Stifel Financial Corp lessened its holdings in Lazard Ltd. (NYSE:LAZ) by 10.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 217,099 shares of the asset manager’s stock after selling 25,599 shares during the quarter. Stifel Financial Corp owned 0.17% of Lazard worth $9,822,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its position in Lazard by 9.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock worth $172,000 after purchasing an additional 306 shares during the period. SG Americas Securities LLC purchased a new position in shares of Lazard in the second quarter valued at about $179,000. Pinnacle Financial Partners Inc. purchased a new position in shares of Lazard in the second quarter valued at about $206,000. Ballentine Partners LLC purchased a new position in shares of Lazard in the second quarter valued at about $216,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Lazard in the third quarter valued at about $221,000. Institutional investors own 73.52% of the company’s stock.
A number of equities analysts have issued reports on LAZ shares. Buckingham Research boosted their price objective on shares of Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, October 27th. ValuEngine cut shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 3rd. BidaskClub cut shares of Lazard from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Nomura boosted their price objective on shares of Lazard from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. Finally, Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a research report on Monday, October 23rd. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $48.56.
Lazard (NYSE:LAZ) last announced its earnings results on Thursday, October 26th. The asset manager reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.10. The firm had revenue of $624.00 million for the quarter, compared to analyst estimates of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 EPS. sell-side analysts expect that Lazard Ltd. will post 3.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Friday, November 3rd. Lazard’s payout ratio is 46.86%.
Lazard announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
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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.
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