Instinet upgraded shares of Lazard (NYSE:LAZ) from a neutral rating to a buy rating in a report released on Wednesday, January 3rd.
LAZ has been the topic of a number of other reports. Zacks Investment Research cut Lazard from a buy rating to a hold rating in a research note on Wednesday, January 3rd. Nomura lifted their price objective on Lazard from $43.00 to $46.00 and gave the stock a neutral rating in a research report on Friday, November 3rd. ValuEngine lowered Lazard from a strong-buy rating to a buy rating in a research report on Tuesday, October 3rd. Finally, Buckingham Research lowered Lazard from a buy rating to a neutral rating and set a $54.00 price objective on the stock. in a research report on Thursday, December 21st. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Lazard currently has a consensus rating of Buy and an average target price of $53.80.
Shares of Lazard (LAZ) traded up $0.44 during midday trading on Wednesday, hitting $57.71. The company had a trading volume of 565,806 shares, compared to its average volume of 600,358. The stock has a market cap of $7,490.00, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.90 and a beta of 1.89. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.87. Lazard has a 52 week low of $40.25 and a 52 week high of $58.39.
Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, October 26th. The asset manager reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.10. The business had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $593.19 million. Lazard had a return on equity of 38.81% and a net margin of 17.16%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.85 EPS. sell-side analysts anticipate that Lazard will post 3.58 earnings per share for the current fiscal year.
Lazard announced that its board has authorized a stock buyback plan on Wednesday, October 25th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its position in shares of Lazard by 9.0% during the second quarter. PNC Financial Services Group Inc. now owns 3,701 shares of the asset manager’s stock valued at $172,000 after purchasing an additional 306 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Lazard by 2.7% during the second quarter. UBS Asset Management Americas Inc. now owns 19,025 shares of the asset manager’s stock valued at $881,000 after purchasing an additional 500 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Lazard by 18.4% during the second quarter. The Manufacturers Life Insurance Company now owns 4,843 shares of the asset manager’s stock valued at $225,000 after purchasing an additional 753 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of Lazard by 14.1% during the second quarter. Hillsdale Investment Management Inc. now owns 8,670 shares of the asset manager’s stock valued at $402,000 after purchasing an additional 1,070 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Lazard by 4.3% during the third quarter. Janney Montgomery Scott LLC now owns 25,979 shares of the asset manager’s stock valued at $1,175,000 after purchasing an additional 1,076 shares in the last quarter. Institutional investors own 73.47% of the company’s stock.
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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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