RWC Asset Management LLP Has $41.99 Million Position in Lazard Ltd (LAZ)
RWC Asset Management LLP raised its holdings in Lazard Ltd (NYSE:LAZ) by 11.2% during the fourth quarter, Holdings Channel reports. The fund owned 799,814 shares of the asset manager’s stock after purchasing an additional 80,742 shares during the period. Lazard makes up about 2.2% of RWC Asset Management LLP’s holdings, making the stock its 8th biggest holding. RWC Asset Management LLP’s holdings in Lazard were worth $41,990,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in LAZ. Denali Advisors LLC bought a new position in Lazard in the fourth quarter valued at about $105,000. PNC Financial Services Group Inc. grew its position in Lazard by 9.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after acquiring an additional 306 shares during the last quarter. Oakbrook Investments LLC bought a new position in Lazard in the fourth quarter valued at about $208,000. Cambridge Investment Research Advisors Inc. bought a new position in Lazard in the third quarter valued at about $221,000. Finally, The Manufacturers Life Insurance Company grew its position in Lazard by 18.4% in the second quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock valued at $225,000 after acquiring an additional 753 shares during the last quarter. Hedge funds and other institutional investors own 71.50% of the company’s stock.
A number of research firms have issued reports on LAZ. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $67.00 target price on shares of Lazard in a research report on Thursday, February 1st. Nomura lifted their target price on Lazard from $62.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. JMP Securities lifted their target price on Lazard from $63.00 to $65.00 and gave the company a “market outperform” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded Lazard from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Monday, February 5th. Finally, TheStreet cut Lazard from an “a-” rating to a “c+” rating in a research report on Friday, February 2nd. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Lazard presently has a consensus rating of “Buy” and an average price target of $60.56.
Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, February 1st. The asset manager reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.20. The company had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $658.86 million. Lazard had a return on equity of 38.66% and a net margin of 9.40%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 earnings per share. research analysts anticipate that Lazard Ltd will post 3.99 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 12th will be issued a dividend of $0.116 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, February 9th. Lazard’s dividend payout ratio (DPR) is currently 89.13%.
Lazard announced that its board has authorized a stock buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the asset manager to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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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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