Royal Bank of Canada lessened its holdings in shares of Lazard Ltd. (NYSE:LAZ) by 56.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 132,647 shares of the asset manager’s stock after selling 169,618 shares during the quarter. Royal Bank of Canada owned approximately 0.10% of Lazard worth $6,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of Lazard by 9.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after purchasing an additional 306 shares during the period. JFS Wealth Advisors LLC raised its position in shares of Lazard by 1,759.2% during the 2nd quarter. JFS Wealth Advisors LLC now owns 3,830 shares of the asset manager’s stock valued at $177,000 after purchasing an additional 3,624 shares during the period. SG Americas Securities LLC bought a new stake in shares of Lazard during the 2nd quarter valued at $179,000. Pinnacle Financial Partners Inc. bought a new stake in shares of Lazard during the 2nd quarter valued at $206,000. Finally, Ballentine Partners LLC bought a new stake in shares of Lazard during the 2nd quarter valued at $216,000. Institutional investors and hedge funds own 72.21% of the company’s stock.

Shares of Lazard Ltd. (LAZ) opened at 46.03 on Friday. Lazard Ltd. has a one year low of $35.51 and a one year high of $48.86. The company has a market capitalization of $5.60 billion, a P/E ratio of 13.04 and a beta of 1.85. The firm has a 50-day moving average of $43.82 and a 200-day moving average of $44.68.

Lazard (NYSE:LAZ) last posted its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.18. The company had revenue of $720.16 million during the quarter, compared to analysts’ expectations of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The firm’s revenue for the quarter was up 32.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. Analysts forecast that Lazard Ltd. will post $3.51 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this news story on another website, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The original version of this news story can be accessed at https://www.watchlistnews.com/royal-bank-of-canada-has-6-15-million-stake-in-lazard-ltd-laz/1645291.html.

Several analysts have recently commented on the stock. BidaskClub upgraded shares of Lazard from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. ValuEngine upgraded shares of Lazard from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 28th. Finally, Zacks Investment Research downgraded shares of Lazard from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $46.43.

Lazard 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.

Want to see what other hedge funds are holding LAZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lazard Ltd. (NYSE:LAZ).

Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

Receive News & Ratings for Lazard Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard Ltd. and related companies with Analyst Ratings Network's FREE daily email newsletter.