Lazard (NYSE:LAZ) PT Raised to $52.00

Lazard (NYSE:LAZ) had its price target boosted by UBS Group from $49.00 to $52.00 in a research report released on Tuesday, Benzinga reports. UBS Group currently has a neutral rating on the asset manager’s stock.

Several other brokerages also recently commented on LAZ. StockNews.com upgraded Lazard from a hold rating to a buy rating in a research note on Friday, July 26th. Morgan Stanley boosted their price objective on shares of Lazard from $56.00 to $60.00 and gave the company an overweight rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods restated an outperform rating and issued a $56.00 target price (up previously from $49.00) on shares of Lazard in a report on Friday, July 26th. The Goldman Sachs Group boosted their target price on shares of Lazard from $38.00 to $42.00 and gave the company a sell rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company assumed coverage on Lazard in a report on Thursday, September 12th. They set an equal weight rating and a $51.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $51.14.

Lazard Stock Up 5.4 %

LAZ stock opened at $52.69 on Tuesday. Lazard has a twelve month low of $25.82 and a twelve month high of $52.88. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. The firm has a market cap of $5.94 billion, a PE ratio of -150.54 and a beta of 1.39. The business has a 50 day moving average of $48.08 and a 200 day moving average of $42.99.

Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 25th. The asset manager reported $0.52 EPS for the quarter, beating the consensus estimate of $0.35 by $0.17. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business had revenue of $685.30 million for the quarter, compared to the consensus estimate of $625.40 million. During the same period last year, the business posted $0.24 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. On average, research analysts forecast that Lazard will post 2.43 EPS for the current fiscal year.

Lazard Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were given a dividend of $0.50 per share. The ex-dividend date was Monday, August 5th. This represents a $2.00 annualized dividend and a yield of 3.80%. Lazard’s dividend payout ratio (DPR) is -571.43%.

Insider Activity at Lazard

In other Lazard news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the sale, the chairman now owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman Kenneth M. Jacobs sold 1,999 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $50.01, for a total transaction of $99,969.99. Following the sale, the chairman now directly owns 1,727,723 shares in the company, valued at $86,403,427.23. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of Lazard stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the transaction, the chairman now owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,497 shares of company stock worth $18,020,696. 3.86% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lazard

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Continuum Advisory LLC boosted its stake in shares of Lazard by 58.9% in the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock worth $34,000 after acquiring an additional 330 shares during the period. Central Asset Investments & Management Holdings HK Ltd boosted its stake in Lazard by 3.3% in the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,392 shares of the asset manager’s stock worth $702,000 after purchasing an additional 589 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Lazard during the 1st quarter valued at approximately $25,000. Richardson Financial Services Inc. grew its holdings in Lazard by 1,125.0% during the 2nd quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock valued at $28,000 after buying an additional 675 shares in the last quarter. Finally, nVerses Capital LLC raised its position in shares of Lazard by 22.2% during the second quarter. nVerses Capital LLC now owns 4,400 shares of the asset manager’s stock valued at $168,000 after buying an additional 800 shares during the last quarter. 54.80% of the stock is owned by institutional investors.

About Lazard

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.