Lazard, Inc. (NYSE:LAZ) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Brokerages currently give Lazard a consensus rating of "Hold", based on 12 analysts: 3 sell, 5 hold, and 4 buy. The average 12-month price target is about $52.56.
• The company reported mixed quarterly results, with earnings of $0.42 per share missing estimates of $0.52 and revenue of $672.98 million coming in below expectations. Despite the miss, revenue rose 16.8% year over year.
• Insiders have been selling shares, including CEO transactions in March that reduced ownership, and the company also paid a quarterly dividend of $0.50 per share, equal to a 4.3% annual yield.

Shares of Lazard, Inc. (NYSE:LAZ - Get Free Report) have earned a consensus recommendation of "Hold" from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $52.5556.

LAZ has been the topic of several research analyst reports. Weiss Ratings lowered shares of Lazard from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 22nd. Citigroup restated an "outperform" rating on shares of Lazard in a report on Friday, April 10th. UBS Group reduced their price objective on shares of Lazard from $45.00 to $44.00 and set a "neutral" rating on the stock in a report on Monday, May 4th. The Goldman Sachs Group boosted their price objective on shares of Lazard from $40.00 to $45.00 and gave the company a "sell" rating in a report on Tuesday, April 14th. Finally, Morgan Stanley reduced their price objective on shares of Lazard from $59.00 to $52.00 and set an "underweight" rating on the stock in a report on Thursday, April 9th.

Insider Transactions at Lazard

In other Lazard news, CEO Christopher Hogbin sold 3,944 shares of the business's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $39.37, for a total transaction of $155,275.28. Following the sale, the chief executive officer directly owned 11,829 shares in the company, valued at $465,707.73. This represents 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 dated Tuesday, March 17th. The stock was sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the sale, the chief executive officer owned 210,942 shares in the company, valued at $8,597,995.92. This trade represents a 24.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,999 shares of company stock worth $3,292,962 over the last quarter. Insiders own 0.95% of the company's stock.

Institutional Trading of Lazard

A number of institutional investors and hedge funds have recently bought and sold shares of LAZ. Kestra Advisory Services LLC purchased a new stake in Lazard during the fourth quarter worth about $26,000. Sound Income Strategies LLC increased its stake in shares of 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 buying an additional 220 shares during the period. Quest 10 Wealth Builders Inc. purchased a new stake in shares of Lazard during the fourth quarter worth approximately $32,000. IFP Advisors Inc increased its stake in shares of 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 buying an additional 224 shares during the period. Finally, Costello Asset Management INC purchased a new stake in shares of Lazard during the third quarter worth approximately $37,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Lazard Stock Down 4.4%

Shares of LAZ opened at $46.40 on Friday. The firm has a market cap of $5.18 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 0.52 and a beta of 1.41. Lazard has a 12-month low of $38.67 and a 12-month high of $58.75. The company's 50-day moving average price is $46.31 and its 200 day moving average price is $48.54. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.94.

Lazard (NYSE:LAZ - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The asset manager reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.10). The company had revenue of $672.98 million during the quarter, compared to analysts' expectations of $707.42 million. Lazard had a net margin of 8.47% and a return on equity of 29.30%. The firm's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. On average, sell-side analysts forecast that Lazard will post 2.85 earnings per share for the current year.

Lazard Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 11th were paid a dividend of $0.50 per share. The ex-dividend date was Monday, May 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.3%. Lazard's dividend payout ratio is 79.05%.

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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