UBS Group Raises Lazard (NYSE:LAZ) Price Target to $52.00

by · The Cerbat Gem

Lazard (NYSE:LAZ – Free Report) had its price objective lifted by UBS Group from $49.00 to $52.00 in a report published on Tuesday morning, Benzinga reports. UBS Group currently has a neutral rating on the asset manager’s stock.

Several other research firms have also issued reports on LAZ. Wells Fargo & Company initiated coverage on Lazard in a research report on Thursday, September 12th. They set an equal weight rating and a $51.00 price target on the stock. Morgan Stanley lifted their target price on shares of Lazard from $56.00 to $60.00 and gave the stock an overweight rating in a research note on Monday, September 23rd. Keefe, Bruyette & Woods reissued an outperform rating and set a $56.00 price target (up previously from $49.00) on shares of Lazard in a research report on Friday, July 26th. The Goldman Sachs Group boosted their price objective on shares of Lazard from $38.00 to $42.00 and gave the company a sell rating in a research report on Friday, July 26th. Finally, StockNews.com upgraded shares of Lazard from a hold rating to a buy rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $51.14.

Read Our Latest Stock Report on LAZ

Lazard Price Performance

Shares of Lazard stock opened at $52.69 on Tuesday. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.94 and a current ratio of 1.94. Lazard has a 52-week low of $25.82 and a 52-week high of $52.88. The company has a fifty day moving average of $48.08 and a 200-day moving average of $42.99. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of -150.54 and a beta of 1.39.

Lazard (NYSE:LAZ – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.17. The business had revenue of $685.30 million during the quarter, compared to analyst estimates of $625.40 million. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. Equities research analysts expect that Lazard will post 2.43 EPS for the current year.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. Lazard’s dividend payout ratio is currently -571.43%.

Insider Transactions at Lazard

In other Lazard news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total value of $4,219,981.60. Following the completion of the sale, the chairman now directly owns 1,553,225 shares in the company, valued at $74,679,058. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total value of $4,219,981.60. Following the completion of the transaction, the chairman now owns 1,553,225 shares in the company, valued at $74,679,058. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total value of $9,362,610.00. Following the completion of the sale, the chairman now directly owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,497 shares of company stock worth $18,020,696. Company insiders own 3.86% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LAZ. Allspring Global Investments Holdings LLC purchased a new stake in Lazard in the first quarter worth about $25,000. Richardson Financial Services Inc. boosted its position in shares of Lazard by 1,125.0% in the 2nd quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after purchasing an additional 675 shares in the last quarter. Continuum Advisory LLC grew its stake in shares of Lazard by 58.9% in the 2nd quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock worth $34,000 after buying an additional 330 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in Lazard during the 2nd quarter valued at approximately $87,000. Finally, LWM Advisory Services LLC bought a new position in Lazard during the 2nd quarter valued at approximately $88,000. 54.80% of the stock is currently owned by institutional investors.

About Lazard

(Get Free Report)

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.

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