Algert Global LLC Makes New Investment in Lazard, Inc. (NYSE:LAZ)

Algert Global LLC bought a new stake in shares of Lazard, Inc. (NYSE:LAZ) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 8,799 shares of the asset manager’s stock, valued at approximately $336,000.

Other hedge funds have also made changes to their positions in the company. Redwood Investment Management LLC acquired a new stake in Lazard in the first quarter valued at $1,504,000. Orion Portfolio Solutions LLC bought a new position in shares of Lazard during the first quarter worth about $1,126,000. Swedbank AB acquired a new position in Lazard in the first quarter worth about $6,733,000. Interval Partners LP bought a new stake in Lazard in the second quarter valued at about $1,626,000. Finally, Great Lakes Retirement Inc. bought a new stake in Lazard in the first quarter valued at about $671,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Insider Buying and Selling at Lazard

In other Lazard news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the transaction, the chairman now owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Lazard news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the sale, the chairman now directly owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.02, for a total transaction of $4,338,134.56. Following the completion of the transaction, the chairman now owns 1,640,995 shares of the company’s stock, 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 have sold 383,497 shares of company stock valued at $18,020,696 in the last quarter. Corporate insiders own 3.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a report on Friday, July 26th. The Goldman Sachs Group raised their price objective on Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $56.00 target price (up previously from $49.00) on shares of Lazard in a research note on Friday, July 26th. UBS Group raised their price target on shares of Lazard from $49.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Morgan Stanley lifted their price target on shares of Lazard from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Lazard has an average rating of “Moderate Buy” and a consensus target price of $50.43.

Lazard Stock Performance

LAZ stock opened at $48.35 on Wednesday. The stock’s fifty day moving average is $48.01 and its two-hundred day moving average is $42.90. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of -138.13 and a beta of 1.39. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.94 and a current ratio of 1.94. Lazard, Inc. has a 1 year low of $25.82 and a 1 year high of $51.46.

Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.17. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The firm had revenue of $685.30 million during the quarter, compared to analyst estimates of $625.40 million. During the same period in the previous year, the business posted $0.24 EPS. Lazard’s revenue was up 6.6% on a year-over-year basis. On average, research analysts predict that Lazard, Inc. will post 2.4 EPS for the current year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.14%. The ex-dividend date was Monday, August 5th. Lazard’s dividend payout ratio is currently -571.43%.

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.