Lazard, Inc. (NYSE:LAZ) Shares Sold by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. lessened its stake in Lazard, Inc. (NYSE:LAZ) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,469 shares of the asset manager’s stock after selling 523 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Lazard were worth $983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of LAZ. Allspring Global Investments Holdings LLC acquired a new position in Lazard in the first quarter valued at $25,000. SYSTM Wealth Solutions LLC purchased a new position in Lazard in the first quarter valued at about $48,000. Delta Investment Management LLC purchased a new position in shares of Lazard during the 1st quarter worth approximately $209,000. Ascent Group LLC purchased a new position in shares of Lazard during the 1st quarter worth approximately $259,000. Finally, Truist Financial Corp grew its stake in Lazard by 14.6% in the 4th quarter. Truist Financial Corp now owns 8,114 shares of the asset manager’s stock worth $282,000 after acquiring an additional 1,031 shares during the period. Institutional investors and hedge funds own 54.80% of the company’s stock.

Lazard Price Performance

Shares of Lazard stock opened at $46.68 on Friday. The company has a fifty day moving average price of $40.84 and a 200 day moving average price of $39.84. The company has a quick ratio of 1.89, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. Lazard, Inc. has a twelve month low of $25.82 and a twelve month high of $49.78.

Lazard (NYSE:LAZ) last posted its quarterly earnings data 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. The company had revenue of $685.30 million during the quarter, compared to analysts’ expectations of $625.40 million. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. Equities analysts expect that Lazard, Inc. will post 2.56 EPS for the current fiscal year.

Lazard Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $2.00 annualized dividend and a yield of 4.28%. Lazard’s dividend payout ratio (DPR) is -571.41%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Morgan Stanley boosted their price target on Lazard from $53.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $56.00 price objective (up from $49.00) on shares of Lazard in a research note on Friday, July 26th. StockNews.com raised shares of Lazard from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. Finally, The Goldman Sachs Group boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.33.

Insider Buying and Selling

In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the sale, the chairman now owns 1,729,722 shares in the company, valued at $78,235,326.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Lazard news, Chairman Kenneth M. Jacobs sold 6,762 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $40.00, for a total value of $270,480.00. Following the sale, the chairman now owns 1,982,829 shares in the company, valued at $79,313,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the sale, the chairman now owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The disclosure for this sale can be found here. Insiders have sold a total of 414,000 shares of company stock worth $17,683,738 over the last quarter. 3.86% of the stock is owned by company insiders.

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.