Lazard (NYSE:LAZ) had its price objective cut by Buckingham Research from $41.00 to $40.00 in a research report report published on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the asset manager’s stock.

A number of other equities research analysts have also issued reports on LAZ. Zacks Investment Research upgraded shares of Lazard from a sell rating to a hold rating and set a $40.00 price target on the stock in a report on Wednesday, September 11th. ValuEngine upgraded shares of Lazard from a strong sell rating to a sell rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Lazard currently has a consensus rating of Hold and a consensus target price of $40.00.

Shares of NYSE LAZ traded up $0.91 during midday trading on Wednesday, reaching $36.57. The company’s stock had a trading volume of 898,590 shares, compared to its average volume of 813,144. Lazard has a one year low of $31.07 and a one year high of $43.86. The company has a 50 day moving average price of $35.26 and a 200 day moving average price of $35.60. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 3.11. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 8.79 and a beta of 1.71.

Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.10. Lazard had a net margin of 14.42% and a return on equity of 47.09%. The business had revenue of $630.00 million for the quarter, compared to analyst estimates of $604.18 million. During the same quarter in the previous year, the business earned $1.10 earnings per share. The firm’s revenue was down 15.0% compared to the same quarter last year. Research analysts anticipate that Lazard will post 3.35 earnings per share for the current fiscal year.

In other news, CAO Scott D. Hoffman sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total transaction of $1,021,200.00. Following the sale, the chief accounting officer now owns 24,388 shares in the company, valued at $830,167.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.94% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in LAZ. FMR LLC increased its stake in Lazard by 94.8% in the 1st quarter. FMR LLC now owns 5,015,114 shares of the asset manager’s stock valued at $181,247,000 after buying an additional 2,440,822 shares during the period. JPMorgan Chase & Co. increased its stake in Lazard by 56.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,130,116 shares of the asset manager’s stock valued at $107,394,000 after buying an additional 1,125,817 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Lazard by 11.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,638,704 shares of the asset manager’s stock valued at $228,305,000 after buying an additional 698,677 shares during the period. RWC Asset Management LLP increased its stake in Lazard by 36.1% in the 2nd quarter. RWC Asset Management LLP now owns 1,967,570 shares of the asset manager’s stock valued at $67,664,000 after buying an additional 522,202 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in Lazard by 333.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 456,466 shares of the asset manager’s stock valued at $15,698,000 after buying an additional 351,043 shares during the period. Hedge funds and other institutional investors own 64.05% of the company’s stock.

About Lazard

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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Analyst Recommendations for Lazard (NYSE:LAZ)

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