Lazard Ltd (LAZ) Upgraded by Zacks Investment Research to “Buy”
Lazard Ltd (NYSE:LAZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $40.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.27% from the company’s current price.
According to Zacks, “Lazard's estimates have been stable lately ahead of its third-quarter 2016 earnings release. The company is well positioned to grow organically driven by improved performances of its Financial Advisory and Asset Management segments. Notably, management expects Advisory revenues to improve with a higher level of M&A closings during the second-half 2016. Further, implementation of cost- management initiatives continue to enhance profitability. Also, strong capital deployment activities help to improve shareholders’ confidence. However, Lazard's presence in major global markets exposes it to downturn in local economies. Moreover, heavy dependence on financial advisory revenue can hurt top line growth as associated fees fall when deals fail to mature.”
Several other equities analysts also recently commented on the stock. TheStreet raised shares of Lazard to a “buy” rating in a research note on Thursday, August 18th. Nomura reaffirmed a “buy” rating and set a $46.00 price objective on shares of Lazard in a research note on Wednesday, July 6th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and set a $42.00 price objective on shares of Lazard in a research note on Tuesday, September 6th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $49.11.
Lazard (NYSE:LAZ) traded up 1.11% during trading on Wednesday, reaching $36.35. The company’s stock had a trading volume of 422,499 shares. The company has a 50-day moving average of $36.55 and a 200 day moving average of $35.07. Lazard has a one year low of $26.21 and a one year high of $49.57. The firm has a market cap of $4.52 billion, a PE ratio of 6.88 and a beta of 2.20.
Lazard (NYSE:LAZ) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. The firm had revenue of $542.30 million for the quarter, compared to the consensus estimate of $542.68 million. The business’s revenue was down 11.9% on a year-over-year basis. During the same period last year, the company posted $0.98 earnings per share. Analysts expect that Lazard will post $2.85 EPS for the current fiscal year.
In other Lazard news, General Counsel Scott D. Hoffman sold 42,000 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $34.92, for a total value of $1,466,640.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jane L. Mendillo acquired 1,400 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was acquired at an average price of $35.22 per share, for a total transaction of $49,308.00. The disclosure for this purchase can be found here.
A number of large investors have recently made changes to their positions in LAZ. Canada Pension Plan Investment Board boosted its stake in Lazard by 3.2% in the first quarter. Canada Pension Plan Investment Board now owns 3,200 shares of the company’s stock worth $124,000 after buying an additional 100 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Lazard by 50.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,454 shares of the company’s stock worth $103,000 after buying an additional 1,160 shares during the last quarter. Westport Resources Management Inc. boosted its stake in Lazard by 100.0% in the second quarter. Westport Resources Management Inc. now owns 3,800 shares of the company’s stock worth $113,000 after buying an additional 1,900 shares during the last quarter. Synovus Financial Corp boosted its stake in Lazard by 0.7% in the second quarter. Synovus Financial Corp now owns 5,227 shares of the company’s stock worth $156,000 after buying an additional 36 shares during the last quarter. Finally, Societe Generale purchased a new stake in Lazard during the second quarter worth approximately $169,000.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates in two business segments: Financial Advisory and Asset Management. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients 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.
Receive News & Stock Ratings for Lazard Ltd Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lazard Ltd and related stocks with our FREE daily email newsletter.