Lazard (NYSE:LAZ) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Lazard (NYSE:LAZ) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on LAZ. Keefe, Bruyette & Woods lowered their target price on shares of Lazard from $44.00 to $42.00 and set a “market perform” rating on the stock in a research note on Friday, July 24th. Citizens Jmp cut their price target on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating for the company in a research note on Friday, April 10th. Citigroup reissued a “market outperform” rating on shares of Lazard in a report on Friday, July 24th. Morgan Stanley set a $44.00 price objective on shares of Lazard in a research report on Friday, July 24th. Finally, Argus dropped their price objective on shares of Lazard from $63.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Lazard has a consensus rating of “Hold” and a consensus price target of $50.38.

Lazard Price Performance

Shares of NYSE LAZ opened at $43.81 on Tuesday. The stock’s 50-day simple moving average is $43.49 and its two-hundred day simple moving average is $46.24. Lazard has a twelve month low of $38.67 and a twelve month high of $58.75. The firm has a market capitalization of $4.84 billion, a P/E ratio of 21.47, a P/E/G ratio of 0.92 and a beta of 1.43. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 1.87.

Lazard (NYSE:LAZ) last issued its quarterly earnings results on Friday, July 24th. The asset manager reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.22). Lazard had a net margin of 6.95% and a return on equity of 23.58%. The business had revenue of $786.47 million for the quarter, compared to the consensus estimate of $736.29 million. During the same quarter last year, the business posted $0.52 EPS. The business’s revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts anticipate that Lazard will post 2.18 EPS for the current fiscal year.

Lazard Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Monday, August 3rd. Lazard’s payout ratio is presently 98.04%.

Hedge Funds Weigh In On Lazard

Several institutional investors and hedge funds have recently made changes to their positions in LAZ. Kestra Advisory Services LLC purchased a new position in Lazard in the 4th quarter worth $26,000. Sound Income Strategies LLC boosted its position in Lazard by 59.5% during the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after buying an additional 220 shares during the period. Quest 10 Wealth Builders Inc. bought a new position in shares of Lazard during the fourth quarter valued at about $32,000. IFP Advisors Inc grew its stake in shares of Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after buying an additional 224 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Lazard in the second quarter worth about $38,000. Institutional investors own 54.80% of the company’s stock.

About Lazard

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.