Lazard (NYSE:LAZ – Get Free Report) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks reports.
Several other analysts have also recently issued reports on LAZ. Morgan Stanley set a $44.00 target price on Lazard in a research report on Friday, July 24th. The Goldman Sachs Group reissued a “sell” rating on shares of Lazard in a research report on Thursday, July 23rd. Citigroup restated a “market outperform” rating on shares of Lazard in a research note on Friday, July 24th. UBS Group reaffirmed a “neutral” rating and set a $44.00 price objective on shares of Lazard in a research report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods cut their target price on Lazard from $44.00 to $42.00 and set a “market perform” rating on the stock in a research note on Friday, July 24th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Lazard presently has a consensus rating of “Hold” and a consensus price target of $50.38.
View Our Latest Research Report on Lazard
Lazard Price Performance
Lazard (NYSE:LAZ – Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The asset manager reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.22). The business had revenue of $786.47 million for the quarter, compared to analysts’ expectations of $736.29 million. Lazard had a net margin of 6.95% and a return on equity of 23.58%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. Equities analysts predict that Lazard will post 2.18 earnings per share for the current fiscal year.
Insider Activity
In other news, CEO Peter Orszag sold 125,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total transaction of $5,440,000.00. Following the transaction, the chief executive officer directly owned 260,942 shares of the company’s stock, valued at approximately $11,356,195.84. This represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.95% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Lazard during the second quarter worth about $379,092,000. Norges Bank acquired a new position in shares of Lazard during the fourth quarter valued at about $80,169,000. Jupiter Topco LLC purchased a new position in shares of Lazard in the 2nd quarter valued at approximately $67,275,000. Bank of America Corp DE purchased a new position in shares of Lazard in the 2nd quarter valued at approximately $42,122,000. Finally, Bank of Nova Scotia acquired a new stake in Lazard in the 2nd quarter worth approximately $33,756,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.
Lazard Company Profile
Lazard Ltd. (NYSE: LAZ) is a global financial advisory and asset management firm. The company provides advice on mergers and acquisitions, capital structure, restructuring, strategic matters and other corporate finance activities. Lazard also offers asset management services for institutions, financial intermediaries, private clients and other investors.
Lazard traces its origins to 1848, when the Lazard brothers established a business in New Orleans. The firm later expanded to San Francisco and Paris, developing an international platform that serves clients across North America, Europe, Asia-Pacific and other key global markets.
The company operates through financial advisory and asset management businesses, with teams serving corporations, governments, institutions and high-net-worth individuals.
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