Lazard, Inc. (NYSE:LAZ – Get Free Report) has earned a consensus recommendation of “Hold” from the twelve brokerages that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $52.5556.
Several research firms recently weighed in on LAZ. UBS Group dropped their price objective on shares of Lazard from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, May 4th. Citigroup restated an “outperform” rating on shares of Lazard in a research report on Friday, April 10th. Weiss Ratings upgraded shares of Lazard from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 7th. Citizens Jmp decreased their price target on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Finally, Keefe, Bruyette & Woods raised their price target on Lazard from $47.00 to $49.00 and gave the company a “market perform” rating in a report on Monday, May 4th.
Get Our Latest Research Report on LAZ
Lazard Trading Up 1.6%
Lazard (NYSE:LAZ – Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The company had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. During the same period in the prior year, the company earned $0.56 EPS. The firm’s revenue was up 16.8% compared to the same quarter last year. Analysts predict that Lazard will post 2.85 EPS for the current fiscal year.
Lazard Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 11th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.4%. Lazard’s dividend payout ratio is 79.05%.
Insiders Place Their Bets
In other news, CEO Peter Richard Orszag sold 69,170 shares of Lazard stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the transaction, the chief executive officer directly owned 210,942 shares of the company’s stock, valued at $8,597,995.92. This trade represents a 24.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher Hogbin sold 7,885 shares of Lazard stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the transaction, the chief executive officer directly owned 15,773 shares in the company, valued at approximately $636,756.01. This represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 80,999 shares of company stock worth $3,292,962. Insiders own 0.95% of the company’s stock.
Hedge Funds Weigh In On Lazard
A number of large investors have recently bought and sold shares of LAZ. Vanguard Group Inc. increased its holdings in Lazard by 2.2% during the third quarter. Vanguard Group Inc. now owns 11,180,752 shares of the asset manager’s stock worth $590,120,000 after buying an additional 245,205 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Lazard by 13.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,807,320 shares of the asset manager’s stock worth $427,685,000 after buying an additional 1,047,869 shares in the last quarter. Capital Research Global Investors grew its position in shares of Lazard by 9.9% during the 4th quarter. Capital Research Global Investors now owns 2,456,726 shares of the asset manager’s stock worth $119,299,000 after purchasing an additional 221,214 shares in the last quarter. Geode Capital Management LLC raised its holdings in Lazard by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 2,357,095 shares of the asset manager’s stock valued at $114,481,000 after acquiring an additional 6,429 shares in the last quarter. Finally, State Street Corp grew its stake in Lazard by 9.3% during the second quarter. State Street Corp now owns 2,108,229 shares of the asset manager’s stock worth $101,153,000 after buying an additional 180,244 shares in the last quarter. Institutional investors and hedge funds own 54.80% of the company’s stock.
About Lazard
Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.
In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.
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