American International Group Inc. lowered its position in Lazard Ltd (NYSE:LAZ) by 34.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,063 shares of the asset manager’s stock after selling 13,935 shares during the quarter. American International Group Inc.’s holdings in Lazard were worth $942,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in LAZ. Greystone Managed Investments Inc. boosted its position in Lazard by 37.0% during the fourth quarter. Greystone Managed Investments Inc. now owns 80,126 shares of the asset manager’s stock valued at $2,957,000 after buying an additional 21,635 shares during the period. Oakbrook Investments LLC purchased a new stake in shares of Lazard during the first quarter worth about $217,000. High Pointe Capital Management LLC purchased a new stake in shares of Lazard during the fourth quarter worth about $648,000. Telemus Capital LLC boosted its holdings in shares of Lazard by 3.1% during the fourth quarter. Telemus Capital LLC now owns 39,670 shares of the asset manager’s stock worth $1,464,000 after purchasing an additional 1,175 shares during the period. Finally, River Road Asset Management LLC purchased a new stake in shares of Lazard during the fourth quarter worth about $37,150,000. Institutional investors own 65.59% of the company’s stock.
A number of research firms recently issued reports on LAZ. UBS Group downgraded shares of Lazard from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $43.00 to $36.00 in a research note on Monday, June 10th. Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Finally, Bank of America downgraded shares of Lazard from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.33.
Lazard (NYSE:LAZ) last issued its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.29. The business had revenue of $620.00 million for the quarter, compared to analysts’ expectations of $598.66 million. Lazard had a net margin of 16.72% and a return on equity of 48.17%. The company’s revenue was down 14.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.26 EPS. Analysts anticipate that Lazard Ltd will post 3.71 earnings per share for the current year.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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