Meritage Portfolio Management lessened its stake in shares of Lazard Ltd (NYSE:LAZ) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,362 shares of the asset manager’s stock after selling 2,755 shares during the quarter. Meritage Portfolio Management’s holdings in Lazard were worth $3,933,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. First Trust Advisors LP grew its holdings in shares of Lazard by 131.5% during the second quarter. First Trust Advisors LP now owns 403,017 shares of the asset manager’s stock valued at $13,860,000 after purchasing an additional 228,906 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Lazard by 3.3% during the second quarter. Janney Montgomery Scott LLC now owns 17,384 shares of the asset manager’s stock valued at $598,000 after purchasing an additional 554 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Lazard by 482.8% during the second quarter. SG Americas Securities LLC now owns 37,756 shares of the asset manager’s stock valued at $1,298,000 after purchasing an additional 31,278 shares during the last quarter. Lesa Sroufe & Co grew its holdings in shares of Lazard by 4.1% during the second quarter. Lesa Sroufe & Co now owns 93,508 shares of the asset manager’s stock valued at $3,216,000 after purchasing an additional 3,717 shares during the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in shares of Lazard during the second quarter valued at approximately $486,000. Institutional investors own 65.55% of the company’s stock.
Several research firms have recently commented on LAZ. Buckingham Research lowered their target price on Lazard from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. UBS Group lowered Lazard from a “buy” rating to a “neutral” rating and lowered their target price for the company from $43.00 to $36.00 in a report on Monday, June 10th. Finally, Zacks Investment Research lowered Lazard from a “hold” rating to a “sell” rating and set a $41.00 target price for the company. in a report on Friday, July 26th. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Lazard presently has a consensus rating of “Hold” and a consensus price target of $40.33.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 25th. The asset manager reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.10. The company had revenue of $630.00 million during the quarter, compared to analyst estimates of $604.18 million. Lazard had a return on equity of 47.09% and a net margin of 14.42%. The business’s revenue was down 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.10 earnings per share. Equities research analysts predict that Lazard Ltd will post 3.35 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date of this dividend is Friday, August 2nd. Lazard’s dividend payout ratio (DPR) is 45.19%.
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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