Lazard Ltd. (NYSE:LAZ) had its price target upped by Buckingham Research from $53.00 to $54.00 in a research report released on Friday, October 27th. They currently have a buy rating on the asset manager’s stock.
Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Lazard from a buy rating to a hold rating in a research note on Friday, July 28th. ValuEngine upgraded Lazard from a buy rating to a strong-buy rating in a report on Friday, July 28th. Finally, BidaskClub upgraded shares of Lazard from a buy rating to a strong-buy rating in a research report on Monday, July 31st. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $48.56.
Shares of Lazard (LAZ) opened at $47.29 on Friday. The firm has a market cap of $6,249.54, a price-to-earnings ratio of 12.71, a PEG ratio of 1.60 and a beta of 1.89. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.09 and a quick ratio of 2.09. Lazard has a one year low of $37.37 and a one year high of $48.86.
Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.10. The business had revenue of $624.00 million during the quarter, compared to analyst estimates of $593.19 million. Lazard had a net margin of 17.16% and a return on equity of 38.81%. Lazard’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS. analysts expect that Lazard will post 3.52 earnings per share for the current fiscal year.
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Lazard declared that its board has approved a share repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Monday, November 6th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.47%. The ex-dividend date is Friday, November 3rd. Lazard’s payout ratio is 46.86%.
Several institutional investors and hedge funds have recently bought and sold shares of LAZ. BlackRock Inc. boosted its stake in shares of Lazard by 68,589.3% in the 1st quarter. BlackRock Inc. now owns 7,603,906 shares of the asset manager’s stock valued at $349,704,000 after purchasing an additional 7,592,836 shares in the last quarter. LSV Asset Management increased its stake in Lazard by 560.2% during the 2nd quarter. LSV Asset Management now owns 3,428,390 shares of the asset manager’s stock valued at $158,837,000 after purchasing an additional 2,909,090 shares in the last quarter. BT Investment Management Ltd purchased a new position in shares of Lazard in the 2nd quarter worth about $94,831,000. Vanguard Group Inc. boosted its holdings in shares of Lazard by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 10,967,499 shares of the asset manager’s stock worth $508,124,000 after buying an additional 750,941 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Lazard by 2,608.0% in the 2nd quarter. Lord Abbett & CO. LLC now owns 777,200 shares of the asset manager’s stock worth $36,008,000 after buying an additional 748,500 shares during the last quarter. Institutional investors own 71.92% of the company’s stock.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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