Walleye Capital LLC Acquires New Shares in Lazard Ltd (NYSE:LAZ)

Walleye Capital LLC acquired a new stake in Lazard Ltd (NYSE:LAZGet Rating) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 12,816 shares of the asset manager’s stock, valued at approximately $442,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LAZ. PNC Financial Services Group Inc. increased its holdings in shares of Lazard by 64.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,839 shares of the asset manager’s stock worth $63,000 after acquiring an additional 720 shares in the last quarter. First Manhattan Co. lifted its holdings in shares of Lazard by 267.5% during the 1st quarter. First Manhattan Co. now owns 2,205 shares of the asset manager’s stock valued at $75,000 after purchasing an additional 1,605 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Lazard during the 1st quarter valued at about $135,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Lazard by 99.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,141 shares of the asset manager’s stock valued at $142,000 after purchasing an additional 2,063 shares in the last quarter. Finally, Pinnacle Associates Ltd. bought a new position in shares of Lazard during the 1st quarter valued at about $205,000.

Lazard Trading Down 1.1 %

Shares of Lazard stock opened at $35.29 on Friday. Lazard Ltd has a 12-month low of $30.72 and a 12-month high of $53.00. The stock has a market cap of $3.98 billion, a P/E ratio of 7.40 and a beta of 1.41. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 2.04. The business’s 50 day moving average is $36.85 and its 200-day moving average is $34.87.

Lazard (NYSE:LAZGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Lazard had a return on equity of 56.01% and a net margin of 16.85%. The company had revenue of $676.00 million for the quarter, compared to analysts’ expectations of $666.39 million. During the same quarter in the prior year, the business posted $1.28 EPS. The business’s revenue was down 17.7% compared to the same quarter last year. Equities research analysts predict that Lazard Ltd will post 3.8 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Monday, August 8th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date was Friday, August 5th. Lazard’s payout ratio is presently 41.93%.

Wall Street Analyst Weigh In

LAZ has been the topic of several recent analyst reports. Morgan Stanley cut Lazard from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $40.00 to $30.00 in a report on Monday, July 18th. Keefe, Bruyette & Woods cut Lazard from a “market perform” rating to an “underperform” rating and cut their target price for the company from $38.00 to $30.00 in a research note on Wednesday, July 13th. Piper Sandler cut their target price on Lazard from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, July 8th. The Goldman Sachs Group boosted their target price on Lazard from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, August 4th. Finally, StockNews.com cut Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 8th. Three analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.71.

Lazard Profile

(Get Rating)

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters.

Further Reading

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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