Lazard (NYSE:LAZ) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of Lazard (NYSE:LAZ) in a research note released on Monday, MarketBeat reports. The brokerage issued a buy rating and a $65.00 price target on the asset manager’s stock.

A number of other research firms also recently commented on LAZ. Zacks Research downgraded Lazard from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Keefe, Bruyette & Woods cut their price target on shares of Lazard from $60.00 to $59.00 and set an “outperform” rating on the stock in a report on Thursday, January 8th. The Goldman Sachs Group set a $46.00 price target on shares of Lazard and gave the company a “sell” rating in a research report on Thursday, October 23rd. UBS Group initiated coverage on shares of Lazard in a research report on Thursday, December 11th. They issued a “neutral” rating and a $54.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Lazard in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.13.

Lazard Stock Up 2.1%

Shares of NYSE LAZ opened at $52.44 on Monday. The stock has a market capitalization of $5.91 billion, a PE ratio of 20.73 and a beta of 1.38. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.92. The firm has a fifty day moving average of $50.71 and a 200-day moving average of $51.99. Lazard has a 52-week low of $31.97 and a 52-week high of $58.07.

Institutional Investors Weigh In On Lazard

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its position in Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after buying an additional 220 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Lazard by 53.5% in the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after acquiring an additional 224 shares in the last quarter. Costello Asset Management INC purchased a new position in Lazard in the third quarter valued at about $37,000. State of Wyoming acquired a new stake in Lazard during the 2nd quarter valued at approximately $38,000. Finally, Triumph Capital Management acquired a new stake in Lazard during the 3rd quarter valued at approximately $42,000. Hedge funds and other institutional investors own 54.80% of the company’s stock.

Lazard Company Profile

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.