UBS Group Lowers Lazard (NYSE:LAZ) Price Target to $45.00

Lazard (NYSE:LAZ) had its price target reduced by equities researchers at UBS Group from $48.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. UBS Group’s price target would suggest a potential downside of 2.07% from the stock’s previous close.

LAZ has been the subject of a number of other research reports. The Goldman Sachs Group cut their price target on shares of Lazard from $46.00 to $40.00 and set a “sell” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings restated a “hold (c)” rating on shares of Lazard in a research note on Friday, March 27th. Citigroup restated a “market outperform” rating on shares of Lazard in a research note on Friday, January 30th. Morgan Stanley cut their price target on shares of Lazard from $61.00 to $59.00 and set an “underweight” rating for the company in a research note on Tuesday, January 6th. Finally, Bank of America began coverage on shares of Lazard in a research note on Monday, January 26th. They set a “buy” rating and a $65.00 price target for the company. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.88.

Lazard Stock Up 2.6%

Shares of LAZ opened at $45.95 on Wednesday. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 21.08, a P/E/G ratio of 0.36 and a beta of 1.42. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 1.85. Lazard has a 12 month low of $32.84 and a 12 month high of $58.75. The company has a 50-day moving average price of $46.90 and a two-hundred day moving average price of $49.38.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Friday, January 30th. The asset manager reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.12. The firm had revenue of $892.11 million during the quarter, compared to analysts’ expectations of $876.32 million. Lazard had a net margin of 7.49% and a return on equity of 33.04%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. Equities analysts predict that Lazard will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Christopher Hogbin sold 7,885 shares of Lazard stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $40.37, for a total value of $318,317.45. Following the completion of the transaction, the chief executive officer owned 15,773 shares in the company, valued at approximately $636,756.01. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Peter Richard Orszag sold 69,170 shares of Lazard stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the completion of the transaction, the chief executive officer owned 210,942 shares of the company’s stock, valued at $8,597,995.92. This trade represents a 24.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,999 shares of company stock valued at $3,292,962 in the last quarter. 3.86% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lazard

Institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC bought a new position in shares of Lazard in the fourth quarter worth about $26,000. Sound Income Strategies LLC raised its stake in shares of Lazard by 59.5% in the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after acquiring an additional 220 shares during the last quarter. Quest 10 Wealth Builders Inc. bought a new position in shares of Lazard in the fourth quarter worth about $32,000. IFP Advisors Inc raised 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 during the last quarter. Finally, Costello Asset Management INC bought a new position in Lazard in the 3rd quarter worth approximately $37,000. 54.80% of the stock is owned by institutional investors.

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.