Murphy Pohlad Asset Management LLC Maintains Position in Lazard Ltd. (LAZ)
Murphy Pohlad Asset Management LLC continued to hold its stake in shares of Lazard Ltd. (NYSE:LAZ) during the second quarter, Holdings Channel reports. The institutional investor owned 70,395 shares of the asset manager’s stock at the end of the second quarter. Lazard makes up approximately 2.4% of Murphy Pohlad Asset Management LLC’s portfolio, making the stock its 14th largest position. Murphy Pohlad Asset Management LLC’s holdings in Lazard were worth $3,261,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Lazard by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,216,558 shares of the asset manager’s stock valued at $469,860,000 after buying an additional 397,075 shares during the period. BlackRock Inc. increased its stake in shares of Lazard by 68,589.3% in the first quarter. BlackRock Inc. now owns 7,603,906 shares of the asset manager’s stock valued at $349,704,000 after buying an additional 7,592,836 shares during the period. Westpac Banking Corp acquired a new stake in shares of Lazard during the first quarter valued at about $103,532,000. Blue Harbour Group L.P. increased its stake in shares of Lazard by 23.4% in the first quarter. Blue Harbour Group L.P. now owns 1,720,041 shares of the asset manager’s stock valued at $79,105,000 after buying an additional 326,683 shares during the period. Finally, State Street Corp increased its stake in shares of Lazard by 8.9% in the first quarter. State Street Corp now owns 1,713,338 shares of the asset manager’s stock valued at $78,795,000 after buying an additional 140,406 shares during the period. 69.05% of the stock is currently owned by institutional investors.
Shares of Lazard Ltd. (LAZ) opened at 43.85 on Wednesday. The company has a market cap of $5.33 billion, a P/E ratio of 12.42 and a beta of 1.84. Lazard Ltd. has a 1-year low of $33.48 and a 1-year high of $48.86. The firm has a 50-day moving average price of $46.19 and a 200-day moving average price of $44.84.
Lazard (NYSE:LAZ) last issued its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.18. The company had revenue of $720.16 million for the quarter, compared to the consensus estimate of $627.12 million. Lazard had a return on equity of 39.33% and a net margin of 17.39%. Lazard’s revenue for the quarter was up 32.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.61 earnings per share. On average, equities analysts expect that Lazard Ltd. will post $3.59 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be given a dividend of $0.41 per share. The ex-dividend date is Thursday, August 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 3.74%. Lazard’s dividend payout ratio is currently 46.46%.
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LAZ has been the topic of several recent analyst reports. BidaskClub raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $51.00 target price on shares of Lazard in a research note on Tuesday, May 9th. Credit Suisse Group reissued a “buy” rating and set a $50.00 target price on shares of Lazard in a research note on Friday, April 21st. Finally, ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Lazard currently has an average rating of “Buy” and a consensus target price of $46.89.
In other Lazard news, CFO Matthieu Bucaille sold 90,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total transaction of $4,032,900.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.50% of the company’s stock.
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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