Lazard Ltd. (NYSE:LAZ) Shares Bought by State Street Corp

State Street Corp boosted its position in shares of Lazard Ltd. (NYSE:LAZ) by 8.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,713,338 shares of the asset manager’s stock after buying an additional 140,406 shares during the period. State Street Corp owned 1.40% of Lazard worth $78,795,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System boosted its position in shares of Lazard by 0.9% in the first quarter. New York State Teachers Retirement System now owns 11,200 shares of the asset manager’s stock worth $515,000 after buying an additional 100 shares in the last quarter. Webster Bank N. A. boosted its stake in Lazard by 0.5% in the first quarter. Webster Bank N. A. now owns 31,947 shares of the asset manager’s stock worth $1,469,000 after buying an additional 150 shares in the last quarter. United Capital Financial Advisers LLC boosted its stake in Lazard by 2.7% in the first quarter. United Capital Financial Advisers LLC now owns 7,700 shares of the asset manager’s stock worth $354,000 after buying an additional 200 shares in the last quarter. Evanson Asset Management LLC boosted its stake in Lazard by 0.9% in the first quarter. Evanson Asset Management LLC now owns 22,905 shares of the asset manager’s stock worth $1,053,000 after buying an additional 201 shares in the last quarter. Finally, Reinhart Partners Inc. boosted its stake in Lazard by 0.6% in the first quarter. Reinhart Partners Inc. now owns 34,910 shares of the asset manager’s stock worth $1,606,000 after buying an additional 210 shares in the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

Shares of Lazard Ltd. (NYSE LAZ) opened at 46.25 on Monday. Lazard Ltd. has a 12-month low of $32.25 and a 12-month high of $47.62. The firm has a 50-day moving average price of $45.03 and a 200 day moving average price of $43.72. The stock has a market cap of $5.67 billion, a PE ratio of 14.31 and a beta of 1.84.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Thursday, April 27th. The asset manager reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.03. The firm had revenue of $624.43 million for the quarter, compared to analyst estimates of $611.43 million. Lazard had a return on equity of 36.15% and a net margin of 17.06%. Lazard’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. Equities research analysts predict that Lazard Ltd. will post $3.39 EPS for the current fiscal year.

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A number of analysts recently commented on LAZ shares. Bank of America Corporation upgraded Lazard from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research report on Thursday, March 23rd. They noted that the move was a valuation call. Zacks Investment Research upgraded Lazard from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, June 7th. Credit Suisse Group reiterated a “buy” rating and set a $50.00 price objective on shares of Lazard in a research report on Friday, April 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $51.00 price objective on shares of Lazard in a research report on Tuesday, May 9th. Finally, BidaskClub upgraded Lazard from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Lazard presently has a consensus rating of “Buy” and an average target price of $46.89.

In related news, CFO Matthieu Bucaille sold 90,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total transaction of $4,032,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Alexander F. Stern sold 65,000 shares of the company’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $44.75, for a total value of $2,908,750.00. The disclosure for this sale can be found here. Insiders have sold 190,000 shares of company stock worth $8,521,200 over the last three months. 2.50% of the stock is owned by insiders.

About Lazard

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.

Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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