JPMorgan Chase & Co. Has $9.53 Million Stock Position in Lazard, Inc. (NYSE:LAZ)

JPMorgan Chase & Co. lessened its position in shares of Lazard, Inc. (NYSE:LAZFree Report) by 60.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 189,245 shares of the asset manager’s stock after selling 288,220 shares during the quarter. JPMorgan Chase & Co.’s holdings in Lazard were worth $9,534,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Richardson Financial Services Inc. increased its stake 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 valued at $28,000 after acquiring an additional 675 shares in the last quarter. Abich Financial Wealth Management LLC bought a new stake in Lazard in the third quarter valued at $50,000. Redwood Wealth Management Group LLC bought a new position in shares of Lazard during the 2nd quarter worth about $87,000. Los Angeles Capital Management LLC bought a new stake in Lazard in the 2nd quarter valued at about $211,000. Finally, My Legacy Advisors LLC acquired a new position in Lazard during the 3rd quarter worth approximately $215,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Analyst Upgrades and Downgrades

LAZ has been the subject of a number of analyst reports. UBS Group lifted their price objective on shares of Lazard from $49.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, October 8th. Wolfe Research lowered Lazard from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Morgan Stanley lowered Lazard from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $60.00 to $63.00 in a report on Monday, December 9th. Keefe, Bruyette & Woods cut their target price on Lazard from $57.00 to $52.00 and set a “market perform” rating on the stock in a research report on Monday. Finally, JMP Securities increased their price target on Lazard from $55.00 to $59.00 and gave the company a “market outperform” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $53.17.

Read Our Latest Research Report on Lazard

Lazard Stock Down 3.3 %

Shares of LAZ opened at $45.76 on Tuesday. The firm has a market cap of $5.16 billion, a P/E ratio of 18.23 and a beta of 1.40. Lazard, Inc. has a 1 year low of $35.56 and a 1 year high of $61.14. The stock has a 50 day simple moving average of $54.02 and a two-hundred day simple moving average of $49.83. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.24 and a quick ratio of 2.24.

Lazard (NYSE:LAZGet Free Report) last announced its quarterly earnings results on Thursday, October 31st. The asset manager reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.03). The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $644.22 million. Lazard had a net margin of 8.28% and a return on equity of 42.20%. The company’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 EPS. On average, analysts forecast that Lazard, Inc. will post 2.18 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend was Friday, November 8th. Lazard’s payout ratio is presently 79.68%.

About Lazard

(Free Report)

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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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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