Essex Investment Management Co. LLC cut its position in shares of Lazard Ltd (NYSE:LAZ – Get Rating) by 33.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,637 shares of the asset manager’s stock after selling 23,500 shares during the period. Essex Investment Management Co. LLC’s holdings in Lazard were worth $2,078,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of LAZ. Epoch Investment Partners Inc. increased its holdings in shares of Lazard by 32.8% in the 3rd quarter. Epoch Investment Partners Inc. now owns 2,978,301 shares of the asset manager’s stock valued at $136,406,000 after acquiring an additional 736,308 shares during the period. Morgan Stanley increased its holdings in shares of Lazard by 34.2% in the 3rd quarter. Morgan Stanley now owns 2,150,044 shares of the asset manager’s stock valued at $98,474,000 after acquiring an additional 547,737 shares during the period. MARSHALL WACE ASIA Ltd increased its holdings in shares of Lazard by 62.5% in the 3rd quarter. MARSHALL WACE ASIA Ltd now owns 756,362 shares of the asset manager’s stock valued at $34,642,000 after acquiring an additional 290,969 shares during the period. Qube Research & Technologies Ltd increased its holdings in shares of Lazard by 264.3% in the 4th quarter. Qube Research & Technologies Ltd now owns 224,768 shares of the asset manager’s stock valued at $9,807,000 after acquiring an additional 163,071 shares during the period. Finally, LSV Asset Management increased its holdings in shares of Lazard by 10.8% in the 4th quarter. LSV Asset Management now owns 1,242,368 shares of the asset manager’s stock valued at $54,205,000 after acquiring an additional 121,403 shares during the period.
Several research analysts recently weighed in on the company. JMP Securities dropped their target price on Lazard from $58.00 to $56.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 7th. Wolfe Research downgraded Lazard from a “peer perform” rating to an “underperform” rating and set a $39.00 target price on the stock. in a research note on Thursday, April 7th. StockNews.com cut Lazard from a “buy” rating to a “hold” rating in a research report on Friday. Piper Sandler lowered their price target on Lazard from $49.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, April 7th. Finally, Morgan Stanley cut Lazard from an “overweight” rating to an “equal weight” rating and set a $40.00 price target for the company. in a research report on Tuesday, March 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $45.86.
Lazard (NYSE:LAZ – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The asset manager reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.18. The company had revenue of $716.14 million during the quarter, compared to analysts’ expectations of $677.58 million. Lazard had a return on equity of 59.55% and a net margin of 16.76%. Lazard’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, equities analysts expect that Lazard Ltd will post 4.28 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 20th. Investors of record on Monday, May 9th will be issued a $0.47 dividend. The ex-dividend date is Friday, May 6th. This represents a $1.88 dividend on an annualized basis and a yield of 5.68%. Lazard’s payout ratio is 38.13%.
Lazard Company Profile (Get Rating)
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters.
- Get a free copy of the StockNews.com research report on Lazard (LAZ)
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