Lazard, Inc. (NYSE:LAZ) Given Consensus Recommendation of “Hold” by Brokerages

Lazard, Inc. (NYSE:LAZ) has earned an average rating of “Hold” from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $49.29.

A number of brokerages have issued reports on LAZ. The Goldman Sachs Group lifted their target price on shares of Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, July 26th. StockNews.com upgraded Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. Wells Fargo & Company started coverage on Lazard in a report on Thursday, September 12th. They set an “equal weight” rating and a $51.00 target price on the stock. Morgan Stanley boosted their price target on Lazard from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $56.00 price objective (up previously from $49.00) on shares of Lazard in a research note on Friday, July 26th.

Insider Transactions at Lazard

In other news, Chairman Kenneth M. Jacobs sold 207,000 shares of Lazard stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total value of $9,362,610.00. Following the transaction, the chairman now directly owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Lazard news, Chairman Kenneth M. Jacobs sold 207,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total value of $9,362,610.00. Following the completion of the transaction, the chairman now owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 of the company’s stock, valued at $86,403,427.23. The disclosure for this sale can be found here. Insiders have sold a total of 429,604 shares of company stock worth $19,873,736 in the last three months. Company insiders own 3.86% of the company’s stock.

Institutional Investors Weigh In On Lazard

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in Lazard during the 1st quarter worth $25,000. Richardson Financial Services Inc. raised its holdings in shares of Lazard by 1,125.0% during the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after acquiring an additional 675 shares in the last quarter. Continuum Advisory LLC grew its stake in shares of Lazard by 58.9% in the 2nd quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock valued at $34,000 after buying an additional 330 shares in the last quarter. SYSTM Wealth Solutions LLC bought a new stake in Lazard in the first quarter worth approximately $48,000. Finally, Redwood Wealth Management Group LLC acquired a new position in Lazard during the second quarter worth $87,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Lazard Stock Performance

LAZ opened at $50.49 on Thursday. Lazard has a 1-year low of $25.82 and a 1-year high of $51.44. The stock has a market cap of $5.69 billion, a P/E ratio of -144.26 and a beta of 1.39. The stock’s 50 day simple moving average is $47.21 and its 200 day simple moving average is $42.11. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $625.40 million. During the same quarter last year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts anticipate that Lazard will post 2.44 EPS for the current fiscal year.

Lazard Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.00 annualized dividend and a yield of 3.96%. Lazard’s payout ratio is currently -571.43%.

Lazard Company Profile

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.