Wed Sep 25 07:58:46 UTC 2024: ## New Jersey Pension Fund Invests in Lazard, Inc. Amidst Growing Institutional Interest

**New York, NY – September 25, 2024** – The State of New Jersey Common Pension Fund D has joined a growing list of institutional investors showing interest in Lazard, Inc. (NYSE: LAZ), a leading financial advisory and asset management firm. According to the company’s recent 13F filing with the SEC, the pension fund purchased 45,956 shares of Lazard stock, valued at approximately $1,755,000, during the second quarter.

This move follows a trend of increased activity by other major investors in Lazard. Allspring Global Investments Holdings LLC, Continuum Advisory LLC, SYSTM Wealth Solutions LLC, International Assets Investment Management LLC, and nVerses Capital LLC all acquired or expanded their holdings in Lazard during the first and second quarters of 2024. Institutional investors and hedge funds now own 54.80% of the company’s stock, highlighting the growing confidence in Lazard’s future prospects.

Analysts are also optimistic about Lazard’s performance. Morgan Stanley raised its price target on Lazard to $60.00, while Keefe, Bruyette & Woods reiterated an “outperform” rating and increased its price target to $56.00. StockNews.com even upgraded its rating for Lazard from “hold” to “buy.” Overall, analysts have assigned an average rating of “Moderate Buy” with a consensus price target of $49.29.

Lazard’s recent strong earnings performance further bolsters these positive sentiments. The asset manager exceeded analyst expectations in the second quarter, reporting $0.52 earnings per share (EPS) compared to an estimated $0.35. This strong performance was driven by a 6.6% year-over-year increase in revenue.

However, despite this positive outlook, there are concerns regarding the company’s high debt-to-equity ratio and negative PE ratio.

Investors are also keeping a close eye on insider trading activity. Chairman Kenneth M. Jacobs sold a significant amount of stock in recent transactions, raising questions about his confidence in the company’s future.

Despite these concerns, Lazard remains a company with strong fundamentals and a positive outlook. The recent influx of institutional investment, positive analyst ratings, and impressive earnings performance suggest that the company is poised for continued growth in the coming quarters.

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