Shufro Rose & Co. LLC Sells 1,400 Shares of Lazard Ltd. (LAZ)
Shufro Rose & Co. LLC decreased its position in shares of Lazard Ltd. (NYSE:LAZ) by 14.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,550 shares of the asset manager’s stock after selling 1,400 shares during the period. Shufro Rose & Co. LLC’s holdings in Lazard were worth $396,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in LAZ. Janney Montgomery Scott LLC raised its stake in shares of Lazard by 16.2% in the first quarter. Janney Montgomery Scott LLC now owns 20,695 shares of the asset manager’s stock worth $952,000 after buying an additional 2,889 shares during the last quarter. Glen Harbor Capital Management LLC purchased a new stake in shares of Lazard during the first quarter worth approximately $2,446,000. Acadian Asset Management LLC raised its stake in shares of Lazard by 97.8% in the first quarter. Acadian Asset Management LLC now owns 10,410 shares of the asset manager’s stock worth $479,000 after buying an additional 5,148 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Lazard by 8.1% in the first quarter. ProShare Advisors LLC now owns 18,773 shares of the asset manager’s stock worth $863,000 after buying an additional 1,414 shares during the last quarter. Finally, Van Cleef Asset Management Inc raised its stake in shares of Lazard by 1.4% in the first quarter. Van Cleef Asset Management Inc now owns 123,215 shares of the asset manager’s stock worth $5,667,000 after buying an additional 1,705 shares during the last quarter. 69.05% of the stock is currently owned by hedge funds and other institutional investors.
Lazard Ltd. (NYSE LAZ) opened at 43.85 on Wednesday. The company has a market capitalization of $5.33 billion, a P/E ratio of 12.42 and a beta of 1.84. The stock’s 50 day moving average price is $46.19 and its 200-day moving average price is $44.84. Lazard Ltd. has a 12 month low of $33.48 and a 12 month high of $48.86.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, beating the 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 return on equity of 39.33% and a net margin of 17.39%. Lazard’s quarterly revenue was up 32.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.61 EPS. On average, equities research analysts predict that Lazard Ltd. will post $3.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Thursday, August 3rd. Lazard’s dividend payout ratio is presently 46.46%.
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A number of analysts have recently commented on the company. BidaskClub raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Credit Suisse Group reissued a “buy” rating and set a $50.00 price target on shares of Lazard in a research note on Friday, April 21st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $51.00 price target on shares of Lazard in a research note on Tuesday, May 9th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $46.89.
In related news, CFO Matthieu Bucaille sold 90,000 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed 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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