Lazard, Inc. (NYSE:LAZ) Shares Bought by Continuum Advisory LLC

VaselineAugust 21, 2024

0 4 minutes read

Continuum Advisory LLC increased its stake in Lazard, Inc. (NYSE:LAZ – Free Report) by 58.9% in the second quarter, Holdings Channel.com reports. The firm owned 890 shares of the asset manager’s stock after acquiring an additional 330 shares during the period. Continuum Advisory LLC’s holdings in Lazard were worth $34,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of LAZ. Allspring Global Investments Holdings LLC bought a new stake in shares of Lazard in the first quarter valued at about $25,000. SYSTM Wealth Solutions LLC bought a new stake in shares of Lazard in the first quarter valued at about $48,000. Delta Investment Management LLC bought a new stake in shares of Lazard in the first quarter valued at about $209,000. Hilltop National Bank bought a new stake in shares of Lazard in the second quarter valued at approximately $226,000. Finally, Ascent Group LLC bought a new stake in Lazard in the first quarter worth about $259,000. 54.80% of shares are currently owned by institutional investors.

Lazard trading down 0.8%

Shares of LAZ opened at $47.51 on Wednesday. The company’s 50-day moving average price is $42.32 and its 200-day moving average price is $40.41. The stock has a market cap of $5.36 billion, a P/E ratio of -135.74 and a beta of 1.40. Lazard, Inc. has a 1 year low of $25.82 and a 1 year high of $49.78. The company has a current ratio of 1.94, a quick ratio of 1.89, and a debt-to-equity ratio of 3.60.

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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 for the quarter, topping analysts’ consensus estimates of $0.35 by $0.17. The firm had revenue of $685.30 million for the quarter, compared to analysts’ expectations of $625.40 million. Lazard had a return on equity of 41.78% and a net margin of 5.50%. Lazard’s revenue rose 6.6% year-over-year. In the same quarter last year, the business posted EPS of $0.24. Analysts expect Lazard, Inc. to record 2.56 earnings per share for the current year.

Lazard announces dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, August 5. This represents a dividend of $2.00 on an annualized basis and a yield of 4.21%. Lazard’s dividend payout ratio is currently -571.43%.

Insider buying and selling

In related news, Chairman Kenneth M. Jacobs sold 154,131 shares of Lazard stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $40.21, for a total value of $6,197,607.51. Following the transaction, the chairman now owns 1,989,591 shares of the company’s stock, valued at approximately $80,001,454.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Lazard news, Chairman Kenneth M. Jacobs sold 46,107 shares of Lazard stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.19, for a total transaction of $1,853,040.33. Following the transaction, the chairman now owns 1,936,722 shares of the company’s stock, valued at approximately $77,836,857.18. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Kenneth M. Jacobs sold 154,131 shares of Lazard stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $40.21, for a total value of $6,197,607.51. Following the transaction, the chairman now directly owns 1,989,591 shares in the company, valued at approximately $80,001,454.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 414,000 shares of company stock worth $17,683,738. 3.86% of shares are held by corporate insiders.

Analysts set new price targets

Several equities research analysts have commented on the stock. Morgan Stanley upped their target price on shares of Lazard from $53.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $56.00 target price (up from $49.00) on shares of Lazard in a research report on Friday, July 26th. Goldman Sachs Group boosted their target price on shares of Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, July 26th. Finally, StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Lazard has an average rating of “Moderate Buy” and a consensus price target of $48.33, based on data from MarketBeat.com.

Check out the latest stock report on Lazard

Lazard Company Profile

(Free Report)

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 provides financial advisory services such as mergers and acquisitions, capital markets, shareholder advisory, sovereign, geopolitical and other strategic advisory services, as well as restructuring and liability management services, as well as fundraising services and capital placement.