KLP Kapitalforvaltning AS Takes Position in Lazard, Inc. (NYSE:LAZ)

KLP Kapitalforvaltning AS purchased a new position in shares of Lazard, Inc. (NYSE:LAZ - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 18,400 shares of the asset manager's stock, valued at approximately $947,000.

A number of other hedge funds and other institutional investors have also modified their holdings of LAZ. Amundi boosted its position in Lazard by 31,967.0% during the fourth quarter. Amundi now owns 936,676 shares of the asset manager's stock worth $46,886,000 after purchasing an additional 933,755 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Lazard by 128.4% in the fourth quarter. Bank of New York Mellon Corp now owns 678,617 shares of the asset manager's stock worth $34,935,000 after buying an additional 381,546 shares during the last quarter. Azora Capital LP bought a new stake in shares of Lazard during the 3rd quarter worth $13,560,000. Principal Financial Group Inc. grew its stake in Lazard by 10.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,250,049 shares of the asset manager's stock valued at $113,357,000 after buying an additional 206,295 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Lazard in the 3rd quarter worth $8,430,000. Institutional investors own 54.80% of the company's stock.

Lazard Price Performance

NYSE:LAZ traded down $3.36 during trading hours on Friday, reaching $35.27. The company had a trading volume of 2,458,805 shares, compared to its average volume of 904,536. The firm has a market capitalization of $3.98 billion, a PE ratio of 13.26 and a beta of 1.41. The stock has a 50-day moving average of $48.91 and a two-hundred day moving average of $51.36. Lazard, Inc. has a one year low of $33.62 and a one year high of $61.14. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 2.72.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The asset manager reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.09. Lazard had a net margin of 8.98% and a return on equity of 44.58%. Analysts forecast that Lazard, Inc. will post 4.24 earnings per share for the current year.

Lazard Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Monday, February 10th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 5.67%. The ex-dividend date was Monday, February 10th. Lazard's dividend payout ratio is currently 75.19%.

Wall Street Analyst Weigh In

LAZ has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on Lazard from $52.00 to $57.00 and gave the stock a "market perform" rating in a research report on Friday, January 31st. Wells Fargo & Company increased their price target on shares of Lazard from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Friday, January 31st. UBS Group upped their price objective on shares of Lazard from $50.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. StockNews.com raised Lazard from a "hold" rating to a "buy" rating in a research report on Friday, January 31st. Finally, Wolfe Research cut Lazard from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $54.17.

Insider Transactions at Lazard

In other news, CEO Peter Richard Orszag sold 64,539 shares of the company's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $45.24, for a total transaction of $2,919,744.36. Following the transaction, the chief executive officer now owns 234,824 shares of the company's stock, valued at $10,623,437.76. This represents a 21.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Evan L. Russo sold 35,000 shares of Lazard stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $53.64, for a total value of $1,877,400.00. Following the completion of the sale, the chief executive officer now owns 188,448 shares of the company's stock, valued at approximately $10,108,350.72. The trade was a 15.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,078 shares of company stock worth $9,120,541. Insiders own 3.86% of the company's stock.

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.