CIBC Asset Management Inc purchased a new position in Lazard Ltd (NYSE:LAZ) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,623 shares of the asset manager’s stock, valued at approximately $243,000.
A number of other institutional investors also recently made changes to their positions in LAZ. Denali Advisors LLC purchased a new position in Lazard in the 4th quarter worth approximately $105,000. PNC Financial Services Group Inc. increased its stake in Lazard by 9.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock worth $172,000 after purchasing an additional 306 shares during the period. Oakbrook Investments LLC purchased a new position in Lazard in the 4th quarter worth approximately $208,000. Cambridge Investment Research Advisors Inc. purchased a new position in Lazard in the 3rd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company increased its stake in Lazard by 18.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock worth $225,000 after purchasing an additional 753 shares during the period. 71.50% of the stock is currently owned by institutional investors and hedge funds.
Lazard Ltd (NYSE LAZ) opened at $56.48 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.09 and a current ratio of 2.09. Lazard Ltd has a 12 month low of $40.50 and a 12 month high of $60.00. The stock has a market capitalization of $7,330.00, a P/E ratio of 29.42, a PEG ratio of 1.28 and a beta of 1.84.
Lazard announced that its board has authorized a stock buyback plan on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Monday, February 12th will be given a dividend of $0.116 per share. The ex-dividend date of this dividend is Friday, February 9th. This represents a $0.46 annualized dividend and a dividend yield of 0.82%. Lazard’s dividend payout ratio is presently 85.42%.
Several equities analysts have recently issued reports on the company. TheStreet cut Lazard from an “a-” rating to a “c+” rating in a research note on Friday, February 2nd. Zacks Investment Research raised Lazard from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Monday, February 5th. JMP Securities boosted their target price on Lazard from $63.00 to $65.00 and gave the company a “market outperform” rating in a research note on Friday, February 2nd. Nomura boosted their target price on Lazard from $62.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $67.00 target price on shares of Lazard in a research note on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Lazard has an average rating of “Buy” and an average target price of $60.56.
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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