Epoch Investment Partners Inc. Sells 95,538 Shares of Lazard, Inc. (NYSE:LAZ)

Epoch Investment Partners Inc. lowered its stake in Lazard, Inc. (NYSE:LAZ) by 4.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,987,318 shares of the asset manager’s stock after selling 95,538 shares during the quarter. Epoch Investment Partners Inc.’s holdings in Lazard were worth $75,876,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in LAZ. Allspring Global Investments Holdings LLC bought a new stake in Lazard in the first quarter valued at $25,000. Richardson Financial Services Inc. lifted its position in Lazard by 1,125.0% during the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock valued at $28,000 after buying an additional 675 shares during the period. Continuum Advisory LLC lifted its position in Lazard by 58.9% during the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock valued at $34,000 after buying an additional 330 shares during the period. SYSTM Wealth Solutions LLC purchased a new position in Lazard during the first quarter valued at $48,000. Finally, Redwood Wealth Management Group LLC purchased a new position in Lazard during the second quarter valued at $87,000. Institutional investors own 54.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $56.00 price objective (up previously from $49.00) on shares of Lazard in a research report on Friday, July 26th. The Goldman Sachs Group raised their price objective on Lazard from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Friday, July 26th. Morgan Stanley lifted their price target on Lazard from $53.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company began coverage on Lazard in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $51.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.71.

Insiders Place Their Bets

In other Lazard news, Chairman Kenneth M. Jacobs sold 46,107 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $40.19, for a total value of $1,853,040.33. Following the completion of the transaction, the chairman now owns 1,936,722 shares of the company’s stock, valued at approximately $77,836,857.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Lazard news, Chairman Kenneth M. Jacobs sold 1,999 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $50.01, for a total transaction of $99,969.99. Following the completion of the sale, the chairman now directly owns 1,727,723 shares in the company, valued at approximately $86,403,427.23. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Kenneth M. Jacobs sold 46,107 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.19, for a total value of $1,853,040.33. Following the sale, the chairman now owns 1,936,722 shares of the company’s stock, valued at $77,836,857.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 429,604 shares of company stock valued at $19,873,736. 3.86% of the stock is owned by insiders.

Lazard Price Performance

LAZ opened at $50.37 on Friday. The stock has a 50-day moving average price of $47.07 and a 200-day moving average price of $42.01. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94. The firm has a market cap of $5.68 billion, a PE ratio of -143.91 and a beta of 1.39. Lazard, Inc. has a 1 year low of $25.82 and a 1 year high of $50.78.

Lazard (NYSE:LAZ) last issued its 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. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business had revenue of $685.30 million during the quarter, compared to analyst estimates of $625.40 million. During the same quarter in the previous year, the firm earned $0.24 EPS. Lazard’s revenue was up 6.6% on a year-over-year basis. Sell-side analysts predict that Lazard, Inc. will post 2.44 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date was Monday, August 5th. Lazard’s dividend payout ratio (DPR) is -571.43%.

Lazard Company 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.