Lazard (NYSE:LAZ) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded Lazard to “strong sell” from “hold,” although analyst opinions remain mixed. The stock has a consensus “hold” rating and an average price target of $50.38.
• Lazard’s latest quarterly results missed expectations on earnings, reporting $0.12 EPS versus the $0.34 consensus, despite revenue of $786.47 million exceeding estimates and rising 1.5% year over year.
• Shares opened at $43.81, near their 50-day moving average of $43.49 and below the 200-day average of $46.24. Hedge funds and institutional investors own 54.8% of the company, with several firms recently increasing or initiating positions.

Lazard (NYSE:LAZ - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.

LAZ has been the subject of several other reports. Weiss Ratings downgraded Lazard from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, July 29th. Argus cut their price target on shares of Lazard from $63.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, May 5th. Citigroup reaffirmed a "market outperform" rating on shares of Lazard in a research note on Friday, July 24th. UBS Group reiterated a "neutral" rating and set a $44.00 price objective on shares of Lazard in a report on Tuesday, June 9th. Finally, Citizens Jmp lowered their price objective on shares of Lazard from $65.00 to $60.00 and set a "market outperform" rating for the company in a research report on Friday, April 10th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $50.38.

Lazard Trading Up 0.2%

LAZ opened at $43.81 on Tuesday. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 0.92 and a beta of 1.43. The stock's 50 day moving average price is $43.49 and its 200-day moving average price is $46.24. Lazard has a one year low of $38.67 and a one year high of $58.75. The company has a debt-to-equity ratio of 1.87, a quick ratio of 2.84 and a current ratio of 2.84.

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

Institutional Trading of Lazard

Hedge funds have recently added to or reduced their stakes in the business. CX Institutional increased its position in Lazard by 10.9% during the 2nd quarter. CX Institutional now owns 83,677 shares of the asset manager's stock valued at $3,509,000 after purchasing an additional 8,225 shares during the period. Empowered Funds LLC purchased a new stake in shares of Lazard in the 1st quarter worth approximately $904,000. Axiom Investment Management LLC purchased a new stake in shares of Lazard in the 1st quarter worth approximately $89,000. Bank of America Corp DE boosted its stake in shares of Lazard by 28.4% during the first quarter. Bank of America Corp DE now owns 448,446 shares of the asset manager's stock valued at $19,050,000 after purchasing an additional 99,110 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new position in shares of Lazard during the first quarter valued at approximately $3,392,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

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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