First Trust Advisors LP Cuts Stock Holdings in Lazard, Inc. $LAZ

First Trust Advisors LP reduced its position in Lazard, Inc. (NYSE:LAZ) by 59.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,747 shares of the asset manager’s stock after selling 321,879 shares during the period. First Trust Advisors LP’s holdings in Lazard were worth $9,462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new stake in Lazard during the fourth quarter valued at $26,000. Sound Income Strategies LLC raised its position in shares of Lazard by 59.5% in the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after acquiring an additional 220 shares during the period. Quest 10 Wealth Builders Inc. acquired a new position in shares of Lazard in the fourth quarter worth about $32,000. IFP Advisors Inc boosted its stake in shares of Lazard by 53.5% during the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after acquiring an additional 224 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Lazard during the 2nd quarter worth about $38,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Price Performance

Shares of NYSE LAZ opened at $42.41 on Friday. The firm has a 50-day simple moving average of $43.77 and a 200-day simple moving average of $46.47. The company has a quick ratio of 3.51, a current ratio of 2.84 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. Lazard, Inc. has a 52 week low of $38.67 and a 52 week high of $58.75.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Friday, July 24th. The asset manager reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.22). Lazard had a return on equity of 23.58% and a net margin of 6.95%.The business had revenue of $786.47 million for the quarter, compared to analyst estimates of $736.29 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. On average, equities analysts predict that Lazard, Inc. will post 2.18 earnings per share for the current fiscal year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Monday, August 3rd. Lazard’s dividend payout ratio (DPR) is 98.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LAZ shares. Zacks Research upgraded Lazard from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods reduced their price target on Lazard from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Friday, July 24th. Citigroup reiterated a “market outperform” rating on shares of Lazard in a research report on Friday, July 24th. Weiss Ratings lowered Lazard from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday. Finally, Morgan Stanley set a $44.00 price objective on Lazard in a research report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lazard currently has a consensus rating of “Hold” and a consensus price target of $50.38.

Lazard Profile

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.