GSA Capital Partners LLP trimmed its position in Lazard Ltd (NYSE:LAZ) by 10.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,019 shares of the asset manager’s stock after selling 7,650 shares during the quarter. GSA Capital Partners LLP owned about 0.05% of Lazard worth $2,985,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. LSV Asset Management boosted its holdings 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. BT Investment Management Ltd bought a new position in Lazard in the second quarter worth approximately $94,831,000. Vanguard Group Inc. raised its stake in Lazard by 7.4% in the second quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock worth $508,124,000 after buying an additional 750,941 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in Lazard by 2,608.0% in the second quarter. Lord Abbett & CO. LLC now owns 777,200 shares of the asset manager’s stock worth $36,008,000 after buying an additional 748,500 shares in the last quarter. Finally, Koch Industries Inc. bought a new position in Lazard in the second quarter worth approximately $510,000. 73.47% of the stock is currently owned by institutional investors.
LAZ has been the subject of a number of recent research reports. ValuEngine downgraded Lazard from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 3rd. Buckingham Research increased their target price on shares of Lazard from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Nomura increased their target price on shares of Lazard from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note 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 target price on the stock in a research note on Monday, October 23rd. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $48.56.
Lazard (NYSE:LAZ) last posted its quarterly earnings data 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. Lazard had a net margin of 17.16% and a return on equity of 38.81%. The firm had revenue of $624.00 million during the quarter, compared to analysts’ expectations of $593.19 million. During the same quarter last year, the company posted $0.85 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. equities research analysts forecast that Lazard Ltd will post 3.58 earnings per share for the current fiscal year.
Lazard announced that its board has initiated a stock buyback program on Wednesday, October 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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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