Lazard (NYSE:LAZ) Issues Earnings Results

Key Points

• Lazard reported a quarterly earnings per share (EPS) of $0.52, exceeding the consensus estimate of $0.38 by $0.14, with revenue of $796 million, representing a 16.2% increase compared to the previous year.
• The company announced a quarterly dividend of $0.50 per share, which will be paid on August 15th, with a yield of 3.65%.
• Lazard's stock has recently seen positive ratings, with analysts giving it a consensus rating of "Hold" and an average target price of $51.50.

Lazard (NYSE:LAZ - Get Free Report) announced its quarterly earnings results on Thursday. The asset manager reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.14, Zacks reports. Lazard had a return on equity of 34.33% and a net margin of 9.96%. The business had revenue of $796.00 million for the quarter, compared to analysts' expectations of $674.13 million. During the same period in the previous year, the firm earned $0.52 EPS. The business's quarterly revenue was up 16.2% on a year-over-year basis.

Lazard Stock Up 0.7%

Shares of NYSE:LAZ traded up $0.39 on Wednesday, reaching $53.35. The company had a trading volume of 426,674 shares, compared to its average volume of 1,132,704. Lazard has a 52-week low of $31.97 and a 52-week high of $61.14. The firm's 50 day simple moving average is $47.68 and its 200-day simple moving average is $46.37. The firm has a market capitalization of $6.02 billion, a PE ratio of 18.39 and a beta of 1.33. The company has a current ratio of 2.53, a quick ratio of 3.24 and a debt-to-equity ratio of 2.15.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Monday, August 4th. Lazard's dividend payout ratio (DPR) is presently 68.97%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Lazard by 8.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager's stock valued at $10,318,000 after buying an additional 18,444 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Lazard by 27.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager's stock valued at $32,902,000 after purchasing an additional 163,983 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Lazard by 131.8% during the 1st quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager's stock worth $544,000 after purchasing an additional 7,144 shares during the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LAZ shares. Citigroup reissued an "outperform" rating on shares of Lazard in a research note on Monday, July 14th. The Goldman Sachs Group upped their price target on Lazard from $35.00 to $40.00 and gave the stock a "sell" rating in a research note on Thursday, May 15th. Keefe, Bruyette & Woods lifted their price target on Lazard from $57.00 to $60.00 and gave the stock a "market perform" rating in a research report on Friday, July 25th. JMP Securities set a $60.00 price target on Lazard and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Wall Street Zen downgraded Lazard from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.50.

About Lazard

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.