Tradition Capital Management LLC trimmed its stake in Lazard Ltd (NYSE:LAZ) by 11.2% in the fourth quarter, Holdings Channel reports. The fund owned 21,284 shares of the asset manager’s stock after selling 2,691 shares during the quarter. Tradition Capital Management LLC’s holdings in Lazard were worth $1,117,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LAZ. PNC Financial Services Group Inc. raised its holdings in shares of Lazard by 9.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock worth $172,000 after acquiring an additional 306 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Lazard by 2.7% in the second quarter. UBS Asset Management Americas Inc. now owns 19,025 shares of the asset manager’s stock worth $881,000 after acquiring an additional 500 shares during the last quarter. FMR LLC raised its holdings in shares of Lazard by 35.2% in the second quarter. FMR LLC now owns 1,647,335 shares of the asset manager’s stock worth $76,322,000 after acquiring an additional 429,046 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Lazard in the second quarter valued at $16,208,000. Finally, Macquarie Group Ltd. increased its stake in Lazard by 225,369.0% in the second quarter. Macquarie Group Ltd. now owns 189,394 shares of the asset manager’s stock valued at $8,775,000 after purchasing an additional 189,310 shares during the last quarter. 73.33% of the stock is owned by institutional investors.
Lazard Ltd (NYSE LAZ) opened at $54.23 on Friday. The company has a market capitalization of $7,414.83, a price-to-earnings ratio of 29.47, a P/E/G ratio of 1.35 and a beta of 1.84. Lazard Ltd has a 12 month low of $40.50 and a 12 month high of $60.00. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.09 and a quick ratio of 2.09.
Lazard announced that its board has initiated a share buyback plan on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Monday, February 12th will be given a dividend of $0.116 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Friday, February 9th. Lazard’s dividend payout ratio (DPR) is presently 89.13%.
Several equities analysts recently commented on LAZ shares. Nomura upped their target price on Lazard from $62.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $67.00 target price on shares of Lazard in a research note on Thursday, February 1st. Sandler O’Neill reiterated a “buy” rating and issued a $64.00 target price on shares of Lazard in a research note on Thursday, January 11th. Goldman Sachs Group upgraded Lazard from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Monday, January 8th. Finally, Instinet upgraded Lazard from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 3rd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $60.56.
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.
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