Lazard (NYSE:LAZ) Price Target Increased to $60.00 by Analysts at Morgan Stanley

Lazard (NYSE:LAZ) had its price target hoisted by Morgan Stanley from $56.00 to $60.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com upgraded Lazard from a hold rating to a buy rating in a research note on Friday, July 26th. Wells Fargo & Company assumed coverage on shares of Lazard in a research note on Thursday, September 12th. They set an equal weight rating and a $51.00 target price for the company. The Goldman Sachs Group lifted their price target on Lazard from $38.00 to $42.00 and gave the company a sell rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods restated an outperform rating and issued a $56.00 target price (up from $49.00) on shares of Lazard in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $49.29.

Lazard Stock Up 0.3 %

LAZ stock opened at $50.31 on Monday. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 3.60. The firm has a 50 day simple moving average of $47.52 and a 200-day simple moving average of $42.30. The company has a market capitalization of $5.67 billion, a P/E ratio of -143.74 and a beta of 1.39. Lazard has a twelve month low of $25.82 and a twelve month high of $51.46.

Lazard (NYSE:LAZ) last released its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.17. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The company had revenue of $685.30 million during the quarter, compared to the consensus estimate of $625.40 million. During the same quarter in the previous year, the firm earned $0.24 EPS. The company’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts predict that Lazard will post 2.4 earnings per share for the current fiscal year.

Lazard Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend was Monday, August 5th. Lazard’s dividend payout ratio (DPR) is presently -571.43%.

Insider Transactions at Lazard

In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of Lazard stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the transaction, the chairman now directly owns 1,729,722 shares of the company’s stock, valued at $78,235,326.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total transaction 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total value of $9,362,610.00. Following the completion of the transaction, the chairman now directly owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 429,604 shares of company stock valued at $19,873,736. Corporate insiders own 3.86% of the company’s stock.

Hedge Funds Weigh In On Lazard

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Lazard by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 10,678,365 shares of the asset manager’s stock valued at $447,103,000 after purchasing an additional 152,857 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Lazard by 4.1% in the second quarter. Principal Financial Group Inc. now owns 2,043,754 shares of the asset manager’s stock worth $78,031,000 after buying an additional 79,889 shares during the period. Janus Henderson Group PLC acquired a new position in shares of Lazard in the first quarter worth about $65,650,000. Norges Bank purchased a new position in shares of Lazard in the fourth quarter worth approximately $47,063,000. Finally, Federated Hermes Inc. raised its holdings in shares of Lazard by 7.3% during the second quarter. Federated Hermes Inc. now owns 651,521 shares of the asset manager’s stock valued at $24,875,000 after acquiring an additional 44,151 shares during the period. 54.80% of the stock is currently owned by institutional investors and hedge funds.

Lazard Company Profile

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.