Lazard (NYSE:LAZ) Raised to Buy at StockNews.com

Lazard (NYSE:LAZGet Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

A number of other analysts have also issued reports on LAZ. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $51.00 price objective on shares of Lazard in a research note on Monday, January 29th. The Goldman Sachs Group boosted their price objective on Lazard from $28.00 to $31.00 and gave the company a “sell” rating in a research note on Tuesday, December 19th. Wolfe Research upgraded Lazard from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Wednesday, January 3rd. TheStreet upgraded Lazard from a “d+” rating to a “c+” rating in a research note on Monday, February 5th. Finally, UBS Group boosted their target price on Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Lazard currently has an average rating of “Moderate Buy” and an average target price of $43.83.

Check Out Our Latest Research Report on LAZ

Lazard Stock Up 3.3 %

Shares of NYSE:LAZ opened at $41.38 on Thursday. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of -42.66 and a beta of 1.46. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 3.51. Lazard has a 12-month low of $25.82 and a 12-month high of $42.15. The business’s 50 day moving average is $39.13 and its 200 day moving average is $34.15.

Lazard (NYSE:LAZGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The asset manager reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.31. Lazard had a positive return on equity of 16.43% and a negative net margin of 2.93%. The business had revenue of $825.70 million for the quarter, compared to analysts’ expectations of $666.56 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts forecast that Lazard will post 3.15 earnings per share for the current fiscal year.

Insider Transactions at Lazard

In related news, CEO Evan L. Russo sold 75,000 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $39.35, for a total transaction of $2,951,250.00. Following the completion of the sale, the chief executive officer now directly owns 227,448 shares in the company, valued at approximately $8,950,078.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Lazard by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 10,519,785 shares of the asset manager’s stock valued at $326,219,000 after purchasing an additional 42,455 shares during the last quarter. FMR LLC raised its position in Lazard by 4.8% during the 3rd quarter. FMR LLC now owns 9,563,521 shares of the asset manager’s stock valued at $296,565,000 after purchasing an additional 436,034 shares during the last quarter. Ariel Investments LLC raised its position in shares of Lazard by 5.4% in the 1st quarter. Ariel Investments LLC now owns 8,560,437 shares of the asset manager’s stock worth $295,335,000 after acquiring an additional 439,866 shares in the last quarter. BlackRock Inc. raised its position in shares of Lazard by 0.5% in the 3rd quarter. BlackRock Inc. now owns 4,669,725 shares of the asset manager’s stock worth $148,638,000 after acquiring an additional 25,207 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Lazard by 14.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,750,853 shares of the asset manager’s stock worth $121,565,000 after acquiring an additional 462,677 shares in the last quarter. Institutional investors own 54.80% of the company’s stock.

About Lazard

(Get Free Report)

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.

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