Lazard (NYSE:LAZ) Given New $46.00 Price Target at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group cut its price target on Lazard from $53.00 to $46.00 and maintained a "sell" rating, implying roughly a 10.6% upside from the prior close.
• Shares fell about 5.9% to $41.58 after the report; analysts are mixed — MarketBeat's consensus is a Hold with a $57.13 consensus price target (4 Buy, 5 Hold, 2 Sell).
• Lazard recently beat quarterly estimates with $0.80 EPS (vs. $0.68 expected) and $892M in revenue (up 11% YoY), while reporting a 33% return on equity and a market cap near $4.65B.

Lazard (NYSE:LAZ - Get Free Report) had its price objective lowered by analysts at The Goldman Sachs Group from $53.00 to $46.00 in a report released on Thursday,Benzinga reports. The firm presently has a "sell" rating on the asset manager's stock. The Goldman Sachs Group's price target suggests a potential upside of 10.64% from the company's previous close.

A number of other research analysts have also recently issued reports on LAZ. Weiss Ratings reissued a "hold (c)" rating on shares of Lazard in a research note on Monday, December 29th. Wall Street Zen raised Lazard from a "hold" rating to a "buy" rating in a research note on Saturday, February 28th. Bank of America started coverage on shares of Lazard in a research note on Monday, January 26th. They issued a "buy" rating and a $65.00 price target on the stock. Zacks Research raised shares of Lazard from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Lazard from $59.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, January 30th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Lazard presently has a consensus rating of "Hold" and a consensus price target of $57.13.

Lazard Trading Down 5.9%

Shares of NYSE:LAZ traded down $2.59 during midday trading on Thursday, hitting $41.58. The company had a trading volume of 1,133,585 shares, compared to its average volume of 1,274,346. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 1.85. Lazard has a 12 month low of $31.97 and a 12 month high of $58.75. The firm has a fifty day simple moving average of $51.47 and a 200 day simple moving average of $51.56. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 0.34 and a beta of 1.40.

Lazard (NYSE:LAZ - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The asset manager reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.12. Lazard had a return on equity of 33.04% and a net margin of 7.49%.The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $876.32 million. During the same quarter in the prior year, the company posted $0.78 earnings per share. The firm's revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Lazard will post 4.24 EPS for the current year.

Hedge Funds Weigh In On Lazard

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC acquired a new stake in Lazard during the 4th quarter worth approximately $26,000. Sound Income Strategies LLC increased its position 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 purchasing an additional 220 shares during the period. IFP Advisors Inc increased its holdings in Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager's stock valued at $34,000 after buying an additional 224 shares during the period. Quest 10 Wealth Builders Inc. acquired a new stake in shares of Lazard during the 4th quarter worth approximately $32,000. Finally, Costello Asset Management INC acquired a new position in shares of Lazard during the 3rd quarter worth $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.

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