Tocqueville Asset Management L.P. cut its position in shares of Lazard Ltd (NYSE:LAZ) by 10.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 124,050 shares of the asset manager’s stock after selling 15,200 shares during the period. Tocqueville Asset Management L.P.’s holdings in Lazard were worth $5,971,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Maltese Capital Management LLC increased its position in shares of Lazard by 12.7% during the 2nd quarter. Maltese Capital Management LLC now owns 265,000 shares of the asset manager’s stock valued at $12,961,000 after purchasing an additional 29,900 shares during the period. SG Americas Securities LLC acquired a new position in shares of Lazard during the 2nd quarter valued at $130,000. LSV Asset Management increased its position in shares of Lazard by 4.7% during the 2nd quarter. LSV Asset Management now owns 4,073,240 shares of the asset manager’s stock valued at $199,222,000 after purchasing an additional 182,346 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Lazard by 11.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,026,175 shares of the asset manager’s stock valued at $50,191,000 after purchasing an additional 103,310 shares during the period. Finally, Seven Eight Capital LP acquired a new position in shares of Lazard during the 3rd quarter valued at $1,959,000. Institutional investors own 71.37% of the company’s stock.
LAZ has been the topic of a number of recent research reports. Goldman Sachs Group initiated coverage on Lazard in a report on Tuesday, November 6th. They issued a “neutral” rating and a $46.00 target price on the stock. ValuEngine upgraded Lazard from a “strong sell” rating to a “sell” rating in a report on Friday, November 23rd. Zacks Investment Research cut Lazard from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Wolfe Research initiated coverage on Lazard in a report on Tuesday, September 25th. They issued a “market perform” rating on the stock. Finally, Buckingham Research decreased their target price on Lazard from $64.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, October 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Lazard has a consensus rating of “Hold” and an average price target of $57.75.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, October 25th. The asset manager reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.93 by ($0.07). The company had revenue of $605.61 million during the quarter. Lazard had a return on equity of 49.98% and a net margin of 11.49%. As a group, research analysts expect that Lazard Ltd will post 4.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Monday, November 5th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, November 2nd. This represents a $1.76 annualized dividend and a dividend yield of 4.96%. Lazard’s dividend payout ratio (DPR) is presently 46.56%.
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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