Lazard (LAZ) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Lazard (NYSE:LAZ) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, April 17th, MarketBeat.com reports. The brokerage currently has $40.00 price target on the asset manager’s stock.

Other research analysts have also recently issued reports about the company. Nomura upgraded Lazard from a neutral rating to a buy rating and increased their price target for the company from $46.00 to $62.00 in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded Lazard from a hold rating to a buy rating and set a $57.00 price target for the company in a research note on Monday, March 26th. Instinet raised Lazard from a neutral rating to a buy rating in a research report on Wednesday, January 3rd. ValuEngine lowered Lazard from a strong-buy rating to a buy rating in a research report on Wednesday, March 7th. Finally, Goldman Sachs upgraded Lazard from a neutral rating to a buy rating and set a $64.00 price target for the company in a report on Monday, January 8th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Lazard presently has a consensus rating of Buy and a consensus target price of $60.00.

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Lazard stock opened at $52.94 on Tuesday. The company has a market capitalization of $6,872.41, a PE ratio of 14.01, a PEG ratio of 1.45 and a beta of 1.85. Lazard has a 12 month low of $40.50 and a 12 month high of $60.00. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.91 and a current ratio of 1.91.

Lazard (NYSE:LAZ) last issued its quarterly earnings results on Thursday, February 1st. The asset manager reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.20. Lazard had a return on equity of 38.93% and a net margin of 9.40%. The business had revenue of $683.00 million for the quarter, compared to the consensus estimate of $658.86 million. During the same quarter in the prior year, the business posted $1.13 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. analysts anticipate that Lazard will post 4.08 EPS for the current year.

In related news, COO Alexander F. Stern sold 65,160 shares of Lazard stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $53.12, for a total value of $3,461,299.20. Following the sale, the chief operating officer now owns 276,886 shares of the company’s stock, valued at approximately $14,708,184.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Alexander F. Stern sold 15,160 shares of Lazard stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $53.47, for a total transaction 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. In the last three months, insiders have sold 95,320 shares of company stock worth $5,053,854. Insiders own 2.76% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in LAZ. Legal & General Group Plc grew its position in shares of Lazard by 12.6% during the 3rd quarter. Legal & General Group Plc now owns 49,919 shares of the asset manager’s stock valued at $2,257,000 after purchasing an additional 5,594 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Lazard by 111.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 738,623 shares of the asset manager’s stock valued at $33,399,000 after purchasing an additional 388,820 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Lazard by 819.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 24,650 shares of the asset manager’s stock valued at $1,113,000 after purchasing an additional 21,968 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Lazard during the 3rd quarter valued at $2,415,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Lazard by 4.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 25,979 shares of the asset manager’s stock valued at $1,175,000 after purchasing an additional 1,076 shares in the last quarter. Institutional investors and hedge funds own 72.32% of the company’s stock.

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About Lazard

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.

Analyst Recommendations for Lazard (NYSE:LAZ)

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