Wealth Enhancement Advisory Services LLC acquired a new stake in Lazard, Inc. (NYSE:LAZ – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,670 shares of the asset manager’s stock, valued at approximately $235,000.
Other hedge funds also recently added to or reduced their stakes in the company. Continuum Advisory LLC boosted its stake in shares of Lazard by 58.9% during the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 330 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd lifted its holdings in Lazard by 3.3% during the second quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,392 shares of the asset manager’s stock worth $702,000 after buying an additional 589 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Lazard during the 1st quarter valued at $25,000. Great Lakes Retirement Inc. increased its holdings in shares of Lazard by 3.5% in the 3rd quarter. Great Lakes Retirement Inc. now owns 18,646 shares of the asset manager’s stock valued at $939,000 after acquiring an additional 624 shares during the period. Finally, Richardson Financial Services Inc. raised its position in shares of Lazard by 1,125.0% in the 2nd quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after acquiring an additional 675 shares in the last quarter. 54.80% of the stock is owned by hedge funds and other institutional investors.
Lazard Price Performance
NYSE LAZ opened at $57.96 on Tuesday. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 23.22 and a beta of 1.38. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.24 and a quick ratio of 1.94. The stock’s fifty day moving average price is $50.81 and its 200 day moving average price is $45.06. Lazard, Inc. has a 1 year low of $25.82 and a 1 year high of $61.14.
Lazard Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. Lazard’s payout ratio is currently 79.68%.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on LAZ shares. JMP Securities raised their price objective on Lazard from $55.00 to $59.00 and gave the company a “market outperform” rating in a research report on Friday, November 1st. StockNews.com cut shares of Lazard from a “buy” rating to a “hold” rating in a report on Monday, November 4th. UBS Group raised their target price on shares of Lazard from $49.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods upped their price target on Lazard from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Morgan Stanley raised their price objective on Lazard from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lazard presently has an average rating of “Hold” and an average price target of $53.00.
Check Out Our Latest Stock Analysis on LAZ
Insider Buying and Selling
In other Lazard news, Chairman Kenneth M. Jacobs sold 87,770 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total transaction of $4,219,981.60. Following the sale, the chairman now directly owns 1,553,225 shares of the company’s stock, valued at approximately $74,679,058. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lazard news, Chairman Kenneth M. Jacobs sold 87,770 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total value of $4,219,981.60. Following the completion of the transaction, the chairman now owns 1,553,225 shares in the company, valued at approximately $74,679,058. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.02, for a total value of $4,338,134.56. Following the sale, the chairman now owns 1,640,995 shares in the company, valued at $82,082,569.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 176,497 shares of company stock valued at $8,658,086 over the last 90 days. Insiders own 3.86% of the company’s stock.
Lazard Company Profile
Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.
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