Glenmede Trust Co. NA Invests $487,000 in Lazard, Inc. (NYSE:LAZ)

Glenmede Trust Co. NA purchased a new position in Lazard, Inc. (NYSE:LAZ - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 9,675 shares of the asset manager's stock, valued at approximately $487,000.

A number of other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in Lazard by 10.1% during the third quarter. Principal Financial Group Inc. now owns 2,250,049 shares of the asset manager's stock worth $113,357,000 after acquiring an additional 206,295 shares during the period. Fisher Asset Management LLC grew its stake in shares of Lazard by 2.2% during the 3rd quarter. Fisher Asset Management LLC now owns 1,772,237 shares of the asset manager's stock worth $89,285,000 after purchasing an additional 37,681 shares during the period. Claro Advisors LLC increased its holdings in shares of Lazard by 10,306.7% during the 3rd quarter. Claro Advisors LLC now owns 1,235,793 shares of the asset manager's stock valued at $62,259,000 after purchasing an additional 1,223,918 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Lazard by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,099,191 shares of the asset manager's stock valued at $55,377,000 after purchasing an additional 22,425 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Lazard by 5,770.1% during the third quarter. Victory Capital Management Inc. now owns 1,064,431 shares of the asset manager's stock worth $53,626,000 after buying an additional 1,046,298 shares in the last quarter. 54.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on LAZ shares. StockNews.com lowered shares of Lazard from a "buy" rating to a "hold" rating in a research note on Monday, November 4th. Keefe, Bruyette & Woods raised their price objective on Lazard from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Friday, November 1st. JMP Securities upped their target price on Lazard from $55.00 to $59.00 and gave the stock a "market outperform" rating in a research note on Friday, November 1st. Wells Fargo & Company began coverage on shares of Lazard in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $51.00 price target on the stock. Finally, Morgan Stanley upped their price objective on shares of Lazard from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $53.00.

Lazard Trading Down 1.5 %

Lazard stock traded down $0.86 during midday trading on Thursday, hitting $55.82. 626,097 shares of the stock were exchanged, compared to its average volume of 931,122. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 22.24 and a beta of 1.38. 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 stock's 50-day simple moving average is $53.82 and its 200 day simple moving average is $47.28. Lazard, Inc. has a fifty-two week low of $30.96 and a fifty-two week high of $61.14.

Lazard (NYSE:LAZ - Get Free Report) last posted its earnings results on Thursday, October 31st. The asset manager reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.03). The business had revenue of $646.00 million during the quarter, compared to analysts' expectations of $644.22 million. Lazard had a net margin of 8.28% and a return on equity of 42.20%. Lazard's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.10 EPS. On average, equities analysts anticipate that Lazard, Inc. will post 2.27 EPS for the current year.

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Friday, November 8th. Lazard's dividend payout ratio (DPR) is 79.68%.

Lazard Profile

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.