JMP Securities Boosts Lazard (NYSE:LAZ) Price Target to $55.00

Lazard (NYSE:LAZ) had its price objective upped by JMP Securities from $52.00 to $55.00 in a research report report published on Wednesday, Benzinga reports. They currently have a market outperform rating on the asset manager’s stock.

Several other equities analysts also recently issued reports on LAZ. The Goldman Sachs Group lifted their price target on shares of Lazard from $38.00 to $42.00 and gave the company a sell rating in a report on Friday, July 26th. UBS Group lifted their target price on shares of Lazard from $49.00 to $52.00 and gave the company a neutral rating in a research note on Tuesday. Morgan Stanley increased their price target on Lazard from $56.00 to $60.00 and gave the stock an overweight rating in a research report on Monday, September 23rd. Wells Fargo & Company assumed coverage on Lazard in a research note on Thursday, September 12th. They issued an equal weight rating and a $51.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $56.00 price target (up from $49.00) on shares of Lazard in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $51.14.

Lazard Trading Up 5.4 %

LAZ stock opened at $52.69 on Wednesday. Lazard has a 1-year low of $25.82 and a 1-year high of $52.88. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 3.60. The business’s 50 day moving average is $48.08 and its 200-day moving average is $42.99. The firm has a market cap of $5.94 billion, a P/E ratio of -150.54 and a beta of 1.39.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.17. The firm had revenue of $685.30 million for the quarter, compared to analysts’ expectations of $625.40 million. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. Equities analysts anticipate that Lazard will post 2.43 earnings per share for the current fiscal year.

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date was Monday, August 5th. Lazard’s dividend payout ratio (DPR) is currently -571.43%.

Insider Activity at Lazard

In other news, Chairman Kenneth M. Jacobs sold 207,000 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total value of $9,362,610.00. Following the completion of the sale, the chairman now directly owns 1,729,722 shares of the company’s stock, valued at $78,235,326.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Kenneth M. Jacobs sold 207,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the sale, the chairman now owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.02, for a total value of $4,338,134.56. Following the sale, the chairman now directly owns 1,640,995 shares of the company’s stock, valued at approximately $82,082,569.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 383,497 shares of company stock worth $18,020,696. 3.86% of the stock is owned by insiders.

Hedge Funds Weigh In On Lazard

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAZ. Redwood Investment Management LLC bought a new stake in shares of Lazard in the first quarter valued at about $1,504,000. Orion Portfolio Solutions LLC bought a new position in shares of Lazard during the 1st quarter worth approximately $1,126,000. Swedbank AB bought a new stake in Lazard during the first quarter worth about $6,733,000. Interval Partners LP acquired a new position in Lazard during the second quarter valued at approximately $1,626,000. Finally, Great Lakes Retirement Inc. bought a new position in Lazard in the first quarter valued at approximately $671,000. 54.80% of the stock is owned by institutional investors and hedge funds.

Lazard Company Profile

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.