Barings LLC boosted its stake in Lazard Ltd (NYSE:LAZ) by 30.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,900 shares of the asset manager’s stock after buying an additional 7,000 shares during the period. Barings LLC’s holdings in Lazard were worth $1,570,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. LSV Asset Management grew its position in Lazard by 2.4% in the 4th quarter. LSV Asset Management now owns 3,839,794 shares of the asset manager’s stock valued at $201,589,000 after buying an additional 91,021 shares in the last quarter. Strs Ohio grew its position in Lazard by 13.1% in the 4th quarter. Strs Ohio now owns 1,680,000 shares of the asset manager’s stock valued at $88,200,000 after buying an additional 194,000 shares in the last quarter. Public Employees Retirement Association of Colorado grew its position in Lazard by 2.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,673,954 shares of the asset manager’s stock valued at $87,883,000 after buying an additional 42,381 shares in the last quarter. Hosking Partners LLP grew its position in Lazard by 0.5% in the 3rd quarter. Hosking Partners LLP now owns 1,013,954 shares of the asset manager’s stock valued at $45,851,000 after buying an additional 4,667 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Lazard by 71.5% in the 3rd quarter. Principal Financial Group Inc. now owns 971,137 shares of the asset manager’s stock valued at $43,915,000 after buying an additional 405,016 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Shares of Lazard Ltd (NYSE:LAZ) opened at $55.40 on Tuesday. Lazard Ltd has a 1-year low of $40.50 and a 1-year high of $60.00. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market cap of $7,190.00, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.31 and a beta of 1.84.
Lazard announced that its Board of Directors has authorized a share buyback plan on Wednesday, October 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the asset manager to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Monday, February 12th will be issued a $0.116 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Friday, February 9th. Lazard’s payout ratio is 85.42%.
LAZ has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 target price for the company in a research report on Monday, October 23rd. Buckingham Research increased their target price 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. Nomura upgraded shares of Lazard from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $62.00 in a research report on Wednesday, January 3rd. Instinet upgraded shares of Lazard from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 3rd. Finally, Goldman Sachs Group upgraded shares of Lazard from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Monday, January 8th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $60.56.
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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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