Strategic Wealth Partners Ltd. Sells 31,583 Shares of Lazard, Inc. (NYSE:LAZ)

Strategic Wealth Partners Ltd. trimmed its holdings in shares of Lazard, Inc. (NYSE:LAZ - Free Report) by 16.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,271 shares of the asset manager's stock after selling 31,583 shares during the quarter. Strategic Wealth Partners Ltd. owned 0.15% of Lazard worth $8,276,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of LAZ. Principal Financial Group Inc. lifted its holdings in Lazard by 943.5% in the first quarter. Principal Financial Group Inc. now owns 1,963,865 shares of the asset manager's stock valued at $82,227,000 after buying an additional 1,775,664 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Lazard during the 1st quarter valued at about $65,650,000. Mesirow Institutional Investment Management Inc. acquired a new stake in Lazard during the first quarter worth approximately $15,768,000. TD Asset Management Inc acquired a new stake in Lazard during the second quarter worth approximately $7,102,000. Finally, BNP Paribas Financial Markets lifted its stake in Lazard by 169.0% in the first quarter. BNP Paribas Financial Markets now owns 262,003 shares of the asset manager's stock valued at $10,970,000 after buying an additional 164,591 shares during the period. Institutional investors own 54.80% of the company's stock.

Lazard Stock Performance

LAZ traded up $1.15 during trading on Wednesday, hitting $49.50. 558,526 shares of the company traded hands, compared to its average volume of 958,861. The firm has a market cap of $5.58 billion, a P/E ratio of -141.43 and a beta of 1.39. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. Lazard, Inc. has a one year low of $25.82 and a one year high of $51.46. The stock's fifty day moving average is $48.02 and its 200 day moving average is $42.95.

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

Lazard Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $0.50 per share. The ex-dividend date was Monday, August 5th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.04%. Lazard's dividend payout ratio is presently -571.43%.

Insider Transactions at Lazard

In other news, Chairman Kenneth M. Jacobs sold 87,770 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total value of $4,219,981.60. Following the sale, the chairman now owns 1,553,225 shares of the company's stock, valued at $74,679,058. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Kenneth M. Jacobs sold 1,999 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $50.01, for a total value of $99,969.99. Following the sale, the chairman now directly owns 1,727,723 shares of the company's stock, valued at approximately $86,403,427.23. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total transaction of $4,219,981.60. Following the completion of the transaction, the chairman now owns 1,553,225 shares of the company's stock, valued at $74,679,058. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 383,497 shares of company stock worth $18,020,696. 3.86% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on LAZ. Wells Fargo & Company began coverage on shares of Lazard in a research report on Thursday, September 12th. They set an "equal weight" rating and a $51.00 price objective for the company. The Goldman Sachs Group lifted their price target on shares of Lazard from $38.00 to $42.00 and gave the company a "sell" rating in a research note on Friday, July 26th. Morgan Stanley increased 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. StockNews.com raised Lazard from a "hold" rating to a "buy" rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $56.00 price target (up previously from $49.00) on shares of Lazard in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Lazard has an average rating of "Moderate Buy" and a consensus price target of $51.14.

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.