Lazard Ltd (LAZ) Stake Lowered by New York State Common Retirement Fund

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New York State Common Retirement Fund reduced its holdings in Lazard Ltd (NYSE:LAZ) by 44.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,010 shares of the asset manager’s stock after selling 177,676 shares during the quarter. New York State Common Retirement Fund’s holdings in Lazard were worth $8,023,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in LAZ. JPMorgan Chase & Co. increased its holdings in shares of Lazard by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 2,004,299 shares of the asset manager’s stock worth $72,435,000 after purchasing an additional 189,715 shares during the period. Boston Partners increased its holdings in shares of Lazard by 1.3% during the first quarter. Boston Partners now owns 57,582 shares of the asset manager’s stock worth $2,081,000 after purchasing an additional 746 shares during the period. Alpha Omega Wealth Management LLC increased its holdings in shares of Lazard by 111.3% during the first quarter. Alpha Omega Wealth Management LLC now owns 1,253 shares of the asset manager’s stock worth $45,000 after purchasing an additional 660 shares during the period. Greystone Managed Investments Inc. increased its stake in Lazard by 3.0% in the first quarter. Greystone Managed Investments Inc. now owns 82,526 shares of the asset manager’s stock valued at $2,982,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Quantamental Technologies LLC bought a new position in Lazard in the first quarter valued at approximately $97,000. 65.59% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on LAZ. Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Bank of America cut shares of Lazard from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Thursday, April 11th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Lazard has an average rating of “Hold” and a consensus target price of $47.20.

Shares of NYSE:LAZ opened at $34.30 on Friday. The company has a market capitalization of $4.40 billion, a P/E ratio of 8.25, a PEG ratio of 3.35 and a beta of 1.67. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.28. Lazard Ltd has a 1 year low of $31.07 and a 1 year high of $55.23.

Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, April 25th. The asset manager reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The business had revenue of $620.00 million for the quarter, compared to analysts’ expectations of $598.66 million. Lazard had a net margin of 16.72% and a return on equity of 48.17%. The firm’s quarterly revenue was down 14.4% compared to the same quarter last year. During the same period last year, the firm posted $1.26 earnings per share. As a group, equities analysts predict that Lazard Ltd will post 3.71 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.48%. This is a boost from Lazard’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Friday, May 3rd. Lazard’s dividend payout ratio (DPR) is 45.19%.

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About Lazard

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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