BNP Paribas Financial Markets Sells 315,252 Shares of Lazard, Inc. (NYSE:LAZ)

BNP Paribas Financial Markets reduced its position in Lazard, Inc. (NYSE:LAZ - Free Report) by 94.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 19,633 shares of the asset manager's stock after selling 315,252 shares during the quarter. BNP Paribas Financial Markets' holdings in Lazard were worth $989,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Interval Partners LP acquired a new position in shares of Lazard during the 2nd quarter worth $1,626,000. Point72 Europe London LLP purchased a new position in Lazard in the 2nd quarter valued at about $1,779,000. Arizona State Retirement System purchased a new position in Lazard in the 2nd quarter valued at about $934,000. Principal Financial Group Inc. lifted its holdings in Lazard by 4.1% in the 2nd quarter. Principal Financial Group Inc. now owns 2,043,754 shares of the asset manager's stock valued at $78,031,000 after purchasing an additional 79,889 shares in the last quarter. Finally, Amica Mutual Insurance Co. purchased a new position in Lazard in the 2nd quarter valued at about $5,700,000. 54.80% of the stock is owned by institutional investors and hedge funds.

Lazard Stock Up 1.8 %

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

Lazard (NYSE:LAZ - Get Free Report) last announced its earnings results on Thursday, October 31st. The asset manager reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.03). Lazard had a return on equity of 42.20% and a net margin of 8.28%. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $644.22 million. During the same period in the previous year, the company earned $0.10 EPS. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. Sell-side analysts predict that Lazard, Inc. will post 2.25 EPS for the current year.

Lazard Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on LAZ. Keefe, Bruyette & Woods increased their price objective on shares of Lazard from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. UBS Group increased their price objective on shares of Lazard from $49.00 to $52.00 and gave the stock a "neutral" rating in a report on Tuesday, October 8th. JMP Securities increased their target price on Lazard from $55.00 to $59.00 and gave the stock a "market outperform" rating in a research report on Friday, November 1st. Morgan Stanley downgraded Lazard from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $60.00 to $63.00 in a research report on Monday. Finally, Wells Fargo & Company assumed 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Lazard currently has a consensus rating of "Hold" and a consensus price target 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.