock worth $67,664,000 after acquiring an additional 522,202 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Lazard by 333.0% during the second quarter. Nuveen Asset Management LLC now owns 456,466 shares of the asset manager’s stock worth $15,698,000 after acquiring an additional 351,043 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Lazard by 131.5% during the second quarter. First Trust Advisors LP now owns 403,017 shares of the asset manager’s stock worth $13,860,000 after acquiring an additional 228,906 shares during the last quarter. 77.54% of the stock is currently owned by institutional investors.
Lazard stock traded up $0.03 during midday trading on Friday, hitting $38.45. The stock had a trading volume of 370,576 shares, compared to its average volume of 872,406. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 3.11. The stock has a market cap of $4.08 billion, a P/E ratio of 9.24 and a beta of 1.73. Lazard Ltd has a 12 month low of $31.07 and a 12 month high of $41.76. The business has a fifty day moving average price of $36.40 and a 200 day moving average price of $35.61.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 11th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 4.89%. The ex-dividend date of this dividend is Thursday, November 7th. Lazard’s dividend payout ratio is currently 45.19%.
In related news, CAO Scott D. Hoffman sold 30,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $34.04, for a total value of $1,021,200.00. Following the completion of the sale, the chief accounting officer now directly owns 24,388 shares of the company’s stock, valued at $830,167.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.94% of the stock is owned by insiders.
LAZ has been the topic of a number of analyst reports. ValuEngine raised Lazard from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Zacks Investment Research raised Lazard from a “sell” rating to a “hold” rating and set a $40.00 target price on the stock in a research report on Wednesday, September 11th. Finally, Buckingham Research dropped their target price on Lazard from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Lazard currently has a consensus rating of “Hold” and an average price target of $38.80.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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