Lazard, Inc. (NYSE:LAZ) Forecasted to Post Q2 2024 Earnings of $0.42 Per Share

Lazard, Inc. (NYSE:LAZ) – Investment analysts at Seaport Res Ptn dropped their Q2 2024 EPS estimates for shares of Lazard in a report released on Thursday, April 25th. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will post earnings per share of $0.42 for the quarter, down from their previous estimate of $0.45. The consensus estimate for Lazard’s current full-year earnings is $3.20 per share. Seaport Res Ptn also issued estimates for Lazard’s Q3 2024 earnings at $0.62 EPS, FY2024 earnings at $3.00 EPS, Q1 2025 earnings at $0.75 EPS, Q2 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.88 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $4.10 EPS.

Lazard (NYSE:LAZ) last released its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.66 EPS for the quarter, beating the consensus estimate of $0.58 by $0.08. Lazard had a negative net margin of 0.63% and a positive return on equity of 37.47%. The business had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $678.57 million. During the same period in the prior year, the firm earned ($0.26) earnings per share. Lazard’s revenue was up 41.1% compared to the same quarter last year.

Several other brokerages have also issued reports on LAZ. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $49.00 price target (down previously from $51.00) on shares of Lazard in a research note on Friday. Wolfe Research raised shares of Lazard from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Wednesday, January 3rd. StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. TheStreet upgraded shares of Lazard from a “d+” rating to a “c+” rating in a report on Monday, February 5th. Finally, UBS Group raised their price objective on shares of Lazard from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.67.

Lazard Stock Up 0.3 %

Shares of LAZ opened at $38.99 on Monday. The business’s fifty day moving average price is $39.33 and its two-hundred day moving average price is $35.42. The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of -111.40 and a beta of 1.46. Lazard has a 52 week low of $25.82 and a 52 week high of $42.24. The company has a debt-to-equity ratio of 3.51, a quick ratio of 1.62 and a current ratio of 1.62.

Lazard Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date of this dividend is Friday, May 3rd. Lazard’s dividend payout ratio is currently -571.43%.

Insider Buying and Selling at Lazard

In related news, CEO Evan L. Russo sold 75,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 227,448 shares of the company’s stock, valued at approximately $8,950,078.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.86% of the company’s stock.

Hedge Funds Weigh In On Lazard

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new stake in Lazard in the 1st quarter valued at $25,000. Larson Financial Group LLC acquired a new position in Lazard during the 3rd quarter worth approximately $27,000. SYSTM Wealth Solutions LLC bought a new position in shares of Lazard during the 1st quarter worth approximately $48,000. Headlands Technologies LLC acquired a new stake in shares of Lazard in the third quarter valued at approximately $60,000. Finally, Stratos Wealth Partners LTD. bought a new stake in shares of Lazard in the third quarter worth $210,000. 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.