Bank of America Begins Coverage on Lazard (NYSE:LAZ)

Equities researchers at Bank of America started coverage on shares of Lazard (NYSE:LAZ) in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage set a “buy” rating and a $65.00 price target on the asset manager’s stock. Bank of America‘s target price indicates a potential upside of 23.18% from the company’s previous close.

A number of other research firms have also recently weighed in on LAZ. UBS Group assumed coverage on Lazard in a report on Thursday, December 11th. They set a “neutral” rating and a $54.00 price target for the company. Zacks Research downgraded shares of Lazard from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of Lazard in a research note on Monday, December 29th. BMO Capital Markets began coverage on Lazard in a research note on Friday, October 3rd. They issued a “market perform” rating and a $56.00 price objective for the company. Finally, Morgan Stanley lowered their target price on Lazard from $61.00 to $59.00 and set an “underweight” rating for the company in a report on Tuesday, January 6th. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.13.

Lazard Stock Performance

NYSE LAZ opened at $52.77 on Monday. The firm has a market capitalization of $5.95 billion, a P/E ratio of 20.86 and a beta of 1.38. The stock has a 50-day simple moving average of $50.84 and a two-hundred day simple moving average of $51.99. The company has a debt-to-equity ratio of 1.92, a quick ratio of 2.58 and a current ratio of 2.58. Lazard has a fifty-two week low of $31.97 and a fifty-two week high of $58.07.

Institutional Investors Weigh In On Lazard

Hedge funds and other institutional investors have recently modified their holdings of the stock. Evergreen Capital Management LLC grew its position in shares of Lazard by 101.7% during the fourth quarter. Evergreen Capital Management LLC now owns 7,909 shares of the asset manager’s stock worth $384,000 after acquiring an additional 3,988 shares during the last quarter. Autumn Glory Partners LLC grew its position in Lazard by 4.8% during the 4th quarter. Autumn Glory Partners LLC now owns 22,086 shares of the asset manager’s stock worth $1,072,000 after purchasing an additional 1,015 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of Lazard by 18.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,294 shares of the asset manager’s stock valued at $111,000 after purchasing an additional 353 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Lazard by 4.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,911 shares of the asset manager’s stock worth $1,355,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in Lazard in the fourth quarter valued at approximately $295,000. Institutional investors own 54.80% of the company’s stock.

Lazard Company Profile

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.