Lazard, Inc. (NYSE:LAZ – Get Free Report) shares crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $38.82 and traded as high as $40.26. Lazard shares last traded at $39.5620, with a volume of 1,759,437 shares.
Analysts Set New Price Targets
Several research firms have commented on LAZ. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lazard in a research note on Tuesday. Zacks Research downgraded Lazard from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Wall Street Zen lowered Lazard from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Capital One Financial set a $38.00 price target on Lazard in a research note on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods decreased their price target on Lazard from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Lazard presently has an average rating of “Hold” and a consensus target price of $46.50.
Get Our Latest Report on Lazard
Lazard Stock Down 3.0%
The company has a debt-to-equity ratio of 1.80, a current ratio of 2.66 and a quick ratio of 2.84. The firm’s 50-day simple moving average is $38.73 and its two-hundred day simple moving average is $44.31. The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 2.07 and a beta of 1.47.
Lazard (NYSE:LAZ – Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The asset manager reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $804.62 million for the quarter, compared to analyst estimates of $844.23 million. Lazard had a net margin of 5.55% and a return on equity of 20.76%. Lazard’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.56 earnings per share. Sell-side analysts predict that Lazard, Inc. will post 1.34 EPS for the current fiscal year.
Lazard Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Monday, November 2nd. Lazard’s payout ratio is presently 121.21%.
Insiders Place Their Bets
In other news, CEO Peter Orszag sold 125,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total value of $5,440,000.00. Following the completion of the transaction, the chief executive officer owned 260,942 shares in the company, valued at $11,356,195.84. This trade represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.95% of the company’s stock.
Institutional Investors Weigh In On Lazard
A number of large investors have recently added to or reduced their stakes in the business. EFG International AG acquired a new stake in Lazard during the second quarter worth approximately $739,000. Janus Henderson Group PLC raised its holdings in Lazard by 3.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,431,358 shares of the asset manager’s stock valued at $60,806,000 after acquiring an additional 48,607 shares during the last quarter. Deutsche Bank AG acquired a new position in Lazard in the 2nd quarter valued at $1,093,000. Engineers Gate Manager LP lifted its stake in shares of Lazard by 74.7% during the 2nd quarter. Engineers Gate Manager LP now owns 95,509 shares of the asset manager’s stock worth $4,006,000 after purchasing an additional 40,846 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of Lazard during the 2nd quarter worth $42,122,000. 54.80% of the stock is owned by institutional investors and hedge funds.
Lazard Company Profile
Lazard, Ltd. is a global financial advisory and asset management firm that serves corporations, financial institutions, governments, sovereign entities and individuals. Its Financial Advisory business provides advice on mergers and acquisitions, strategic matters, capital structure, restructuring, capital raising and other complex financial transactions.
Through its Asset Management business, Lazard offers investment strategies across equities, fixed income, private markets, alternatives and multi-asset portfolios.
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