Lazard (LAZ) Releases Earnings Results, Beats Estimates By $0.29 EPS

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Lazard (NYSE:LAZ) posted its quarterly earnings results on Thursday. The asset manager reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.29, MarketWatch Earnings reports. Lazard had a net margin of 18.27% and a return on equity of 50.62%. The company had revenue of $620.00 million for the quarter, compared to the consensus estimate of $598.66 million. During the same period last year, the firm posted $1.26 EPS. The company’s revenue for the quarter was down 14.4% on a year-over-year basis.

Shares of LAZ traded up $2.91 during mid-day trading on Thursday, hitting $40.50. The company’s stock had a trading volume of 1,950,290 shares, compared to its average volume of 1,028,837. The stock has a market capitalization of $4.83 billion, a P/E ratio of 9.74, a P/E/G ratio of 2.47 and a beta of 1.59. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.71 and a quick ratio of 1.71. Lazard has a fifty-two week low of $33.54 and a fifty-two week high of $56.30.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its stake in shares of Lazard by 10.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 379,327 shares of the asset manager’s stock worth $13,709,000 after purchasing an additional 36,903 shares during the last quarter. Meritage Portfolio Management grew its stake in shares of Lazard by 45.6% in the 1st quarter. Meritage Portfolio Management now owns 117,117 shares of the asset manager’s stock worth $4,233,000 after purchasing an additional 36,701 shares during the last quarter. Osborne Partners Capital Management LLC increased its position in shares of Lazard by 5.2% in the first quarter. Osborne Partners Capital Management LLC now owns 90,331 shares of the asset manager’s stock worth $3,265,000 after acquiring an additional 4,471 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new position in shares of Lazard in the first quarter worth approximately $8,421,000. Finally, Lathrop Investment Management Corp increased its position in shares of Lazard by 0.8% in the first quarter. Lathrop Investment Management Corp now owns 256,719 shares of the asset manager’s stock worth $9,278,000 after acquiring an additional 2,007 shares in the last quarter. 68.78% of the stock is currently owned by institutional investors.

Several brokerages recently weighed in on LAZ. Zacks Investment Research upgraded shares of Lazard from a “sell” rating to a “hold” rating in a research report on Monday, December 31st. Keefe, Bruyette & Woods reiterated a “mkt perform” rating and issued a $41.00 price objective on shares of Lazard in a research report on Friday, January 4th. Wolfe Research downgraded shares of Lazard from a “market perform” rating to an “underperform” rating in a research report on Tuesday, January 8th. ValuEngine downgraded shares of Lazard from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 5th. Finally, TheStreet upgraded shares of Lazard from a “c” rating to a “b-” rating in a research report on Wednesday, February 6th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Lazard currently has a consensus rating of “Hold” and an average price target of $50.33.

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Lazard Company Profile

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

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Earnings History for Lazard (NYSE:LAZ)

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