Sandy Spring Bank Lowers Holdings in Lazard Ltd (LAZ)
Sandy Spring Bank decreased its position in Lazard Ltd (NYSE:LAZ) by 3.9% during the 1st quarter, Holdings Channel reports. The firm owned 17,040 shares of the asset manager’s stock after selling 688 shares during the quarter. Sandy Spring Bank’s holdings in Lazard were worth $616,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. First Mercantile Trust Co. lifted its position in shares of Lazard by 103.8% in the fourth quarter. First Mercantile Trust Co. now owns 1,060 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 540 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its position in shares of Lazard by 111.3% in the first quarter. Alpha Omega Wealth Management LLC now owns 1,253 shares of the asset manager’s stock valued at $45,000 after acquiring an additional 660 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Lazard by 61.8% in the fourth quarter. Advisors Asset Management Inc. now owns 1,707 shares of the asset manager’s stock valued at $63,000 after acquiring an additional 652 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in shares of Lazard in the first quarter valued at $97,000. Finally, Chiron Investment Management LLC lifted its position in shares of Lazard by 7.5% in the fourth quarter. Chiron Investment Management LLC now owns 4,303 shares of the asset manager’s stock valued at $159,000 after acquiring an additional 300 shares in the last quarter. 68.27% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the company. Zacks Investment Research upgraded Lazard from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. TheStreet upgraded Lazard from a “c” rating to a “b-” rating in a research report on Wednesday, February 6th. ValuEngine downgraded Lazard from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 5th. Finally, Bank of America downgraded Lazard from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Lazard presently has an average rating of “Hold” and a consensus target price of $47.20.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, April 25th. The asset manager reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.29. Lazard had a return on equity of 48.17% and a net margin of 16.72%. The firm had revenue of $620.00 million for the quarter, compared to the consensus estimate of $598.66 million. During the same period in the prior year, the business posted $1.26 earnings per share. The firm’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, equities analysts anticipate that Lazard Ltd will post 3.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, May 3rd. This is an increase from Lazard’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a yield of 5.31%. Lazard’s dividend payout ratio is 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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