Lazard Ltd. (LAZ) Issues Earnings Results
Lazard Ltd. (NYSE:LAZ) released its earnings results on Thursday. The asset manager reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.18, MarketWatch Earnings reports. Lazard had a net margin of 17.06% and a return on equity of 36.15%. The company had revenue of $720.16 million during the quarter, compared to the consensus estimate of $627.12 million. During the same quarter in the prior year, the firm earned $0.61 EPS. The company’s revenue was up 32.8% compared to the same quarter last year.
Shares of Lazard (LAZ) traded down 0.73% on Thursday, hitting $47.56. 1,326,221 shares of the stock traded hands. The firm’s 50 day moving average is $46.24 and its 200 day moving average is $44.42. Lazard has a 52 week low of $32.53 and a 52 week high of $48.86. The firm has a market capitalization of $5.83 billion, a PE ratio of 14.72 and a beta of 1.84.
In other news, General Counsel Scott D. Hoffman sold 35,000 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $45.13, for a total value of $1,579,550.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matthieu Bucaille sold 90,000 shares of the business’s stock in a transaction on 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. In the last three months, insiders sold 190,000 shares of company stock worth $8,521,200. 2.50% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Lazard during the fourth quarter worth approximately $26,117,000. CENTRAL TRUST Co raised its stake in shares of Lazard by 558.7% in the first quarter. CENTRAL TRUST Co now owns 3,537 shares of the asset manager’s stock worth $163,000 after buying an additional 3,000 shares in the last quarter. Weaver C. Barksdale & Associates Inc. acquired a new stake in shares of Lazard during the first quarter worth approximately $648,000. Sheets Smith Wealth Management acquired a new stake in shares of Lazard during the first quarter worth approximately $1,334,000. Finally, WCM Investment Management CA raised its stake in shares of Lazard by 6.2% in the first quarter. WCM Investment Management CA now owns 6,161,175 shares of the asset manager’s stock worth $283,353,000 after buying an additional 359,974 shares in the last quarter. 73.67% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on LAZ shares. BidaskClub upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research upgraded shares of Lazard from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, June 7th. Keefe, Bruyette & Woods restated a “buy” rating and set a $51.00 price target on shares of Lazard in a research note on Tuesday, May 9th. Finally, Credit Suisse Group restated a “buy” rating and set a $50.00 price target on shares of Lazard in a research note on Friday, April 21st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $46.89.
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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