Epoch Investment Partners Inc. reduced its stake in shares of Lazard Ltd (NYSE:LAZ) by 11.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,241,993 shares of the asset manager’s stock after selling 295,513 shares during the period. Epoch Investment Partners Inc. owned approximately 2.13% of Lazard worth $101,450,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of LAZ. Samalin Investment Counsel LLC acquired a new stake in shares of Lazard during the second quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Lazard during the first quarter worth $45,000. Eagle Bay Advisors LLC acquired a new stake in shares of Lazard during the second quarter worth $66,000. US Bancorp DE lifted its stake in shares of Lazard by 223.1% during the second quarter. US Bancorp DE now owns 2,252 shares of the asset manager’s stock worth $102,000 after buying an additional 1,555 shares during the period. Finally, Eaton Vance Management acquired a new stake in shares of Lazard during the first quarter worth $130,000. Institutional investors and hedge funds own 75.51% of the company’s stock.
LAZ has been the subject of several research reports. Keefe, Bruyette & Woods upgraded shares of Lazard from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $53.00 to $58.00 in a research note on Thursday, September 30th. Zacks Investment Research cut shares of Lazard from a “buy” rating to a “hold” rating and set a $49.00 target price for the company. in a report on Wednesday, September 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $52.33.
Lazard (NYSE:LAZ) last released its quarterly earnings data on Friday, July 30th. The asset manager reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.40. Lazard had a net margin of 15.75% and a return on equity of 57.66%. The company had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $658.18 million. During the same quarter in the previous year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. On average, equities analysts anticipate that Lazard Ltd will post 4.64 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 20th. Shareholders of record on Monday, August 9th were issued a $0.47 dividend. The ex-dividend date of this dividend was Friday, August 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.79%. Lazard’s payout ratio is 52.22%.
In other news, President Alexander F. Stern sold 90,000 shares of the business’s stock in a transaction dated Friday, August 20th. The shares were sold at an average price of $45.50, for a total transaction of $4,095,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Dominick Ragone sold 19,892 shares of the business’s stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $47.54, for a total transaction of $945,665.68. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.
Lazard Ltd. is a financial advisory and asset management firm, which engages in the provision of crafting solutions to the clients, including corporations, governments, institutions, partnerships, and individuals. It operates through the Financial Advisory and Asset Management segments. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign, and individual clients, an array of financial advisory services regarding mergers and acquisitions, restructurings, capital structure, capital raising, and corporate preparedness.
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