Lazard Ltd. (LAZ) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Lazard Ltd. (NYSE:LAZ) have earned a consensus rating of “Buy” from the eleven ratings firms that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $48.88.
Several research firms have commented on LAZ. ValuEngine upgraded Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded Lazard from a “hold” rating to a “strong-buy” rating and set a $53.00 target price on the stock in a research note on Monday, October 23rd. BidaskClub cut Lazard from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. Finally, Buckingham Research boosted their target price on Lazard from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, October 27th.
Shares of Lazard (NYSE LAZ) traded down 0.21% during trading on Wednesday, reaching $47.44. 210,114 shares of the company traded hands. The stock has a market cap of $5.77 billion, a P/E ratio of 13.44 and a beta of 1.85. The stock’s 50 day moving average price is $44.68 and its 200-day moving average price is $44.73. Lazard has a 12 month low of $36.78 and a 12 month high of $48.86.
Lazard (NYSE:LAZ) last released its earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.10. The firm had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $593.19 million. Lazard had a return on equity of 39.56% and a net margin of 17.16%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 EPS. On average, equities research analysts expect that Lazard will post $3.59 EPS for the current fiscal year.
Lazard announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, November 3rd. Lazard’s dividend payout ratio is currently 46.86%.
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Institutional investors have recently made changes to their positions in the company. Hosking Partners LLP raised its stake in shares of Lazard by 1.6% during the 2nd quarter. Hosking Partners LLP now owns 1,009,287 shares of the asset manager’s stock worth $46,760,000 after purchasing an additional 16,205 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Lazard by 2.2% during the 2nd quarter. Rhumbline Advisers now owns 140,191 shares of the asset manager’s stock worth $6,495,000 after purchasing an additional 2,977 shares in the last quarter. LSV Asset Management raised its stake in shares of Lazard by 560.2% during the 2nd quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock worth $158,837,000 after purchasing an additional 2,909,090 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Lazard by 9.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 704,174 shares of the asset manager’s stock worth $32,625,000 after purchasing an additional 62,595 shares in the last quarter. Finally, Koch Industries Inc. bought a new stake in shares of Lazard during the 2nd quarter worth approximately $510,000. Institutional investors own 72.21% of the company’s stock.
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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