Epoch Investment Partners Inc. trimmed its holdings in shares of Lazard, Inc. (NYSE:LAZ – Free Report) by 4.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,987,318 shares of the asset manager’s stock after selling 95,538 shares during the period. Epoch Investment Partners Inc. owned approximately 1.76% of Lazard worth $75,876,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in Lazard during the 4th quarter valued at about $47,063,000. Trexquant Investment LP acquired a new position in Lazard in the 4th quarter valued at approximately $354,000. Commerce Bank purchased a new stake in Lazard in the 4th quarter worth approximately $493,000. Intech Investment Management LLC acquired a new stake in shares of Lazard during the 4th quarter valued at $383,000. Finally, Treasurer of the State of North Carolina grew its holdings in shares of Lazard by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 48,534 shares of the asset manager’s stock valued at $1,689,000 after acquiring an additional 470 shares in the last quarter. 54.80% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the transaction, the chairman now directly owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the transaction, the chairman now directly owns 1,729,722 shares in the company, valued at $78,235,326.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Kenneth M. Jacobs sold 1,999 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $50.01, for a total value of $99,969.99. Following the completion of the sale, the chairman now owns 1,727,723 shares of the company’s stock, valued at approximately $86,403,427.23. The disclosure for this sale can be found here. Over the last three months, insiders sold 429,604 shares of company stock valued at $19,873,736. 3.86% of the stock is owned by company insiders.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Wells Fargo & Company began coverage on Lazard in a report on Thursday, September 12th. They set an “equal weight” rating and a $51.00 price objective for the company. StockNews.com upgraded Lazard from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Morgan Stanley increased their price objective on Lazard from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $56.00 target price (up from $49.00) on shares of Lazard in a research note on Friday, July 26th. Finally, The Goldman Sachs Group increased their price target on shares of Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lazard has a consensus rating of “Moderate Buy” and a consensus target price of $48.71.
Lazard Stock Performance
NYSE:LAZ traded down $0.32 during midday trading on Friday, reaching $50.37. The stock had a trading volume of 846,102 shares, compared to its average volume of 994,823. The stock has a market capitalization of $5.68 billion, a P/E ratio of -143.91 and a beta of 1.39. Lazard, Inc. has a 1-year low of $25.82 and a 1-year high of $50.78. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94. The firm’s fifty day simple moving average is $47.07 and its 200-day simple moving average is $42.01.
Lazard (NYSE:LAZ – Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.17. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The company had revenue of $685.30 million for the quarter, compared to the consensus estimate of $625.40 million. During the same period last year, the business posted $0.24 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts forecast that Lazard, Inc. will post 2.44 EPS for the current fiscal year.
Lazard Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.97%. Lazard’s dividend payout ratio (DPR) is presently -571.43%.
Lazard Profile
Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.