Cubist Systematic Strategies LLC Invests $1.05 Million in Lazard, Inc. (NYSE:LAZ)

Cubist Systematic Strategies LLC acquired a new position in shares of Lazard, Inc. (NYSE:LAZ) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 27,450 shares of the asset manager’s stock, valued at approximately $1,048,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Lazard by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 10,678,365 shares of the asset manager’s stock worth $447,103,000 after purchasing an additional 152,857 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Lazard by 4.1% during the 2nd quarter. Principal Financial Group Inc. now owns 2,043,754 shares of the asset manager’s stock worth $78,031,000 after purchasing an additional 79,889 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Lazard during the 1st quarter valued at about $65,650,000. Federated Hermes Inc. boosted its position in shares of Lazard by 7.3% during the 2nd quarter. Federated Hermes Inc. now owns 651,521 shares of the asset manager’s stock valued at $24,875,000 after acquiring an additional 44,151 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Lazard by 19.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 481,406 shares of the asset manager’s stock valued at $18,370,000 after acquiring an additional 77,974 shares in the last quarter. Institutional investors own 54.80% of the company’s stock.

Lazard Price Performance

NYSE:LAZ opened at $48.64 on Thursday. The firm has a market cap of $5.48 billion, a PE ratio of -138.97 and a beta of 1.39. Lazard, Inc. has a 12 month low of $25.82 and a 12 month high of $51.46. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. The company’s 50-day moving average price is $47.87 and its two-hundred day moving average price is $42.58.

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

Lazard Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend was Monday, August 5th. Lazard’s dividend payout ratio is presently -571.43%.

Wall Street Analysts Forecast Growth

LAZ has been the topic of several recent research reports. StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. Morgan Stanley lifted 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, September 23rd. The Goldman Sachs Group lifted their target price on shares of Lazard from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $56.00 target price (up from $49.00) on shares of Lazard in a research report on Friday, July 26th. Finally, Wells Fargo & Company started coverage on shares of Lazard in a research report on Thursday, September 12th. They set an “equal weight” rating and a $51.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.29.

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 shares were 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 directly owns 1,936,722 shares of the company’s stock, valued at $77,836,857.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’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 directly owns 1,729,722 shares of the company’s stock, valued at $78,235,326.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Kenneth M. Jacobs sold 46,107 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $40.19, for a total transaction of $1,853,040.33. Following the sale, the chairman now directly 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. Over the last three months, insiders sold 429,604 shares of company stock valued at $19,873,736. Insiders own 3.86% of the company’s stock.

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.