Elkfork Partners LLC lifted its position in Lazard Ltd (NYSE:LAZ) by 207.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,668 shares of the asset manager’s stock after acquiring an additional 28,116 shares during the period. Elkfork Partners LLC’s holdings in Lazard were worth $1,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Lazard by 94.8% in the first quarter. FMR LLC now owns 5,015,114 shares of the asset manager’s stock valued at $181,247,000 after purchasing an additional 2,440,822 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Lazard by 56.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,130,116 shares of the asset manager’s stock worth $107,394,000 after acquiring an additional 1,125,817 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Lazard by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 1,407,053 shares of the asset manager’s stock worth $52,060,000 after acquiring an additional 93,702 shares in the last quarter. Strs Ohio boosted its stake in shares of Lazard by 2.3% during the 2nd quarter. Strs Ohio now owns 1,239,000 shares of the asset manager’s stock worth $42,609,000 after acquiring an additional 28,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Lazard by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 834,684 shares of the asset manager’s stock worth $30,809,000 after acquiring an additional 8,381 shares in the last quarter. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on LAZ. UBS Group lowered shares of Lazard from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $43.00 to $36.00 in a research note on Monday, June 10th. Buckingham Research lowered their target price on shares of Lazard from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating and set a $40.00 target price on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $40.17.
Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.10. The company had revenue of $630.00 million during the quarter, compared to the consensus estimate of $604.18 million. Lazard had a net margin of 14.42% and a return on equity of 47.09%. Lazard’s quarterly revenue was down 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 EPS. As a group, equities analysts forecast that Lazard Ltd will post 3.35 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a $0.47 dividend. The ex-dividend date was Friday, August 2nd. This represents a $1.88 dividend on an annualized basis and a yield of 4.84%. Lazard’s payout ratio is 45.19%.
In other Lazard news, CAO Scott D. Hoffman sold 30,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total value of $1,021,200.00. Following the completion of the sale, the chief accounting officer now owns 24,388 shares in the company, valued at approximately $830,167.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.94% of the stock is currently owned by corporate insiders.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
Further Reading: Why do analysts give a neutral rating?
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