ValuEngine downgraded shares of Lazard (NYSE:LAZ) from a strong-buy rating to a buy rating in a research note issued to investors on Wednesday morning.
Several other equities research analysts have also recently weighed in on the company. TheStreet cut Lazard from an a- rating to a c+ rating in a research report on Friday, February 2nd. Zacks Investment Research raised Lazard from a hold rating to a buy rating and set a $67.00 price objective for the company in a research report on Monday, February 5th. JMP Securities increased their price objective on Lazard from $63.00 to $65.00 and gave the company a market outperform rating in a research report on Friday, February 2nd. Nomura increased their price objective on Lazard from $62.00 to $67.00 and gave the company a buy rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $67.00 price objective on shares of Lazard in a research report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Lazard has an average rating of Buy and a consensus target price of $60.56.
Shares of Lazard (LAZ) traded up $0.88 during trading on Wednesday, reaching $56.07. The company’s stock had a trading volume of 1,676,280 shares, compared to its average volume of 907,311. The company has a market capitalization of $7,161.79, a PE ratio of 30.47, a P/E/G ratio of 1.31 and a beta of 1.81. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.95. Lazard has a 52-week low of $40.50 and a 52-week high of $60.00.
The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were paid a $0.116 dividend. The ex-dividend date was Friday, February 9th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.83%. Lazard’s payout ratio is 89.13%.
In related news, CAO Scott D. Hoffman sold 15,000 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the transaction, the chief accounting officer now directly owns 147,341 shares in the company, valued at $7,680,886.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Alexander F. Stern sold 15,160 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $53.47, for a total value of $810,605.20. Following the completion of the transaction, the chief operating officer now owns 276,886 shares of the company’s stock, valued at $14,805,094.42. The disclosure for this sale can be found here. Insiders sold 95,320 shares of company stock valued at $5,053,854 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management raised its stake in shares of Lazard by 2.4% in the fourth quarter. LSV Asset Management now owns 3,839,794 shares of the asset manager’s stock valued at $201,589,000 after purchasing an additional 91,021 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Lazard by 150.2% in the fourth quarter. TIAA CREF Investment Management LLC now owns 1,687,586 shares of the asset manager’s stock valued at $88,598,000 after purchasing an additional 1,013,087 shares in the last quarter. Strs Ohio raised its stake in shares of Lazard by 13.1% in the fourth quarter. Strs Ohio now owns 1,680,000 shares of the asset manager’s stock valued at $88,200,000 after purchasing an additional 194,000 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of Lazard by 2.6% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,673,954 shares of the asset manager’s stock valued at $87,883,000 after purchasing an additional 42,381 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in Lazard by 10.3% during the fourth quarter. Deutsche Bank AG now owns 1,350,662 shares of the asset manager’s stock worth $70,907,000 after acquiring an additional 126,351 shares in the last quarter. Institutional investors and hedge funds own 70.79% of the company’s stock.
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Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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