State Board of Administration of Florida Retirement System Sells 3,140 Shares of Lazard Ltd (NYSE:LAZ)

State Board of Administration of Florida Retirement System reduced its holdings in shares of Lazard Ltd (NYSE:LAZ) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 133,050 shares of the asset manager’s stock after selling 3,140 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Lazard were worth $6,094,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. ProShare Advisors LLC boosted its stake in shares of Lazard by 3.3% during the 2nd quarter. ProShare Advisors LLC now owns 9,659 shares of the asset manager’s stock worth $437,000 after acquiring an additional 305 shares during the period. Rockefeller Capital Management L.P. boosted its stake in shares of Lazard by 1.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 27,775 shares of the asset manager’s stock worth $1,256,000 after acquiring an additional 330 shares during the period. Advisor Group Holdings Inc. boosted its stake in Lazard by 2.6% in the 3rd quarter. Advisor Group Holdings Inc. now owns 13,791 shares of the asset manager’s stock valued at $632,000 after purchasing an additional 347 shares during the period. Copeland Capital Management LLC boosted its stake in Lazard by 3.0% in the 3rd quarter. Copeland Capital Management LLC now owns 15,203 shares of the asset manager’s stock valued at $696,000 after purchasing an additional 444 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its stake in Lazard by 79.9% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,126 shares of the asset manager’s stock valued at $51,000 after purchasing an additional 500 shares during the period. Institutional investors own 75.68% of the company’s stock.

NYSE:LAZ opened at $44.34 on Friday. The stock has a fifty day moving average price of $44.84 and a 200-day moving average price of $46.59. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 10.05 and a beta of 1.52. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.79 and a current ratio of 1.79. Lazard Ltd has a fifty-two week low of $38.68 and a fifty-two week high of $53.00.

Lazard (NYSE:LAZ) last released its earnings results on Friday, October 29th. The asset manager reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.03. Lazard had a return on equity of 58.36% and a net margin of 16.07%. The firm had revenue of $702.00 million during the quarter, compared to the consensus estimate of $711.97 million. During the same period in the prior year, the company posted $0.67 EPS. The company’s revenue was up 23.4% compared to the same quarter last year. Research analysts predict that Lazard Ltd will post 4.57 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 19th. Stockholders of record on Monday, November 8th were issued a dividend of $0.47 per share. The ex-dividend date was Friday, November 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.24%. Lazard’s dividend payout ratio (DPR) is currently 42.63%.

In other news, CAO Scott D. Hoffman sold 25,000 shares of the business’s stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $46.20, for a total transaction of $1,155,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.40% of the stock is currently owned by insiders.

Several analysts recently issued reports on LAZ shares. Zacks Investment Research downgraded Lazard from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research note on Wednesday, September 29th. UBS Group reduced their price target on Lazard from $47.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, January 4th. Keefe, Bruyette & Woods upgraded Lazard from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $53.00 to $58.00 in a research note on Thursday, September 30th. Finally, Morgan Stanley reduced their price target on Lazard from $61.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, December 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $50.33.

About Lazard

Lazard Ltd. is a financial advisory and asset management firm, which engages in the provision of crafting solutions to the clients, including corporations, governments, institutions, partnerships, and individuals. It operates through the Financial Advisory and Asset Management segments. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign, and individual clients, an array of financial advisory services regarding mergers and acquisitions, restructurings, capital structure, capital raising, and corporate preparedness.

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Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

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