Allspring Global Investments Holdings LLC Takes $14.08 Million Position in Lazard, Inc. $LAZ

Allspring Global Investments Holdings LLC purchased a new position in shares of Lazard, Inc. (NYSE:LAZ) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 335,445 shares of the asset manager’s stock, valued at approximately $14,079,000. Allspring Global Investments Holdings LLC owned about 0.30% of Lazard at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Advisory Services LLC bought a new stake in Lazard during the 4th quarter worth approximately $26,000. Sound Income Strategies LLC raised its stake in shares of Lazard by 59.5% during the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 220 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after purchasing an additional 224 shares during the period. Quest 10 Wealth Builders Inc. acquired a new position in Lazard during the 4th quarter worth about $32,000. Finally, State of Wyoming bought a new stake in Lazard in the second quarter valued at approximately $38,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Lazard Stock Performance

NYSE LAZ opened at $43.49 on Wednesday. The company has a fifty day simple moving average of $44.36 and a 200 day simple moving average of $46.88. Lazard, Inc. has a 12-month low of $38.67 and a 12-month high of $58.75. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94. The company has a market cap of $4.86 billion, a P/E ratio of 17.19, a PEG ratio of 0.62 and a beta of 1.43.

Lazard (NYSE:LAZ) last released its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.10). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The business had revenue of $672.98 million for the quarter, compared to analyst estimates of $707.42 million. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s quarterly revenue was up 16.8% on a year-over-year basis. Sell-side analysts predict that Lazard, Inc. will post 2.63 earnings per share for the current fiscal year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Monday, May 11th. Lazard’s dividend payout ratio is currently 79.05%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Citizens Jmp reduced their price objective on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a research note on Friday, April 10th. Zacks Research raised Lazard from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Argus dropped their price target on Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. Weiss Ratings upgraded Lazard from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Lazard from $49.00 to $44.00 and set a “market perform” rating for the company in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Lazard has a consensus rating of “Hold” and a consensus price target of $51.00.

Lazard Company 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.