Tocqueville Asset Management L.P. raised its stake in Lazard Ltd. (NYSE:LAZ) by 0.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 497,400 shares of the asset manager’s stock after buying an additional 2,530 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.41% of Lazard worth $23,045,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. JFS Wealth Advisors LLC boosted its position in shares of Lazard by 1,759.2% in the second quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock worth $177,000 after buying an additional 3,624 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Lazard during the second quarter worth approximately $179,000. Pinnacle Financial Partners Inc. purchased a new position in shares of Lazard during the second quarter worth approximately $206,000. Suntrust Banks Inc. purchased a new position in shares of Lazard during the first quarter worth approximately $204,000. Finally, King Wealth Management Group LLC purchased a new position in shares of Lazard during the first quarter worth approximately $207,000. Hedge funds and other institutional investors own 69.05% of the company’s stock.
Lazard Ltd. (NYSE:LAZ) traded up 0.917% during mid-day trading on Monday, reaching $42.809. The company had a trading volume of 96,934 shares. The firm has a 50-day moving average price of $45.87 and a 200 day moving average price of $44.82. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 12.127 and a beta of 1.84. Lazard Ltd. has a 12-month low of $33.48 and a 12-month high of $48.86.
Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The company had revenue of $720.16 million for the quarter, compared to analysts’ expectations of $627.12 million. During the same quarter in the previous year, the company earned $0.61 earnings per share. Lazard’s quarterly revenue was up 32.8% on a year-over-year basis. Analysts expect that Lazard Ltd. will post $3.59 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend was Thursday, August 3rd. Lazard’s dividend payout ratio is currently 46.46%.
LAZ has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $51.00 price target on shares of Lazard in a research note on Tuesday, May 9th. Zacks Investment Research cut Lazard from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub upgraded Lazard from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Finally, ValuEngine upgraded Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $46.89.
In related news, CFO Matthieu Bucaille sold 90,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $44.81, for a total transaction of $4,032,900.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by insiders.
Lazard Company Profile
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.
Want to see what other hedge funds are holding LAZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lazard Ltd. (NYSE:LAZ).
Receive News & Ratings for Lazard Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.