Cubist Systematic Strategies LLC Acquires Shares of 27,450 Lazard, Inc. (NYSE:LAZ)

Cubist Systematic Strategies LLC bought a new position in Lazard, Inc. (NYSE:LAZ - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 27,450 shares of the asset manager's stock, valued at approximately $1,048,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in shares of Lazard by 943.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,963,865 shares of the asset manager's stock worth $82,227,000 after buying an additional 1,775,664 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Lazard during the first quarter worth approximately $65,650,000. Mesirow Institutional Investment Management Inc. bought a new stake in Lazard during the first quarter worth approximately $15,768,000. Basswood Capital Management L.L.C. raised its position in Lazard by 254.2% during the fourth quarter. Basswood Capital Management L.L.C. now owns 377,693 shares of the asset manager's stock valued at $13,144,000 after purchasing an additional 271,054 shares during the period. Finally, TD Asset Management Inc bought a new stake in shares of Lazard in the 2nd quarter valued at approximately $7,102,000. 54.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on LAZ shares. StockNews.com upgraded Lazard from a "hold" rating to a "buy" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $56.00 target price (up previously from $49.00) on shares of Lazard in a report on Friday, July 26th. The Goldman Sachs Group upped their price target on shares of Lazard from $38.00 to $42.00 and gave the company a "sell" rating in a report on Friday, July 26th. Morgan Stanley raised their price objective on shares of Lazard from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, September 23rd. Finally, Wells Fargo & Company initiated coverage on Lazard in a research note on Thursday, September 12th. They set an "equal weight" rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $49.29.

Lazard Trading Down 0.5 %

Shares of NYSE:LAZ traded down $0.24 during trading on Thursday, reaching $48.40. 687,063 shares of the company were exchanged, compared to its average volume of 969,379. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94. The firm has a market capitalization of $5.46 billion, a PE ratio of -138.29 and a beta of 1.39. The business's fifty day simple moving average is $47.98 and its 200-day simple moving average is $42.63. Lazard, Inc. has a 12-month low of $25.82 and a 12-month high of $51.46.

Lazard (NYSE:LAZ - Get Free Report) last issued its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.17. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business had revenue of $685.30 million during the quarter, compared to analyst estimates of $625.40 million. During the same period in the previous year, the company posted $0.24 EPS. Lazard's revenue was up 6.6% on a year-over-year basis. On average, research analysts anticipate that Lazard, Inc. will post 2.4 EPS for the current year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.13%. The ex-dividend date was Monday, August 5th. Lazard's payout ratio is -571.43%.

Insider Buying and Selling at Lazard

In related news, Chairman Kenneth M. Jacobs sold 86,728 shares of the company's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.02, for a total transaction of $4,338,134.56. Following the completion of the sale, the chairman now directly owns 1,640,995 shares in the company, valued at approximately $82,082,569.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Kenneth M. Jacobs sold 1,999 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $50.01, for a total transaction of $99,969.99. Following the completion of the sale, the chairman now owns 1,727,723 shares in the company, valued at approximately $86,403,427.23. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.02, for a total value of $4,338,134.56. Following the transaction, the chairman now directly owns 1,640,995 shares in the company, valued at $82,082,569.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 429,604 shares of company stock valued at $19,873,736. Company insiders own 3.86% of the company's stock.

Lazard Company 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.