Webster Bank N. A. Lowers Position in Lazard Ltd (NYSE:LAZ)

Webster Bank N. A. cut its stake in Lazard Ltd (NYSE:LAZ) by 26.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,500 shares of the asset manager’s stock after selling 530 shares during the quarter. Webster Bank N. A.’s holdings in Lazard were worth $52,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of LAZ. FMR LLC increased its position in shares of Lazard by 94.8% during the first quarter. FMR LLC now owns 5,015,114 shares of the asset manager’s stock valued at $181,247,000 after acquiring an additional 2,440,822 shares during the last quarter. Oakbrook Investments LLC purchased a new stake in shares of Lazard during the first quarter valued at approximately $217,000. Osborne Partners Capital Management LLC increased its position in shares of Lazard by 5.2% during the first quarter. Osborne Partners Capital Management LLC now owns 90,331 shares of the asset manager’s stock valued at $3,265,000 after acquiring an additional 4,471 shares during the last quarter. Quantitative Systematic Strategies LLC increased its position in shares of Lazard by 147.0% during the first quarter. Quantitative Systematic Strategies LLC now owns 26,629 shares of the asset manager’s stock valued at $962,000 after acquiring an additional 15,849 shares during the last quarter. Finally, Meritage Portfolio Management increased its position in shares of Lazard by 45.6% during the first quarter. Meritage Portfolio Management now owns 117,117 shares of the asset manager’s stock valued at $4,233,000 after acquiring an additional 36,701 shares during the last quarter. 65.52% of the stock is owned by hedge funds and other institutional investors.

NYSE:LAZ traded down $0.48 during trading hours on Friday, reaching $35.75. The stock had a trading volume of 1,110,807 shares, compared to its average volume of 740,796. The company has a current ratio of 1.95, a quick ratio of 1.77 and a debt-to-equity ratio of 3.11. The stock has a 50 day moving average of $35.69. Lazard Ltd has a 12-month low of $31.07 and a 12-month high of $53.54. The firm has a market capitalization of $4.64 billion, a PE ratio of 8.59, a P/E/G ratio of 8.02 and a beta of 1.69.

Lazard (NYSE:LAZ) last released its earnings results on Thursday, July 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.10. Lazard had a return on equity of 47.09% and a net margin of 14.42%. The business had revenue of $630.00 million during the quarter, compared to the consensus estimate of $604.18 million. During the same period last year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was down 15.0% on a year-over-year basis. As a group, equities research analysts expect that Lazard Ltd will post 3.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date is Friday, August 2nd. Lazard’s dividend payout ratio is currently 45.19%.

A number of analysts recently commented on LAZ shares. Buckingham Research decreased their price target on Lazard from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. UBS Group downgraded Lazard from a “buy” rating to a “neutral” rating and decreased their price target for the company from $43.00 to $36.00 in a research report on Monday, June 10th. Bank of America downgraded Lazard from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Thursday, April 11th. Finally, Zacks Investment Research downgraded Lazard from a “hold” rating to a “sell” rating and set a $41.00 price target for the company. in a research report on Friday, July 26th. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $40.33.

Lazard Company Profile

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

Read More: Market Perform

Institutional Ownership by Quarter for Lazard (NYSE:LAZ)

Receive News & Ratings for Lazard Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard and related companies with MarketBeat.com's FREE daily email newsletter.