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

Lazard, Inc. (NYSE:LAZ)’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 trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on LAZ shares. Citigroup reaffirmed a “market outperform” rating on shares of Lazard in a report on Friday, July 24th. Zacks Research cut Lazard from a “hold” rating to a “strong sell” rating in a report on Tuesday. UBS Group lowered their price target on Lazard from $44.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, October 7th. Wall Street Zen downgraded Lazard from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. Finally, The Goldman Sachs Group set a $35.00 price objective on Lazard in a research note on Thursday, October 22nd. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Lazard has an average rating of “Hold” and a consensus target price of $46.50.

Lazard Stock Performance

The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.84 and a current ratio of 2.66. The firm has a market cap of $4.34 billion, a P/E ratio of 23.98, a P/E/G ratio of 2.01 and a beta of 1.47. The company’s 50 day moving average is $38.82 and its 200 day moving average is $44.38.

Lazard (NYSE:LAZ) last posted its earnings results on Thursday, October 22nd. The asset manager reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $804.62 million for the quarter, compared to the consensus estimate of $844.23 million. Lazard had a return on equity of 20.76% and a net margin of 5.55%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 EPS. As a group, equities analysts predict that Lazard, Inc. will post 1.34 earnings per share for the current fiscal year.

Lazard Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Peter Orszag sold 125,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $43.52, for a total transaction of $5,440,000.00. Following the sale, the chief executive officer owned 260,942 shares in the company, valued at $11,356,195.84. The trade was a 32.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lazard

Large investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in shares of Lazard during the second quarter worth about $36,000. Compass Financial Management LLC bought a new position in Lazard in the 2nd quarter valued at approximately $41,000. Allworth Financial LP bought a new position in Lazard in the 2nd quarter valued at approximately $42,000. GAMMA Investing LLC raised its holdings in Lazard by 37.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,872 shares of the asset manager’s stock valued at $68,000 after buying an additional 508 shares during the last quarter. Finally, Nykredit A S bought a new stake in Lazard during the 2nd quarter worth approximately $87,000. 54.80% of the stock is currently owned by institutional investors.

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.