Lazard Ltd. (LAZ) Shares Sold by Tradition Capital Management LLC
Tradition Capital Management LLC decreased its stake in shares of Lazard Ltd. (NYSE:LAZ) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 23,975 shares of the asset manager’s stock after selling 1,500 shares during the period. Tradition Capital Management LLC owned 18,474.99% of Lazard worth $1,084,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Dividend Assets Capital LLC boosted its holdings in shares of Lazard by 0.7% during the 2nd quarter. Dividend Assets Capital LLC now owns 10,255 shares of the asset manager’s stock worth $475,000 after buying an additional 75 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Lazard by 0.9% during the 1st quarter. New York State Teachers Retirement System now owns 11,200 shares of the asset manager’s stock worth $515,000 after buying an additional 100 shares during the period. Cadence Capital Management LLC boosted its holdings in shares of Lazard by 1.6% during the 2nd quarter. Cadence Capital Management LLC now owns 14,755 shares of the asset manager’s stock worth $684,000 after buying an additional 232 shares during the period. Aperio Group LLC boosted its holdings in Lazard by 3.3% in the 2nd quarter. Aperio Group LLC now owns 8,430 shares of the asset manager’s stock valued at $391,000 after purchasing an additional 266 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Lazard by 9.0% in 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. 71.92% of the stock is owned by institutional investors and hedge funds.
Shares of Lazard Ltd. (NYSE:LAZ) traded up $0.46 during trading hours on Thursday, hitting $47.90. 138,759 shares of the stock traded hands, compared to its average volume of 683,992. The firm has a market cap of $6,019.85, a PE ratio of 12.24, a PEG ratio of 1.55 and a beta of 1.89. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.87. Lazard Ltd. has a one year low of $37.37 and a one year high of $48.86.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, beating the consensus estimate of $0.75 by $0.10. The company had revenue of $624.00 million during the quarter, compared to analysts’ expectations of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. sell-side analysts forecast that Lazard Ltd. will post 3.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Friday, November 3rd. Lazard’s payout ratio is presently 46.86%.
Lazard declared that its Board of Directors has approved a stock repurchase plan on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of research firms have issued reports on LAZ. Nomura boosted their price objective on shares of Lazard from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. BidaskClub downgraded shares of Lazard from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. ValuEngine downgraded shares of Lazard from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 3rd. Buckingham Research boosted their price objective on shares of Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a report on Friday, October 27th. Finally, Zacks Investment Research downgraded shares of Lazard from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $48.56.
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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