Envestnet Asset Management Inc. Has $10.84 Million Stake in Lazard, Inc. (NYSE:LAZ)

Envestnet Asset Management Inc. lowered its position in shares of Lazard, Inc. (NYSE:LAZ) by 6.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 283,891 shares of the asset manager’s stock after selling 18,855 shares during the quarter. Envestnet Asset Management Inc. owned 0.25% of Lazard worth $10,839,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LAZ. Allspring Global Investments Holdings LLC bought a new position in Lazard in the first quarter valued at approximately $25,000. Continuum Advisory LLC grew its stake in shares of Lazard by 58.9% in the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 330 shares in the last quarter. SYSTM Wealth Solutions LLC acquired a new stake in Lazard during the first quarter worth about $48,000. LWM Advisory Services LLC acquired a new stake in Lazard during the second quarter worth about $88,000. Finally, International Assets Investment Management LLC bought a new position in shares of Lazard in the second quarter worth about $150,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Lazard Price Performance

Shares of LAZ stock opened at $50.31 on Friday. Lazard, Inc. has a twelve month low of $25.82 and a twelve month high of $51.46. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of -143.74 and a beta of 1.39. The stock has a fifty day simple moving average of $47.52 and a two-hundred day simple moving average of $42.30. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 3.60.

Lazard (NYSE:LAZ) last announced its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.17. The company had revenue of $685.30 million for the quarter, compared to analyst estimates of $625.40 million. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. On average, analysts predict that Lazard, Inc. will post 2.4 EPS for the current fiscal year.

Lazard Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.00 dividend on an annualized basis and a yield of 3.98%. Lazard’s payout ratio is -571.43%.

Analysts Set New Price Targets

A number of analysts have weighed in on LAZ shares. Morgan Stanley increased their target price on shares of Lazard from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday. The Goldman Sachs Group boosted their price objective on Lazard from $38.00 to $42.00 and gave the company a “sell” rating in a research note 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 report on Friday, July 26th. StockNews.com upgraded Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Company started coverage on Lazard in a report on Thursday, September 12th. They set an “equal weight” rating and a $51.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Lazard presently has an average rating of “Moderate Buy” and an average target price of $49.29.

Insiders Place Their Bets

In other news, Chairman Kenneth M. Jacobs sold 87,770 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total value of $4,219,981.60. Following the completion of the sale, the chairman now directly owns 1,553,225 shares of the company’s stock, valued at approximately $74,679,058. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Kenneth M. Jacobs sold 46,107 shares of the stock in a transaction on 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 sale, the chairman now directly owns 1,936,722 shares in the company, valued at approximately $77,836,857.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total transaction of $4,219,981.60. Following the transaction, the chairman now directly owns 1,553,225 shares in the company, valued at approximately $74,679,058. The disclosure for this sale can be found here. Insiders sold a total of 429,604 shares of company stock valued at $19,873,736 over the last quarter. 3.86% of the stock is owned by insiders.

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.