Lazard Ltd (NYSE:LAZ) Shares Sold by Van Cleef Asset Management Inc

Van Cleef Asset Management Inc lowered its position in shares of Lazard Ltd (NYSE:LAZ) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 210,784 shares of the asset manager’s stock after selling 1,824 shares during the quarter. Lazard makes up approximately 1.6% of Van Cleef Asset Management Inc’s holdings, making the stock its 21st biggest holding. Van Cleef Asset Management Inc owned approximately 0.16% of Lazard worth $7,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC purchased a new position in Lazard during the second quarter worth approximately $224,000. Parametric Portfolio Associates LLC purchased a new position in Lazard during the second quarter worth approximately $209,000. RWC Asset Management LLP raised its stake in Lazard by 36.1% during the second quarter. RWC Asset Management LLP now owns 1,967,570 shares of the asset manager’s stock worth $67,664,000 after purchasing an additional 522,202 shares during the period. H2O AM LLP raised its stake in Lazard by 20.7% during the second quarter. H2O AM LLP now owns 428,418 shares of the asset manager’s stock worth $14,754,000 after purchasing an additional 73,369 shares during the period. Finally, Meadow Creek Investment Management LLC raised its stake in Lazard by 207.5% during the second quarter. Meadow Creek Investment Management LLC now owns 53,032 shares of the asset manager’s stock worth $1,824,000 after purchasing an additional 35,784 shares during the period. Hedge funds and other institutional investors own 64.37% of the company’s stock.

In other news, CAO Scott D. Hoffman sold 30,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total value of $1,021,200.00. Following the transaction, the chief accounting officer now owns 24,388 shares of the company’s stock, valued at approximately $830,167.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.94% of the company’s stock.

A number of research firms have weighed in on LAZ. Buckingham Research cut their price target on shares of Lazard from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating and set a $40.00 target price on the stock in a research note on Wednesday. Finally, UBS Group downgraded shares of Lazard from a “buy” rating to a “neutral” rating and cut their target price for the company from $43.00 to $36.00 in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $40.17.

Shares of LAZ stock traded down $0.79 during mid-day trading on Friday, reaching $38.04. The company’s stock had a trading volume of 58,870 shares, compared to its average volume of 563,432. The company’s 50 day simple moving average is $35.10 and its 200-day simple moving average is $35.78. Lazard Ltd has a 12-month low of $31.07 and a 12-month high of $49.24. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 3.11. The firm has a market capitalization of $5.00 billion, a PE ratio of 9.13 and a beta of 1.72.

Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 25th. The asset manager reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.10. Lazard had a net margin of 14.42% and a return on equity of 47.09%. The business had revenue of $630.00 million for the quarter, compared to the consensus estimate of $604.18 million. During the same quarter last year, the firm posted $1.10 EPS. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. As a group, research analysts anticipate that Lazard Ltd will post 3.35 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend was Friday, August 2nd. Lazard’s dividend payout ratio is presently 45.19%.

Lazard Company Profile

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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