Dividend Coverage: This Financial Advisory and Asset Management Firm has a Dividend Yield of 3.46%; Will Trade Ex-Dividend on November 3, 2017
LONDON, UK / ACCESSWIRE / November 2, 2017 / Pro-Trader Daily takes a closer look at Lazard Ltd (NYSE: LAZ) as the Company's stock will begin trading ex-dividend on November 03, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on November 02, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On October 25, 2017, Lazard announced that its Board of Directors has voted to declare a quarterly dividend of $0.41 per share on its outstanding Class A common stock. The dividend is payable on November 17, 2017, to stockholders of record on November 06, 2017.
Lazard's indicated dividend represents a yield of 3.46%, which is substantially above compared to the average dividend yield of 3.27% for the Financial sector. The Company has raised dividend for six consecutive years.
Dividend Insights
Lazard has a dividend payout ratio of 47.0%, which indicates that the Company distributes approximately $0.47 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Lazard is estimated to report earnings of $3.68 for the next year, which is more than double the Company's annualized dividend of $1.64 per share.
As of September 30, 2017, the Company's cash and cash equivalents were $1.25 billion and stockholders' equity related to Lazard's interests was $1.31 billion. For Q3 2017, Lazard returned $119 million to shareholders which included: $50 million in dividends; $68 million in share repurchases of the Company's Class A common stock; and $1 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for Lazard
On October 26, 2017, Lazard reported record third-quarter operating revenue of $627 million, up 3% on a y-o-y basis for the quarter ended September 30, 2017. The Company's reported quarter net income on a US GAAP basis was $109 million, or $0.82 per diluted share, compared to net income of $113 million or $0.85 per diluted share for Q3 2016. Lazard's net income, as adjusted and excluding pre-tax charges, was $112 million, or $0.85 per diluted share, for Q3 2017.
About Lazard
Lazard, one of the world's pre-eminent financial advisory and asset management firms, operates from 43 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising, and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals.
Stock Performance
Lazard's share price finished yesterday's trading session at $47.40, slightly down 0.29%. A total volume of 487.16 thousand shares have exchanged hands. The Company's stock price soared 3.88% in the last three months, 9.85% in the past six months, and 32.09% in the previous twelve months. Additionally, the stock surged 18.62% since the start of the year. Shares of the Company have a PE ratio of 13.14 and have a dividend yield of 3.46%. The stock currently has a market cap of $5.94 billion.
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