State Board of Administration of Florida Retirement System Sells 3,467 Shares of Lazard Ltd (NYSE:LAZ)

State Board of Administration of Florida Retirement System lowered its position in Lazard Ltd (NYSE:LAZGet Rating) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 129,252 shares of the asset manager’s stock after selling 3,467 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.12% of Lazard worth $4,189,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Pinnacle Associates Ltd. increased its stake in Lazard by 4.6% in the second quarter. Pinnacle Associates Ltd. now owns 6,216 shares of the asset manager’s stock valued at $201,000 after acquiring an additional 275 shares during the last quarter. Heron Bay Capital Management increased its stake in Lazard by 4.6% in the second quarter. Heron Bay Capital Management now owns 10,808 shares of the asset manager’s stock valued at $350,000 after acquiring an additional 473 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in Lazard by 1.6% in the first quarter. Treasurer of the State of North Carolina now owns 36,843 shares of the asset manager’s stock valued at $1,271,000 after acquiring an additional 578 shares during the last quarter. Empire Life Investments Inc. increased its stake in Lazard by 3.4% in the second quarter. Empire Life Investments Inc. now owns 18,320 shares of the asset manager’s stock valued at $594,000 after acquiring an additional 599 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Lazard by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 25,240 shares of the asset manager’s stock valued at $871,000 after acquiring an additional 638 shares during the last quarter.

Lazard Stock Performance

Lazard stock opened at $38.81 on Tuesday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 2.49. The firm has a 50-day moving average of $35.00 and a 200-day moving average of $34.88. The firm has a market cap of $4.38 billion, a P/E ratio of 7.94 and a beta of 1.43. Lazard Ltd has a 1-year low of $30.20 and a 1-year high of $48.25.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 18th. Stockholders of record on Monday, November 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.15%. Lazard’s dividend payout ratio is currently 40.90%.

Analyst Ratings Changes

A number of research analysts recently commented on LAZ shares. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research note on Monday, October 31st. The Goldman Sachs Group upped their price target on shares of Lazard from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, August 4th. Finally, Morgan Stanley upped their price target on shares of Lazard from $28.00 to $29.00 and gave the company an “underweight” rating in a research report on Monday, October 31st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Lazard presently has an average rating of “Hold” and a consensus target price of $39.57.

About Lazard

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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.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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