Stoneridge Investment Partners LLC Buys 1,494 Shares of Lazard Ltd. (LAZ)
Stoneridge Investment Partners LLC boosted its stake in shares of Lazard Ltd. (NYSE:LAZ) by 19.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,300 shares of the asset manager’s stock after acquiring an additional 1,494 shares during the period. Stoneridge Investment Partners LLC’s holdings in Lazard were worth $421,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Lazard by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock worth $508,124,000 after acquiring an additional 750,941 shares during the period. LSV Asset Management increased its stake in Lazard by 560.2% during the 2nd quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock worth $158,837,000 after acquiring an additional 2,909,090 shares during the period. Voya Investment Management LLC increased its stake in Lazard by 2.7% during the 2nd quarter. Voya Investment Management LLC now owns 2,207,755 shares of the asset manager’s stock worth $102,286,000 after acquiring an additional 57,181 shares during the period. BT Investment Management Ltd bought a new position in Lazard during the 2nd quarter worth $94,831,000. Finally, State Street Corp increased its stake in Lazard by 8.9% during the 1st quarter. State Street Corp now owns 1,713,338 shares of the asset manager’s stock worth $78,795,000 after acquiring an additional 140,406 shares during the period. Hedge funds and other institutional investors own 71.92% of the company’s stock.
A number of equities analysts have commented on the company. Nomura raised their price objective on Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. BidaskClub upgraded Lazard from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. ValuEngine upgraded Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Finally, Buckingham Research raised their price objective on Lazard from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $48.56.
Lazard Ltd. (NYSE LAZ) opened at $47.41 on Thursday. Lazard Ltd. has a 52 week low of $37.37 and a 52 week high of $48.86. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $6,019.85, a price-to-earnings ratio of 12.24, a PEG ratio of 1.55 and a beta of 1.89.
Lazard (NYSE:LAZ) last issued its quarterly earnings results on Thursday, October 26th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.10. Lazard had a return on equity of 38.81% and a net margin of 17.16%. The company had revenue of $624.00 million for the quarter, compared to analyst estimates of $593.19 million. During the same quarter last year, the company posted $0.85 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. sell-side analysts expect that Lazard Ltd. will post 3.52 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Monday, November 6th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 3.46%. Lazard’s dividend payout ratio is currently 46.86%.
Lazard announced that its Board of Directors has authorized a share repurchase 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 reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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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