Lazard, Inc. (NYSE:LAZ) Receives $52.50 Average PT from Analysts
by Amy Steele · The Cerbat GemShares of Lazard, Inc. (NYSE:LAZ – Get Free Report) have received an average rating of “Hold” from the eleven analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $52.50.
Several research analysts recently issued reports on LAZ shares. Morgan Stanley cut their target price on shares of Lazard from $59.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, April 9th. Bank of America began coverage on shares of Lazard in a research note on Monday, January 26th. They issued a “buy” rating and a $65.00 price target for the company. Citizens Jmp decreased their target price on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating for the company in a research note on Friday, April 10th. UBS Group cut their price target on shares of Lazard from $48.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. Finally, Zacks Research cut shares of Lazard from a “hold” rating to a “strong sell” rating in a report on Friday, April 10th.
Insiders Place Their Bets
In other Lazard 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 value of $2,819,369.20. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Christopher Hogbin sold 7,885 shares of Lazard stock in a transaction dated 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 of the company’s stock, valued at approximately $636,756.01. This represents a 33.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,999 shares of company stock valued at $3,292,962 over the last three months. Corporate insiders own 0.95% of the company’s stock.
Institutional Investors Weigh In On Lazard
Large investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC purchased a new stake in Lazard in the 4th quarter valued at about $26,000. Sound Income Strategies LLC raised its holdings in shares of Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 220 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 224 shares in the last quarter. Quest 10 Wealth Builders Inc. bought a new stake in shares of Lazard in the 4th quarter valued at about $32,000. Finally, Costello Asset Management INC bought a new stake in shares of Lazard in the 3rd quarter valued at about $37,000. 54.80% of the stock is owned by hedge funds and other institutional investors.
Lazard Price Performance
LAZ stock opened at $49.08 on Friday. The company has a market capitalization of $5.48 billion, a P/E ratio of 22.51, a price-to-earnings-growth ratio of 0.42 and a beta of 1.42. The company has a debt-to-equity ratio of 1.85, a quick ratio of 2.28 and a current ratio of 2.28. Lazard has a 52-week low of $33.45 and a 52-week high of $58.75. The business has a 50-day simple moving average of $46.21 and a two-hundred day simple moving average of $49.08.
Lazard (NYSE:LAZ – Get Free Report) last posted its quarterly earnings results on Friday, January 30th. The asset manager reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.12. Lazard had a net margin of 7.49% and a return on equity of 33.04%. The company had revenue of $892.11 million for the quarter, compared to analysts’ expectations of $876.32 million. During the same quarter in the previous year, the firm posted $0.78 EPS. Lazard’s revenue was up 11.0% on a year-over-year basis. Research analysts expect that Lazard will post 4.24 EPS for the current fiscal year.
Lazard Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Monday, February 9th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, February 9th. Lazard’s payout ratio is currently 91.74%.
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.