Cadence Capital Management LLC reduced its stake in Lazard Ltd (NYSE:LAZ) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,268 shares of the asset manager’s stock after selling 1,428 shares during the quarter. Cadence Capital Management LLC’s holdings in Lazard were worth $1,794,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Wedge Capital Management L L P NC raised its position in Lazard by 9.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 12,515 shares of the asset manager’s stock worth $612,000 after buying an additional 1,087 shares during the last quarter. Putnam Investments LLC raised its position in Lazard by 27.0% during the 2nd quarter. Putnam Investments LLC now owns 5,664 shares of the asset manager’s stock worth $277,000 after buying an additional 1,203 shares during the last quarter. Mckinley Capital Management LLC Delaware raised its position in Lazard by 5.8% during the 2nd quarter. Mckinley Capital Management LLC Delaware now owns 23,223 shares of the asset manager’s stock worth $1,136,000 after buying an additional 1,266 shares during the last quarter. Twin Capital Management Inc. raised its position in Lazard by 2.1% during the 2nd quarter. Twin Capital Management Inc. now owns 71,390 shares of the asset manager’s stock worth $3,492,000 after buying an additional 1,450 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in Lazard by 2.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 75,135 shares of the asset manager’s stock worth $3,675,000 after buying an additional 1,625 shares during the last quarter. 71.59% of the stock is owned by hedge funds and other institutional investors.
LAZ opened at $40.32 on Friday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 1.28. The company has a market cap of $5.41 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.19 and a beta of 1.86. Lazard Ltd has a 12-month low of $37.75 and a 12-month high of $60.00.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, October 25th. The asset manager reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.07). The firm had revenue of $605.61 million for the quarter. Lazard had a net margin of 11.49% and a return on equity of 49.98%. Analysts expect that Lazard Ltd will post 4.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Monday, November 5th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Friday, November 2nd. Lazard’s dividend payout ratio (DPR) is 46.56%.
LAZ has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Lazard from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Tuesday, July 31st. TheStreet lowered shares of Lazard from a “b” rating to a “c+” rating in a research report on Friday, July 27th. Wolfe Research initiated coverage on shares of Lazard in a research report on Tuesday, September 25th. They set a “market perform” rating for the company. Goldman Sachs Group initiated coverage on shares of Lazard in a research report on Tuesday. They set a “neutral” rating and a $46.00 price target for the company. Finally, Buckingham Research reduced their price target on shares of Lazard from $64.00 to $52.00 and set a “neutral” rating for the company in a research report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $57.75.
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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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