Lazard Ltd (NYSE:LAZ) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Monday, August 10th will be paid a dividend of 0.47 per share by the asset manager on Friday, August 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.44%. The ex-dividend date of this dividend is Friday, August 7th.
Lazard has raised its dividend by an average of 24.2% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. Lazard has a payout ratio of 113.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Lazard to earn $3.33 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 56.5%.
Shares of LAZ stock traded up $1.47 during mid-day trading on Friday, reaching $29.17. 315,364 shares of the company’s stock traded hands, compared to its average volume of 453,378. Lazard has a 12 month low of $20.94 and a 12 month high of $44.95. The firm has a 50 day moving average price of $28.70 and a two-hundred day moving average price of $31.31. The company has a debt-to-equity ratio of 4.12, a quick ratio of 1.69 and a current ratio of 1.69. The firm has a market capitalization of $3.06 billion, a PE ratio of 13.50 and a beta of 1.77.
Several brokerages recently weighed in on LAZ. Morgan Stanley dropped their target price on shares of Lazard from $39.00 to $28.00 and set an “underweight” rating for the company in a report on Thursday, April 9th. UBS Group upped their target price on shares of Lazard from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. JMP Securities dropped their target price on shares of Lazard from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Thursday, April 9th. Cfra upped their target price on shares of Lazard from $22.00 to $24.00 and gave the stock a “sell” rating in a report on Friday, May 1st. Finally, ValuEngine raised shares of Lazard from a “sell” rating to a “hold” rating in a report on Thursday, July 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.44.
Lazard Company Profile
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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