Lazard Ltd. (LAZ) Receives Consensus Rating of “Buy” from Analysts
Shares of Lazard Ltd. (NYSE:LAZ) have earned an average recommendation of “Buy” from the ten research firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $46.71.
A number of analysts have commented on LAZ shares. Bank of America Corporation raised shares of Lazard from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a report on Thursday, March 23rd. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Lazard in a report on Tuesday, April 4th. Credit Suisse Group reissued a “buy” rating and issued a $50.00 price target on shares of Lazard in a report on Friday, April 21st. Zacks Investment Research lowered shares of Lazard from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, BidaskClub raised shares of Lazard from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st.
In other Lazard news, COO Alexander F. Stern sold 65,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $44.75, for a total transaction of $2,908,750.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Matthieu Bucaille sold 90,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total transaction of $4,032,900.00. The disclosure for this sale can be found here. Insiders sold a total of 190,000 shares of company stock worth $8,521,200 over the last ninety days. 2.50% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the company. New York State Teachers Retirement System boosted its stake in shares of Lazard by 0.9% in the first quarter. New York State Teachers Retirement System now owns 11,200 shares of the asset manager’s stock valued at $515,000 after buying an additional 100 shares during the period. Webster Bank N. A. boosted its stake in shares of Lazard by 0.5% in the first quarter. Webster Bank N. A. now owns 31,947 shares of the asset manager’s stock valued at $1,469,000 after buying an additional 150 shares during the period. United Capital Financial Advisers LLC boosted its stake in shares of Lazard by 2.7% in the first quarter. United Capital Financial Advisers LLC now owns 7,700 shares of the asset manager’s stock valued at $354,000 after buying an additional 200 shares during the period. Evanson Asset Management LLC boosted its stake in shares of Lazard by 0.9% in the first quarter. Evanson Asset Management LLC now owns 22,905 shares of the asset manager’s stock valued at $1,053,000 after buying an additional 201 shares during the period. Finally, Reinhart Partners Inc. boosted its stake in shares of Lazard by 0.6% in the first quarter. Reinhart Partners Inc. now owns 34,910 shares of the asset manager’s stock valued at $1,606,000 after buying an additional 210 shares during the period. 73.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lazard (NYSE:LAZ) traded up 1.29% during midday trading on Tuesday, hitting $46.44. The stock had a trading volume of 546,759 shares. Lazard has a 52 week low of $26.21 and a 52 week high of $47.09. The stock has a 50-day moving average of $44.52 and a 200 day moving average of $43.59. The stock has a market cap of $5.69 billion, a PE ratio of 14.37 and a beta of 1.88.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, April 27th. The asset manager reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. Lazard had a net margin of 17.06% and a return on equity of 36.15%. The firm had revenue of $624.43 million during the quarter, compared to analyst estimates of $611.43 million. During the same quarter in the previous year, the business earned $0.50 EPS. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. Analysts anticipate that Lazard will post $3.40 EPS for the current fiscal year.
Lazard Company Profile
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.
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