Lazard (NYSE:LAZ) Price Target Raised to $60.00

Lazard (NYSE:LAZ) had its target price increased by Morgan Stanley from $56.00 to $60.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the asset manager’s stock.

Several other research analysts have also weighed in on LAZ. The Goldman Sachs Group upped their target price on 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 shares of Lazard from a hold rating to a buy rating in a research note on Friday, July 26th. Wells Fargo & Company began coverage on shares of Lazard in a research note on Thursday, September 12th. They set an equal weight rating and a $51.00 price target on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $56.00 price objective (up previously from $49.00) on shares of Lazard in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $49.29.

Lazard Price Performance

Shares of LAZ opened at $50.31 on Monday. The business’s 50-day moving average is $47.52 and its 200-day moving average is $42.30. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -143.74 and a beta of 1.39. Lazard has a fifty-two week low of $25.82 and a fifty-two week high of $51.46.

Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.17. The firm had revenue of $685.30 million for the quarter, compared to analyst estimates of $625.40 million. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. Equities research analysts expect that Lazard will post 2.4 EPS for the current fiscal year.

Lazard Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend was Monday, August 5th. Lazard’s payout ratio is -571.43%.

Insider Activity at Lazard

In other Lazard news, Chairman Kenneth M. Jacobs sold 86,728 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.02, for a total transaction of $4,338,134.56. Following the completion of the transaction, the chairman now owns 1,640,995 shares of the company’s stock, valued at approximately $82,082,569.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Lazard news, Chairman Kenneth M. Jacobs sold 86,728 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.02, for a total value of $4,338,134.56. Following the sale, the chairman now owns 1,640,995 shares of the company’s stock, valued at approximately $82,082,569.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total value of $4,219,981.60. Following the transaction, the chairman now owns 1,553,225 shares of the company’s stock, valued at $74,679,058. The disclosure for this sale can be found here. In the last three months, insiders have sold 429,604 shares of company stock worth $19,873,736. 3.86% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.