Dimensional Fund Advisors LP boosted its stake in shares of Lazard Ltd (NYSE:LAZ) by 111.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 738,623 shares of the asset manager’s stock after purchasing an additional 388,820 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.57% of Lazard worth $33,399,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Koch Industries Inc. acquired a new position in Lazard during the 2nd quarter valued at approximately $510,000. Vanguard Group Inc. raised its stake in Lazard by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock valued at $508,124,000 after acquiring an additional 750,941 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Lazard during the 2nd quarter valued at $1,390,000. MRJ Capital Inc. bought a new stake in Lazard during the 3rd quarter valued at $3,803,000. Finally, 361 Capital LLC bought a new stake in Lazard during the 2nd quarter valued at $3,931,000. Institutional investors and hedge funds own 73.47% of the company’s stock.
Shares of Lazard Ltd (NYSE LAZ) opened at $57.71 on Monday. Lazard Ltd has a 12 month low of $40.37 and a 12 month high of $58.39. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $7,490.00, a price-to-earnings ratio of 16.12, a PEG ratio of 1.92 and a beta of 1.89.
Lazard announced that its board has approved a share buyback program on Wednesday, October 25th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Several brokerages have weighed in on LAZ. Sandler O’Neill reaffirmed a “buy” rating and set a $64.00 target price on shares of Lazard in a research note on Thursday. Goldman Sachs Group raised Lazard from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Monday, January 8th. Nomura raised Lazard from a “neutral” rating to a “buy” rating and lifted their target price for the company from $46.00 to $62.00 in a research note on Wednesday, January 3rd. Instinet raised Lazard from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 3rd. Finally, Zacks Investment Research downgraded Lazard from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Lazard currently has an average rating of “Buy” and an average target price of $53.80.
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Lazard Company Profile
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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