Custom Index Systems LLC Takes $470,000 Position in Lazard, Inc. (NYSE:LAZ)

Custom Index Systems LLC acquired a new stake in shares of Lazard, Inc. (NYSE:LAZ) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,310 shares of the asset manager’s stock, valued at approximately $470,000.

Other hedge funds have also made changes to their positions in the company. Redwood Investment Management LLC acquired a new position in shares of Lazard during the 1st quarter valued at about $1,504,000. National Bank of Canada FI increased its holdings in shares of Lazard by 46.4% during the 4th quarter. National Bank of Canada FI now owns 110,800 shares of the asset manager’s stock valued at $4,002,000 after acquiring an additional 35,103 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Lazard during the 1st quarter valued at about $1,126,000. Swedbank AB acquired a new position in shares of Lazard during the 1st quarter valued at about $6,733,000. Finally, Great Lakes Retirement Inc. acquired a new stake in Lazard in the 1st quarter valued at approximately $671,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Lazard Price Performance

Shares of LAZ stock opened at $47.44 on Friday. The stock has a 50 day moving average of $45.38 and a two-hundred day moving average of $41.33. 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, Inc. has a 12 month low of $25.82 and a 12 month high of $50.26. The company has a market capitalization of $5.35 billion, a P/E ratio of -135.54 and a beta of 1.39.

Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.52 EPS 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 company had revenue of $685.30 million during the quarter, compared to the consensus estimate of $625.40 million. During the same quarter last year, the company earned $0.24 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities analysts expect that Lazard, Inc. will post 2.44 EPS for the current year.

Lazard Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a $0.50 dividend. The ex-dividend date was Monday, August 5th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.22%. Lazard’s dividend payout ratio is currently -571.43%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Chairman Kenneth M. Jacobs sold 1,999 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chairman now owns 1,727,723 shares in the company, valued at approximately $86,403,427.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now owns 1,553,225 shares in the company, valued at approximately $74,679,058. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Kenneth M. Jacobs sold 1,999 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $50.01, for a total value of $99,969.99. Following the transaction, the chairman now owns 1,727,723 shares of the company’s stock, valued at approximately $86,403,427.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 429,604 shares of company stock worth $19,873,736. 3.86% of the stock is currently owned by company 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.