Lazard (NYSE:LAZ) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Lazard (NYSE:LAZ) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Several other analysts have also recently issued reports on LAZ. Weiss Ratings cut Lazard from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. UBS Group reiterated a “neutral” rating and issued a $44.00 price objective on shares of Lazard in a report on Tuesday, June 9th. The Goldman Sachs Group set a $40.00 price objective on Lazard in a research report on Friday, June 12th. Wall Street Zen cut Lazard from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Morgan Stanley decreased their target price on Lazard from $59.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $52.00.

Lazard Stock Down 3.5%

Shares of Lazard stock opened at $41.76 on Monday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 3.51 and a current ratio of 3.51. Lazard has a 52-week low of $38.67 and a 52-week high of $58.75. The company’s 50 day moving average price is $45.28 and its 200-day moving average price is $47.37. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 0.46 and a beta of 1.43.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.10). The firm had revenue of $672.98 million for the quarter, compared to analysts’ expectations of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 EPS. Equities research analysts forecast that Lazard will post 2.85 EPS for the current year.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 11th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.8%. Lazard’s dividend payout ratio is 79.05%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Teza Capital Management LLC grew its stake in Lazard by 2.4% in the second quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager’s stock worth $387,000 after purchasing an additional 187 shares during the period. Sound Income Strategies LLC boosted its holdings in Lazard by 59.5% in the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after purchasing an additional 220 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after buying an additional 224 shares during the last quarter. Xponance LLC increased its position in Lazard by 3.7% during the fourth quarter. Xponance LLC now owns 6,454 shares of the asset manager’s stock valued at $313,000 after acquiring an additional 232 shares during the last quarter. Finally, Oliver Luxxe Assets LLC lifted its stake in shares of Lazard by 0.5% in the 4th quarter. Oliver Luxxe Assets LLC now owns 47,628 shares of the asset manager’s stock worth $2,313,000 after purchasing an additional 235 shares during the period. Hedge funds and other 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.