Parametric Portfolio Associates LLC decreased its position in shares of Lazard Ltd. (NYSE:LAZ) by 18.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,610 shares of the asset manager’s stock after selling 7,222 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Lazard were worth $1,511,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of Lazard by 9.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock worth $172,000 after purchasing an additional 306 shares during the period. JFS Wealth Advisors LLC grew its stake in shares of Lazard by 1,759.2% during the 2nd quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock worth $177,000 after purchasing an additional 3,624 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Lazard during the 2nd quarter worth approximately $179,000. Pinnacle Financial Partners Inc. acquired a new stake in shares of Lazard during the 2nd quarter worth approximately $206,000. Finally, Ballentine Partners LLC acquired a new stake in shares of Lazard during the 2nd quarter worth approximately $216,000. 72.32% of the stock is currently owned by institutional investors and hedge funds.
Lazard Ltd. (NYSE:LAZ) opened at $47.69 on Tuesday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6,136.64, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.58 and a beta of 1.89. Lazard Ltd. has a fifty-two week low of $38.46 and a fifty-two week high of $48.86.
Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, October 26th. The asset manager reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.10. The company had revenue of $624.00 million for the quarter, compared to analyst estimates of $593.19 million. Lazard had a return on equity of 38.81% and a net margin of 17.16%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.85 EPS. equities research analysts forecast that Lazard Ltd. will post 3.52 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 3.44%. Lazard’s payout ratio is currently 46.86%.
Lazard declared that its Board of Directors has authorized 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 often a sign that the company’s board believes its stock is undervalued.
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LAZ has been the topic of a number of analyst reports. Buckingham Research raised their price objective on shares of Lazard from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. ValuEngine cut shares of Lazard from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 3rd. BidaskClub cut shares of Lazard from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Zacks Investment Research cut shares of Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Nomura raised their price objective on shares of Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $48.56.
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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