Wall Street brokerages expect that Lazard Ltd (NYSE:LAZ) will post $841.26 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Lazard's earnings. The highest sales estimate is $847.21 million and the lowest is $835.30 million. Lazard posted sales of $848.77 million during the same quarter last year, which would indicate a negative year over year growth rate of 0.9%. The company is expected to announce its next earnings results on Friday, February 4th.
On average, analysts expect that Lazard will report full year sales of $3.05 billion for the current financial year, with estimates ranging from $3.01 billion to $3.12 billion. For the next year, analysts anticipate that the business will report sales of $3.16 billion, with estimates ranging from $3.07 billion to $3.25 billion. Zacks' sales calculations are a mean average based on a survey of research analysts that cover Lazard.
Lazard (NYSE:LAZ) last announced its earnings results on Friday, October 29th. The asset manager reported $0.98 EPS for the quarter, topping the consensus estimate of $0.95 by $0.03. The company had revenue of $702.00 million during the quarter, compared to analysts' expectations of $711.97 million. Lazard had a net margin of 16.07% and a return on equity of 58.36%. The business's revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the company posted $0.67 earnings per share.
Several research firms recently commented on LAZ. Keefe, Bruyette & Woods upgraded shares of Lazard from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $53.00 to $58.00 in a report on Thursday, September 30th. Zacks Investment Research lowered shares of Lazard from a "buy" rating to a "hold" rating and set a $49.00 price objective on the stock. in a research report on Wednesday, September 29th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $52.33.
LAZ stock opened at $47.92 on Monday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.88 and a current ratio of 1.79. The stock has a market cap of $5.03 billion, a P/E ratio of 10.87 and a beta of 1.51. The firm has a 50 day simple moving average of $48.57 and a 200 day simple moving average of $47.00. Lazard has a 52 week low of $35.17 and a 52 week high of $53.00.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 19th. Stockholders of record on Monday, November 8th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, November 5th. Lazard's dividend payout ratio is 42.63%.
In related news, President Alexander F. Stern sold 90,000 shares of the business's stock in a transaction on Friday, August 20th. The shares were sold at an average price of $45.50, for a total transaction of $4,095,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Dominick Ragone sold 19,892 shares of Lazard stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $47.54, for a total transaction of $945,665.68. The disclosure for this sale can be found here. Insiders own 3.40% of the company's stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Samalin Investment Counsel LLC acquired a new stake in shares of Lazard in the 2nd quarter valued at $33,000. Dark Forest Capital Management LP acquired a new stake in shares of Lazard in the 2nd quarter valued at $34,000. Steward Partners Investment Advisory LLC lifted its position in Lazard by 79.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,126 shares of the asset manager's stock worth $51,000 after buying an additional 500 shares in the last quarter. Eagle Bay Advisors LLC acquired a new position in Lazard during the 2nd quarter worth about $66,000. Finally, US Bancorp DE lifted its position in Lazard by 223.1% during the 2nd quarter. US Bancorp DE now owns 2,252 shares of the asset manager's stock worth $102,000 after buying an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors own 75.68% of the company's stock.
Lazard Ltd. is a financial advisory and asset management firm, which engages in the provision of crafting solutions to the clients, including corporations, governments, institutions, partnerships, and individuals. It operates through the Financial Advisory and Asset Management segments. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign, and individual clients, an array of financial advisory services regarding mergers and acquisitions, restructurings, capital structure, capital raising, and corporate preparedness.
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