Lazard Ltd. (LAZ) Downgraded by ValuEngine
ValuEngine cut shares of Lazard Ltd. (NYSE:LAZ) from a strong-buy rating to a buy rating in a report released on Thursday.
Several other analysts have also issued reports on LAZ. Keefe, Bruyette & Woods restated a buy rating and set a $51.00 target price on shares of Lazard in a research report on Tuesday, May 9th. Zacks Investment Research lowered shares of Lazard from a buy rating to a hold rating in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded shares of Lazard from a hold rating to a buy rating in a research report on Wednesday, June 21st. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $46.89.
Shares of Lazard (NYSE:LAZ) opened at 42.19 on Thursday. The company has a market cap of $5.13 billion, a PE ratio of 11.95 and a beta of 1.84. Lazard has a 52-week low of $33.48 and a 52-week high of $48.86. The company has a 50 day moving average of $45.31 and a 200-day moving average of $44.80.
Lazard (NYSE:LAZ) last announced its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. The company had revenue of $720.16 million during the quarter, compared to analyst estimates of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The firm’s quarterly revenue was up 32.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.61 earnings per share. Analysts forecast that Lazard will post $3.52 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.89%. The ex-dividend date was Thursday, August 3rd. Lazard’s dividend payout ratio is currently 46.46%.
In other Lazard news, CFO Matthieu Bucaille sold 90,000 shares of Lazard stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $44.81, for a total transaction of $4,032,900.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of LAZ. Neuberger Berman Group LLC bought a new position in Lazard during the first quarter valued at approximately $335,000. UBS Group AG increased its position in Lazard by 84.2% in the first quarter. UBS Group AG now owns 322,512 shares of the asset manager’s stock valued at $14,832,000 after buying an additional 147,436 shares during the period. Geode Capital Management LLC increased its position in Lazard by 12.3% in the first quarter. Geode Capital Management LLC now owns 1,038,087 shares of the asset manager’s stock valued at $47,741,000 after buying an additional 113,597 shares during the period. Osborne Partners Capital Management LLC increased its position in Lazard by 0.7% in the second quarter. Osborne Partners Capital Management LLC now owns 93,660 shares of the asset manager’s stock valued at $4,339,000 after buying an additional 687 shares during the period. Finally, RWC Asset Management LLP increased its position in Lazard by 62.6% in the first quarter. RWC Asset Management LLP now owns 529,113 shares of the asset manager’s stock valued at $24,334,000 after buying an additional 203,691 shares during the period. 72.14% of the stock is currently owned by institutional investors and hedge funds.
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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