Keefe, Bruyette & Woods Issues Positive Forecast for Lazard (NYSE:LAZ) Stock Price

Key Points

• Keefe, Bruyette & Woods raised its price target on Lazard from $47 to $49 and kept a "market perform" rating, implying about an 8.24% upside.
• Analysts are mixed: the consensus is an average "Hold" rating with an average target price of $52.75 (3 Buys, 5 Holds, 3 Sells).
• Lazard missed Q results (EPS $0.42 vs. $0.52 expected; revenue $673M vs. $707M est.), and insiders sold roughly 80,999 shares worth about $3.29M over the last three months.

Lazard (NYSE:LAZ - Get Free Report) had its price target upped by analysts at Keefe, Bruyette & Woods from $47.00 to $49.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the asset manager's stock. Keefe, Bruyette & Woods' price objective points to a potential upside of 8.24% from the company's current price.

LAZ has been the subject of a number of other reports. Citizens Jmp decreased their target price on Lazard from $65.00 to $60.00 and set a "market outperform" rating for the company in a research note on Friday, April 10th. Morgan Stanley decreased their target price on Lazard from $59.00 to $52.00 and set an "underweight" rating for the company in a research note on Thursday, April 9th. Bank of America started coverage on Lazard in a research note on Monday, January 26th. They issued a "buy" rating and a $65.00 target price for the company. Citigroup restated an "outperform" rating on shares of Lazard in a research note on Friday, April 10th. Finally, The Goldman Sachs Group lifted their target price on Lazard from $40.00 to $45.00 and gave the company a "sell" rating in a research note on Tuesday, April 14th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $52.75.

Lazard Stock Up 0.3%

NYSE:LAZ opened at $45.27 on Monday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a 50-day simple moving average of $45.25 and a 200 day simple moving average of $48.96. Lazard has a one year low of $38.67 and a one year high of $58.75. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44.

Lazard (NYSE:LAZ - Get Free Report) last issued its earnings results on Friday, May 1st. The asset manager reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.10). Lazard had a net margin of 8.47% and a return on equity of 29.42%. The company had revenue of $673.00 million during the quarter, compared to analyst estimates of $707.42 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The business's revenue was up 16.8% on a year-over-year basis. Sell-side analysts predict that Lazard will post 3.36 EPS for the current fiscal year.

Insider Activity at Lazard

In related news, CEO Christopher Hogbin sold 3,944 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $39.37, for a total transaction of $155,275.28. Following the sale, the chief executive officer owned 11,829 shares of the company's stock, valued at $465,707.73. The trade was a 25.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Richard Orszag sold 69,170 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total value of $2,819,369.20. Following the sale, the chief executive officer directly owned 210,942 shares in the company, valued at approximately $8,597,995.92. The trade was a 24.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 80,999 shares of company stock worth $3,292,962. 0.95% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lazard

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new stake in Lazard during the fourth quarter worth approximately $26,000. Sound Income Strategies LLC raised its holdings in Lazard by 59.5% during the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager's stock worth $31,000 after purchasing an additional 220 shares in the last quarter. Quest 10 Wealth Builders Inc. bought a new stake in Lazard during the fourth quarter worth approximately $32,000. IFP Advisors Inc raised its holdings in Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock worth $34,000 after purchasing an additional 224 shares in the last quarter. Finally, Costello Asset Management INC bought a new stake in Lazard during the third quarter worth approximately $37,000. Institutional investors own 54.80% of the company's stock.

About Lazard

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.

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