Lazard (NYSE:LAZ) Stock Rating Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Lazard from “strong sell” to “hold.” Overall analyst sentiment remains “Hold,” with four Buy, five Hold, and two Sell ratings and an average price target of $50.38.
• Lazard’s stock opened at $35.81, near its 12-month low of $35.16, after the company reported quarterly EPS of $0.12—below the $0.34 consensus estimate—despite revenue of $786.47 million exceeding expectations.
• CEO Peter Orszag sold 125,000 shares worth $5.44 million under a pre-arranged trading plan, while institutional ownership stands at 54.8%; BlackRock established a new position valued at approximately $379.1 million.

Lazard (NYSE:LAZ - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday, Zacks reports.

Other research analysts also recently issued research reports about the stock. Citigroup reaffirmed a "market outperform" rating on shares of Lazard in a report on Friday, July 24th. The Goldman Sachs Group reaffirmed a "sell" rating on shares of Lazard in a research note on Thursday, July 23rd. Weiss Ratings cut shares of Lazard from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods decreased their price target on shares of Lazard from $44.00 to $42.00 and set a "market perform" rating on the stock in a research note on Friday, July 24th. Finally, Morgan Stanley set a $44.00 price objective on shares of Lazard in a report on Friday, July 24th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $50.38.

Lazard Stock Up 0.1%

LAZ stock opened at $35.81 on Monday. The business's 50-day moving average price is $41.83 and its 200-day moving average price is $43.48. The stock has a market cap of $3.96 billion, a P/E ratio of 17.55, a PEG ratio of 0.97 and a beta of 1.43. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 1.87. Lazard has a twelve month low of $35.16 and a twelve month high of $58.75.

Lazard (NYSE:LAZ - Get Free Report) last released its earnings results on Friday, July 24th. The asset manager reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.22). The firm had revenue of $786.47 million for the quarter, compared to the consensus estimate of $736.29 million. Lazard had a return on equity of 23.58% and a net margin of 6.95%.Lazard's revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. On average, equities research analysts forecast that Lazard will post 2.18 EPS for the current year.

Insider Buying and Selling at Lazard

In other news, CEO Peter Orszag sold 125,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $43.52, for a total transaction of $5,440,000.00. Following the sale, the chief executive officer directly owned 260,942 shares in the company, valued at approximately $11,356,195.84. This represents a 32.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lazard

Several institutional investors have recently modified their holdings of LAZ. BlackRock Inc. purchased a new position in Lazard during the second quarter worth $379,092,000. Capital Research Global Investors boosted its stake in shares of Lazard by 9.9% during the fourth quarter. Capital Research Global Investors now owns 2,456,726 shares of the asset manager's stock valued at $119,299,000 after purchasing an additional 221,214 shares during the period. Geode Capital Management LLC boosted its stake in shares of Lazard by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 2,357,095 shares of the asset manager's stock valued at $114,481,000 after purchasing an additional 6,429 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Lazard by 10.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,900,615 shares of the asset manager's stock worth $80,713,000 after purchasing an additional 174,199 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Lazard in the fourth quarter worth about $80,169,000. 54.80% of the stock is owned by institutional investors.

About Lazard

Lazard Ltd. NYSE: LAZ is a global financial advisory and asset management firm. The company provides advice on mergers and acquisitions, capital structure, restructuring, strategic matters and other corporate finance activities. Lazard also offers asset management services for institutions, financial intermediaries, private clients and other investors.

Lazard traces its origins to 1848, when the Lazard brothers established a business in New Orleans. The firm later expanded to San Francisco and Paris, developing an international platform that serves clients across North America, Europe, Asia-Pacific and other key global markets.

The company operates through financial advisory and asset management businesses, with teams serving corporations, governments, institutions and high-net-worth individuals.

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