Abich Financial Wealth Management LLC Acquires New Holdings in Lazard, Inc. (NYSE:LAZ)

Abich Financial Wealth Management LLC purchased a new stake in shares of Lazard, Inc. (NYSE:LAZ) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 999 shares of the asset manager’s stock, valued at approximately $50,000.

Several other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Lazard during the third quarter worth about $235,000. Moody Aldrich Partners LLC bought a new stake in shares of Lazard in the 3rd quarter worth approximately $3,696,000. Impact Partnership Wealth LLC bought a new position in shares of Lazard during the third quarter valued at approximately $267,000. Great Lakes Retirement Inc. boosted its holdings in Lazard by 3.5% in the third quarter. Great Lakes Retirement Inc. now owns 18,646 shares of the asset manager’s stock valued at $939,000 after acquiring an additional 624 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Lazard by 348.9% during the 3rd quarter. International Assets Investment Management LLC now owns 17,604 shares of the asset manager’s stock valued at $887,000 after purchasing an additional 13,682 shares during the period. Institutional investors own 54.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on LAZ shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $56.00 target price (up previously from $49.00) on shares of Lazard in a report on Friday, July 26th. Wells Fargo & Company assumed coverage on shares of Lazard in a research note on Thursday, September 12th. They set an “equal weight” rating and a $51.00 target price on the stock. StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. UBS Group raised their target price on shares of Lazard from $49.00 to $52.00 and gave the stock a “neutral” rating in a report on Tuesday, October 8th. Finally, The Goldman Sachs Group boosted their target price 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 research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lazard has a consensus rating of “Moderate Buy” and an average price target of $51.14.

Insider Buying and Selling

In other news, Chairman Kenneth M. Jacobs sold 87,770 shares of Lazard 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 sale, the chairman now owns 1,553,225 shares in the company, valued at $74,679,058. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Lazard news, Chairman Kenneth M. Jacobs sold 86,728 shares of Lazard stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.02, for a total value of $4,338,134.56. Following the sale, the chairman now owns 1,640,995 shares of the company’s stock, valued at $82,082,569.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the company’s stock in a transaction 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 sale, the chairman now directly owns 1,553,225 shares in the company, valued at approximately $74,679,058. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,497 shares of company stock valued at $8,658,086. Corporate insiders own 3.86% of the company’s stock.

Lazard Price Performance

NYSE:LAZ traded down $0.02 on Tuesday, reaching $51.65. 47,146 shares of the company’s stock traded hands, compared to its average volume of 936,627. The stock has a 50-day simple moving average of $49.79 and a 200-day simple moving average of $44.01. Lazard, Inc. has a 12 month low of $25.82 and a 12 month high of $54.72. The firm has a market cap of $5.82 billion, a PE ratio of -147.63 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.

About Lazard

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.