Verition Fund Management LLC Takes Position in Lazard, Inc. (NYSE:LAZ)

Verition Fund Management LLC acquired a new position in Lazard, Inc. (NYSE:LAZ - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,012 shares of the asset manager's stock, valued at approximately $605,000.

A number of other institutional investors have also recently bought and sold shares of the business. Richardson Financial Services Inc. boosted its holdings in shares of Lazard by 1,125.0% during the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager's stock worth $28,000 after purchasing an additional 675 shares during the period. Continuum Advisory LLC raised its holdings in shares of Lazard by 58.9% during the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager's stock worth $34,000 after acquiring an additional 330 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in Lazard during the third quarter valued at $50,000. Redwood Wealth Management Group LLC purchased a new position in Lazard in the second quarter valued at about $87,000. Finally, LWM Advisory Services LLC acquired a new position in Lazard in the 2nd quarter worth about $88,000. 54.80% of the stock is currently owned by institutional investors and hedge funds.

Lazard Stock Performance

Shares of NYSE LAZ traded up $0.97 during trading hours on Wednesday, hitting $54.04. 1,168,920 shares of the company's stock were exchanged, compared to its average volume of 932,068. The company's 50-day moving average price is $54.21 and its 200-day moving average price is $47.70. Lazard, Inc. has a 1-year low of $31.83 and a 1-year high of $61.14. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 21.53 and a beta of 1.38. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.24 and a quick ratio of 2.24.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The asset manager reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.03). Lazard had a net margin of 8.28% and a return on equity of 42.20%. The business had revenue of $646.00 million during the quarter, compared to the consensus estimate of $644.22 million. During the same period in the prior year, the company posted $0.10 earnings per share. The firm's revenue was up 21.4% compared to the same quarter last year. On average, sell-side analysts expect that Lazard, Inc. will post 2.25 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, November 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.70%. Lazard's payout ratio is 79.68%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on LAZ shares. StockNews.com downgraded Lazard from a "buy" rating to a "hold" rating in a report on Monday, November 4th. JMP Securities lifted their price objective on shares of Lazard from $55.00 to $59.00 and gave the company a "market outperform" rating in a research note on Friday, November 1st. Keefe, Bruyette & Woods increased their target price on shares of Lazard from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Morgan Stanley cut Lazard from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $60.00 to $63.00 in a research report on Monday. Finally, Wells Fargo & Company began coverage on Lazard in a research note on Thursday, September 12th. They set an "equal weight" rating and a $51.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $53.43.

About Lazard

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.