Lazard (NYSE:LAZ) Stock Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• Lazard shares rose above their 50-day moving average of $38.82, reaching $40.26 before last trading at $39.56 on volume of roughly 1.76 million shares.
• Analyst sentiment remains mixed, with four Buy, three Hold, and three Sell ratings; the consensus rating is Hold with an average price target of $46.50.
• Lazard missed quarterly expectations, reporting $0.36 in EPS versus $0.42 expected and revenue of $804.6 million versus $844.2 million estimated, while maintaining a quarterly dividend of $0.50 per share, yielding about 5.1% annually.

Lazard, Inc. (NYSE:LAZ - Get Free Report)'s stock price passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $38.82 and traded as high as $40.26. Lazard shares last traded at $39.5620, with a volume of 1,759,437 shares changing hands.

Wall Street Analyst Weigh In

LAZ has been the topic of several analyst reports. Capital One Financial set a $38.00 price target on shares of Lazard in a research report on Tuesday, October 6th. The Goldman Sachs Group set a $35.00 price objective on shares of Lazard in a research note on Thursday, October 22nd. Wall Street Zen cut shares of Lazard from a "hold" rating to a "sell" rating in a report on Saturday, October 24th. UBS Group cut their target price on shares of Lazard from $44.00 to $40.00 and set a "neutral" rating for the company in a research note on Wednesday, October 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Lazard in a report on Tuesday. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $46.50.

Lazard Stock Performance

The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 23.98, a P/E/G ratio of 2.01 and a beta of 1.47. The company's fifty day simple moving average is $38.82 and its 200 day simple moving average is $44.38. The company has a quick ratio of 2.84, a current ratio of 2.66 and a debt-to-equity ratio of 1.80.

Lazard (NYSE:LAZ - Get Free Report) last posted its earnings results on Thursday, October 22nd. The asset manager reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). Lazard had a return on equity of 20.76% and a net margin of 5.55%. The company had revenue of $804.62 million for the quarter, compared to analyst estimates of $844.23 million. During the same quarter in the prior year, the business posted $0.56 EPS. The business's quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that Lazard, Inc. will post 1.34 earnings per share for the current year.

Lazard Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 2nd will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Monday, November 2nd. Lazard's payout ratio is currently 121.21%.

Insider Activity at Lazard

In other news, CEO Peter Orszag sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total value of $5,440,000.00. Following the transaction, the chief executive officer owned 260,942 shares of the company's stock, valued at approximately $11,356,195.84. This represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.95% of the company's stock.

Institutional Trading of Lazard

Hedge funds have recently added to or reduced their stakes in the company. Vise Technologies Inc. acquired a new position in Lazard in the third quarter valued at about $272,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Lazard by 16.1% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 7,200 shares of the asset manager's stock worth $261,000 after buying an additional 1,000 shares in the last quarter. Great Lakes Retirement Inc. grew its stake in Lazard by 10.8% during the third quarter. Great Lakes Retirement Inc. now owns 30,663 shares of the asset manager's stock worth $1,111,000 after buying an additional 2,987 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in Lazard by 60.6% during the third quarter. Pinnacle Associates Ltd. now owns 12,526 shares of the asset manager's stock worth $454,000 after buying an additional 4,725 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in Lazard in the 3rd quarter valued at about $586,000. 54.80% of the stock is owned by institutional investors and hedge funds.

About Lazard

Lazard, Ltd. is a global financial advisory and asset management firm that serves corporations, financial institutions, governments, sovereign entities and individuals. Its Financial Advisory business provides advice on mergers and acquisitions, strategic matters, capital structure, restructuring, capital raising and other complex financial transactions.

Through its Asset Management business, Lazard offers investment strategies across equities, fixed income, private markets, alternatives and multi-asset portfolios.

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