Rafferty Asset Management LLC Buys 4,737 Shares of Lazard Ltd (NYSE:LAZ)

Rafferty Asset Management LLC grew its stake in shares of Lazard Ltd (NYSE:LAZGet Rating) by 9.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,767 shares of the asset manager’s stock after purchasing an additional 4,737 shares during the period. Rafferty Asset Management LLC owned approximately 0.05% of Lazard worth $2,302,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in LAZ. Huntington National Bank bought a new stake in Lazard during the fourth quarter worth about $38,000. Bessemer Group Inc. bought a new stake in Lazard during the fourth quarter worth about $55,000. Altshuler Shaham Ltd raised its holdings in Lazard by 119.8% in the third quarter. Altshuler Shaham Ltd now owns 2,743 shares of the asset manager’s stock worth $126,000 after buying an additional 1,495 shares during the last quarter. Eagle Bay Advisors LLC raised its holdings in Lazard by 100.0% in the third quarter. Eagle Bay Advisors LLC now owns 2,858 shares of the asset manager’s stock worth $130,000 after buying an additional 1,429 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in Lazard in the third quarter worth about $213,000.

LAZ stock opened at $33.99 on Wednesday. Lazard Ltd has a 12 month low of $30.85 and a 12 month high of $53.00. The firm’s 50-day moving average is $34.10 and its 200 day moving average is $39.59. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.74.

Lazard (NYSE:LAZGet Rating) last released its earnings results on Thursday, April 28th. The asset manager reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.18. Lazard had a net margin of 16.76% and a return on equity of 59.55%. The company had revenue of $716.14 million during the quarter, compared to analysts’ expectations of $677.58 million. During the same period last year, the business earned $0.87 EPS. Lazard’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict 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. Shareholders of record on Monday, May 9th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date of this dividend is Friday, May 6th. Lazard’s dividend payout ratio is presently 38.13%.

Several brokerages have issued reports on LAZ. Keefe, Bruyette & Woods cut shares of Lazard from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $52.00 to $49.00 in a report on Friday, February 4th. Wolfe Research cut shares of Lazard from a “peer perform” rating to an “underperform” rating and set a $39.00 target price for the company. in a report on Thursday, April 7th. Morgan Stanley cut shares of Lazard from an “overweight” rating to an “equal weight” rating and set a $40.00 target price for the company. in a report on Tuesday, March 8th. Piper Sandler decreased their price objective on shares of Lazard from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, April 7th. Finally, StockNews.com lowered shares of Lazard from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $45.86.

About Lazard (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.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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