Envestnet Asset Management Inc. Has $4.34 Million Stake in Lazard, Inc. $LAZ

Envestnet Asset Management Inc. trimmed its position in Lazard, Inc. (NYSE:LAZ) by 72.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,177 shares of the asset manager’s stock after selling 220,262 shares during the period. Envestnet Asset Management Inc. owned approximately 0.07% of Lazard worth $4,337,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of LAZ. State of Wyoming acquired a new stake in Lazard in the 2nd quarter valued at approximately $38,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Lazard during the 2nd quarter worth approximately $49,000. Westfuller Advisors LLC acquired a new stake in shares of Lazard in the third quarter valued at approximately $83,000. Tower Research Capital LLC TRC lifted its position in shares of Lazard by 30.2% in the second quarter. Tower Research Capital LLC TRC now owns 1,943 shares of the asset manager’s stock worth $93,000 after purchasing an additional 451 shares in the last quarter. Finally, Kestra Investment Management LLC lifted its position in shares of Lazard by 324.4% in the second quarter. Kestra Investment Management LLC now owns 2,962 shares of the asset manager’s stock worth $142,000 after purchasing an additional 2,264 shares in the last quarter. 54.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on LAZ. Citigroup reiterated a “market outperform” rating on shares of Lazard in a research note on Friday, January 30th. Keefe, Bruyette & Woods lifted their target price on Lazard from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Zacks Research downgraded Lazard from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. UBS Group reissued a “neutral” rating and set a $59.00 price target on shares of Lazard in a research report on Friday, January 30th. Finally, Bank of America assumed coverage on Lazard in a research report on Monday, January 26th. They set a “buy” rating and a $65.00 price target on the stock. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Lazard currently has an average rating of “Hold” and a consensus price target of $57.13.

Lazard Trading Down 3.9%

Lazard stock opened at $49.31 on Tuesday. The stock has a 50-day simple moving average of $51.91 and a 200 day simple moving average of $52.04. The stock has a market capitalization of $5.56 billion, a P/E ratio of 22.62, a PEG ratio of 0.41 and a beta of 1.38. The company has a debt-to-equity ratio of 1.92, a quick ratio of 2.58 and a current ratio of 2.58. Lazard, Inc. has a 52 week low of $31.97 and a 52 week high of $58.75.

Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, January 29th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.12. Lazard had a return on equity of 34.54% and a net margin of 7.49%.The firm had revenue of $892.00 million for the quarter, compared to analyst estimates of $876.32 million. During the same quarter in the prior year, the company earned $0.78 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts expect that Lazard, Inc. will post 4.24 earnings per share for the current year.

Lazard Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Monday, February 9th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $2.00 annualized dividend and a yield of 4.1%. Lazard’s dividend payout ratio (DPR) is currently 91.74%.

Lazard Profile

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.