Lazard (NYSE:LAZ) Price Target Lowered to $40.00 at The Goldman Sachs Group

Lazard (NYSE:LAZ) had its price objective decreased by The Goldman Sachs Group from $46.00 to $40.00 in a research note published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the asset manager’s stock.

Several other research analysts have also recently weighed in on LAZ. Wall Street Zen cut Lazard from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Keefe, Bruyette & Woods boosted their price target on shares of Lazard from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Bank of America initiated coverage on shares of Lazard in a report on Monday, January 26th. They issued a “buy” rating and a $65.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Lazard in a research report on Friday, March 27th. Finally, UBS Group lowered their price objective on shares of Lazard from $59.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.00.

Lazard Stock Performance

LAZ opened at $42.00 on Wednesday. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 0.34 and a beta of 1.42. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.28 and a quick ratio of 2.28. Lazard has a 1-year low of $31.97 and a 1-year high of $58.75. The business has a 50 day moving average price of $48.09 and a two-hundred day moving average price of $49.87.

Lazard (NYSE:LAZ) last issued its quarterly earnings results on Friday, January 30th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.12. Lazard had a return on equity of 33.04% and a net margin of 7.49%.The firm had revenue of $892.11 million during the quarter, compared to analyst estimates of $876.32 million. During the same period last year, the company posted $0.78 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. Research analysts predict that Lazard will post 4.24 EPS for the current fiscal year.

Lazard Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Monday, February 9th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.8%. Lazard’s payout ratio is 91.74%.

Insider Buying and Selling at Lazard

In related news, CEO Peter Richard Orszag sold 69,170 shares of Lazard stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the transaction, the chief executive officer owned 210,942 shares of the company’s stock, valued at approximately $8,597,995.92. This trade represents a 24.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher Hogbin sold 3,944 shares of the business’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $39.37, for a total value of $155,275.28. Following the sale, the chief executive officer owned 11,829 shares in the company, valued at approximately $465,707.73. The trade was a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 80,999 shares of company stock valued at $3,292,962. 3.86% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in shares of Lazard by 131.8% during the first quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager’s stock valued at $544,000 after acquiring an additional 7,144 shares during the period. Goldman Sachs Group Inc. boosted its stake in Lazard by 27.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager’s stock worth $32,902,000 after purchasing an additional 163,983 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Lazard by 8.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager’s stock worth $10,318,000 after purchasing an additional 18,444 shares in the last quarter. Creative Planning grew its position in Lazard by 23.5% during the 2nd quarter. Creative Planning now owns 14,337 shares of the asset manager’s stock worth $688,000 after purchasing an additional 2,729 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Lazard by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 100,397 shares of the asset manager’s stock valued at $4,817,000 after purchasing an additional 3,196 shares during the period. 54.80% of the stock is currently owned by institutional investors and hedge funds.

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.