Lazard Ltd. (LAZ) Cut to Buy at ValuEngine
Lazard Ltd. (NYSE:LAZ) was downgraded by analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.
Several other research firms also recently commented on LAZ. BidaskClub raised shares of Lazard from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded shares of Lazard from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $51.00 target price on shares of Lazard in a research report on Tuesday, May 9th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $46.89.
Lazard (NYSE:LAZ) traded up 0.09% during trading on Thursday, reaching $42.19. The company had a trading volume of 640,376 shares. The company has a market capitalization of $5.47 billion, a P/E ratio of 11.95 and a beta of 1.84. Lazard has a 12 month low of $33.48 and a 12 month high of $48.86. The firm’s 50 day moving average is $45.31 and its 200-day moving average is $44.80.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 27th. The asset manager reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.18. The firm had revenue of $720.16 million for the quarter, compared to the consensus estimate of $627.12 million. Lazard had a net margin of 17.39% and a return on equity of 39.33%. The business’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. On average, equities analysts expect that Lazard will post $3.52 earnings per share for the current year.
In other news, CFO Matthieu Bucaille sold 90,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total value of $4,032,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.50% of the company’s stock.
Large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Lazard by 68,589.3% in the first quarter. BlackRock Inc. now owns 7,603,906 shares of the asset manager’s stock valued at $349,704,000 after buying an additional 7,592,836 shares in the last quarter. LSV Asset Management increased its stake in shares of Lazard by 560.2% in the second quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock valued at $158,837,000 after buying an additional 2,909,090 shares in the last quarter. BT Investment Management Ltd acquired a new stake in shares of Lazard during the second quarter valued at about $94,831,000. Westpac Banking Corp acquired a new stake in shares of Lazard during the first quarter valued at about $103,532,000. Finally, Vanguard Group Inc. increased its stake in shares of Lazard by 7.4% in the second quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock valued at $508,124,000 after buying an additional 750,941 shares in the last quarter. 69.05% of the stock is currently owned by institutional investors.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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