Zacks Research Upgrades Lazard (NYSE:LAZ) to Hold

Lazard (NYSE:LAZ) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other analysts have also recently weighed in on LAZ. Keefe, Bruyette & Woods boosted their price objective on shares of Lazard from $47.00 to $49.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. UBS Group reaffirmed a “neutral” rating and set a $44.00 target price on shares of Lazard in a report on Tuesday, June 9th. Morgan Stanley decreased their price target on Lazard from $59.00 to $52.00 and set an “underweight” rating for the company in a research note on Thursday, April 9th. Citigroup restated an “outperform” rating on shares of Lazard in a research report on Friday, April 10th. Finally, Citizens Jmp reduced their target price on Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Lazard has a consensus rating of “Hold” and a consensus price target of $52.00.

Lazard Stock Down 3.5%

Shares of NYSE LAZ opened at $41.76 on Monday. The company has a 50 day simple moving average of $45.28 and a 200 day simple moving average of $47.37. The firm has a market cap of $4.66 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. Lazard has a 1 year low of $38.67 and a 1 year high of $58.75. The company has a debt-to-equity ratio of 1.94, a current ratio of 3.51 and a quick ratio of 3.51.

Lazard (NYSE:LAZ) last posted its earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). Lazard had a return on equity of 29.30% and a net margin of 8.47%.The business had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. During the same period in the previous year, the firm earned $0.56 earnings per share. The company’s revenue was up 16.8% compared to the same quarter last year. On average, research analysts forecast that Lazard will post 2.85 EPS for the current year.

Hedge Funds Weigh In On Lazard

Several institutional investors have recently added to or reduced their stakes in LAZ. Kestra Advisory Services LLC bought a new position in shares of Lazard during the 4th quarter worth approximately $26,000. Sound Income Strategies LLC lifted its position in shares of Lazard by 59.5% during the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 220 shares during the period. Quest 10 Wealth Builders Inc. acquired a new position in shares of Lazard during the 4th quarter valued at $32,000. IFP Advisors Inc boosted its stake in Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after acquiring an additional 224 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Lazard in the second quarter worth $38,000. 54.80% of the stock is owned by institutional investors and hedge funds.

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.