Nomura Reiterates “Buy” Rating for Lazard Ltd (LAZ)
Lazard Ltd (NYSE:LAZ)‘s stock had its “buy” rating reaffirmed by analysts at Nomura in a report released on Wednesday. They currently have a $47.00 target price on the stock. Nomura’s price target suggests a potential upside of 31.76% from the stock’s previous close.
Several other analysts have also commented on the company. Credit Suisse Group AG reissued a “buy” rating and issued a $42.00 price objective on shares of Lazard in a report on Tuesday, September 6th. Zacks Investment Research upgraded Lazard from a “sell” rating to a “hold” rating in a research report on Tuesday, August 30th. Finally, TheStreet upgraded Lazard to a “buy” rating in a research report on Thursday, August 18th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $49.11.
Shares of Lazard (NYSE:LAZ) traded down 0.61% during trading on Wednesday, reaching $35.67. The company’s stock had a trading volume of 270,555 shares. Lazard has a 1-year low of $26.21 and a 1-year high of $49.57. The company has a market capitalization of $4.43 billion, a PE ratio of 6.75 and a beta of 2.20. The stock has a 50 day moving average of $36.51 and a 200-day moving average of $35.05.
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Lazard (NYSE:LAZ) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. The business earned $542.30 million during the quarter, compared to analyst estimates of $542.68 million. During the same period in the previous year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. On average, analysts expect that Lazard will post $2.84 earnings per share for the current year.
In other Lazard news, Director Jane L. Mendillo bought 1,400 shares of Lazard stock in a transaction on Tuesday, August 2nd. The shares were bought at an average price of $35.22 per share, for a total transaction of $49,308.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Scott D. Hoffman sold 42,000 shares of Lazard stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $34.92, for a total value of $1,466,640.00. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of the stock. WCM Investment Management CA increased its stake in Lazard by 6.5% in the second quarter. WCM Investment Management CA now owns 5,252,697 shares of the company’s stock worth $156,425,000 after buying an additional 319,321 shares in the last quarter. RidgeWorth Capital Management LLC increased its stake in Lazard by 23.8% in the second quarter. RidgeWorth Capital Management LLC now owns 3,729,700 shares of the company’s stock worth $111,593,000 after buying an additional 715,900 shares in the last quarter. Columbia Wanger Asset Management LLC increased its stake in Lazard by 157.1% in the second quarter. Columbia Wanger Asset Management LLC now owns 3,023,066 shares of the company’s stock worth $90,027,000 after buying an additional 1,847,066 shares in the last quarter. Franklin Resources Inc. increased its stake in Lazard by 13.6% in the first quarter. Franklin Resources Inc. now owns 2,788,002 shares of the company’s stock worth $108,174,000 after buying an additional 334,735 shares in the last quarter. Finally, Strs Ohio increased its stake in Lazard by 28.7% in the second quarter. Strs Ohio now owns 1,993,000 shares of the company’s stock worth $59,351,000 after buying an additional 445,000 shares in the last quarter.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates in two business segments: Financial Advisory and Asset Management. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients 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.
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