Lazard Ltd (LAZ) Shares Sold by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC lessened its stake in Lazard Ltd (NYSE:LAZ) by 6.1% in the 1st quarter, HoldingsChannel reports. The fund owned 12,254 shares of the asset manager’s stock after selling 791 shares during the period. Wedge Capital Management L L P NC’s holdings in Lazard were worth $443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Hudson Capital Management LLC lifted its position in Lazard by 23.3% in the fourth quarter. Hudson Capital Management LLC now owns 29,410 shares of the asset manager’s stock valued at $1,086,000 after purchasing an additional 5,559 shares during the period. Greystone Managed Investments Inc. grew its stake in Lazard by 37.0% in the 4th quarter. Greystone Managed Investments Inc. now owns 80,126 shares of the asset manager’s stock worth $2,957,000 after acquiring an additional 21,635 shares during the period. High Pointe Capital Management LLC purchased a new stake in Lazard in the 4th quarter worth approximately $648,000. Oakbrook Investments LLC purchased a new stake in Lazard in the 1st quarter worth approximately $217,000. Finally, Telemus Capital LLC grew its stake in Lazard by 3.1% in the 4th quarter. Telemus Capital LLC now owns 39,670 shares of the asset manager’s stock worth $1,464,000 after acquiring an additional 1,175 shares during the period. Institutional investors own 68.27% of the company’s stock.
Several research firms recently issued reports on LAZ. Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Bank of America downgraded shares of Lazard from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Thursday, April 11th. TheStreet raised shares of Lazard from a “c” rating to a “b-” rating in a research note on Wednesday, February 6th. Finally, ValuEngine downgraded shares of Lazard from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 5th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $47.20.
Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.29. The firm had revenue of $620.00 million for the quarter, compared to the consensus estimate of $598.66 million. Lazard had a net margin of 16.72% and a return on equity of 48.17%. The firm’s quarterly revenue was down 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 EPS. Analysts forecast that Lazard Ltd will post 3.71 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be given a $0.47 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.88 annualized dividend and a dividend yield of 5.30%. This is an increase from Lazard’s previous quarterly dividend of $0.44. Lazard’s payout ratio is presently 30.29%.
Lazard Company Profile
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.
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