Kingsview Wealth Management LLC Buys Shares of 58,059 Lazard, Inc. $LAZ

Kingsview Wealth Management LLC bought a new stake in shares of Lazard, Inc. (NYSE:LAZ) during the 4th quarter, HoldingsChannel reports. The firm bought 58,059 shares of the asset manager’s stock, valued at approximately $2,819,000.

Several other institutional investors have also added to or reduced their stakes in the business. Teza Capital Management LLC boosted its stake in Lazard by 2.4% during the 2nd quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager’s stock valued at $387,000 after purchasing an additional 187 shares during the last quarter. Sound Income Strategies LLC boosted its stake in Lazard by 59.5% during the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 220 shares during the last quarter. IFP Advisors Inc boosted its stake in Lazard by 53.5% during the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 224 shares during the last quarter. Oliver Luxxe Assets LLC boosted its stake in Lazard by 0.5% during the 4th quarter. Oliver Luxxe Assets LLC now owns 47,628 shares of the asset manager’s stock valued at $2,313,000 after purchasing an additional 235 shares during the last quarter. Finally, AMG National Trust Bank boosted its stake in Lazard by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 44,214 shares of the asset manager’s stock valued at $2,334,000 after purchasing an additional 267 shares during the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Lazard Price Performance

NYSE LAZ opened at $47.17 on Friday. The business’s fifty day moving average price is $45.51 and its 200-day moving average price is $48.64. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 0.51 and a beta of 1.44. The company has a debt-to-equity ratio of 1.94, a current ratio of 3.51 and a quick ratio of 3.51. Lazard, Inc. has a 1-year low of $38.67 and a 1-year high of $58.75.

Lazard (NYSE:LAZ) last released its quarterly earnings results 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). The firm had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. Lazard’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 earnings per share. On average, equities analysts predict that Lazard, Inc. will post 2.85 earnings per share for the current year.

Lazard Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 11th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, May 11th. Lazard’s dividend payout ratio is presently 79.05%.

Analyst Ratings Changes

Several analysts have commented on the company. Argus cut their target price on Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. Keefe, Bruyette & Woods increased their target price on Lazard from $47.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, May 4th. The Goldman Sachs Group increased their target price on Lazard from $40.00 to $45.00 and gave the company a “sell” rating in a research note on Tuesday, April 14th. Citizens Jmp lowered their price target on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Finally, UBS Group lowered their price target on Lazard from $45.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $52.56.

Insider Buying and Selling at Lazard

In other news, CEO Christopher Hogbin sold 7,885 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the transaction, the chief executive officer directly owned 15,773 shares of the company’s stock, valued at $636,756.01. This represents a 33.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Richard Orszag sold 69,170 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total value of $2,819,369.20. Following the transaction, the chief executive officer directly owned 210,942 shares in the company, valued at $8,597,995.92. The trade was a 24.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,999 shares of company stock worth $3,292,962 over the last three months. Insiders own 0.95% of the company’s stock.

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.