Sei Investments Co. Lowers Holdings in Lazard Ltd. (LAZ)

Sei Investments Co. decreased its stake in Lazard Ltd. (NYSE:LAZ) by 29.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,751 shares of the asset manager’s stock after selling 10,899 shares during the period. Sei Investments Co.’s holdings in Lazard were worth $1,164,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Lazard by 7.4% in the second quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock valued at $508,124,000 after purchasing an additional 750,941 shares during the period. LSV Asset Management raised its position in shares of Lazard by 560.2% in the second quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock valued at $158,837,000 after purchasing an additional 2,909,090 shares during the period. Voya Investment Management LLC raised its position in shares of Lazard by 2.7% in the second quarter. Voya Investment Management LLC now owns 2,207,755 shares of the asset manager’s stock valued at $102,286,000 after purchasing an additional 57,181 shares during the period. BT Investment Management Ltd bought a new stake in shares of Lazard in the second quarter valued at approximately $94,831,000. Finally, FMR LLC raised its position in shares of Lazard by 35.2% in the second quarter. FMR LLC now owns 1,647,335 shares of the asset manager’s stock valued at $76,322,000 after purchasing an additional 429,046 shares during the period. 73.52% of the stock is currently owned by institutional investors and hedge funds.

Shares of Lazard Ltd. (NYSE:LAZ) opened at $50.47 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market cap of $6,485.71, a P/E ratio of 13.19, a P/E/G ratio of 1.66 and a beta of 1.89. Lazard Ltd. has a twelve month low of $40.22 and a twelve month high of $52.22.

Lazard (NYSE:LAZ) last posted its earnings results on Thursday, October 26th. The asset manager reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.10. The business had revenue of $624.00 million for the quarter, compared to analyst estimates of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. Lazard’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 EPS. analysts forecast that Lazard Ltd. will post 3.53 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Friday, November 3rd. Lazard’s dividend payout ratio (DPR) is presently 46.86%.

Lazard announced that its board has authorized a share buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

LAZ has been the topic of several research reports. Buckingham Research boosted their price target on shares of Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, October 27th. BidaskClub lowered shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. ValuEngine lowered shares of Lazard from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 3rd. Nomura boosted their price target on shares of Lazard from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. Finally, Zacks Investment Research raised shares of Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 price target on the stock in a research report on Monday, October 23rd. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lazard currently has a consensus rating of “Buy” and an average target price of $48.56.

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About Lazard

Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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