Lazard (NYSE:LAZ) Price Target Cut to $54.00 by Analysts at Morgan Stanley

Lazard (NYSE:LAZGet Free Report) had its target price cut by equities research analysts at Morgan Stanley from $58.00 to $54.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price objective would indicate a potential upside of 47.90% from the stock’s current price.

LAZ has been the subject of a number of other research reports. UBS Group lifted their price target on Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $49.00 price objective (down previously from $51.00) on shares of Lazard in a research report on Friday, April 26th. Finally, StockNews.com raised shares of Lazard from a “hold” rating to a “buy” rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Read Our Latest Stock Report on LAZ

Lazard Stock Down 3.2 %

Lazard stock traded down $1.20 during mid-day trading on Friday, reaching $36.51. 210,161 shares of the company were exchanged, compared to its average volume of 1,035,877. Lazard has a 12-month low of $25.82 and a 12-month high of $42.24. The business has a fifty day moving average of $39.09 and a 200 day moving average of $38.36. The firm has a market cap of $4.12 billion, a P/E ratio of -104.31 and a beta of 1.42. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.89 and a current ratio of 1.89.

Lazard (NYSE:LAZGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The asset manager reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.08. Lazard had a positive return on equity of 37.27% and a negative net margin of 0.63%. The company had revenue of $765.00 million for the quarter, compared to the consensus estimate of $678.57 million. During the same quarter last year, the company earned ($0.26) earnings per share. The firm’s revenue for the quarter was up 41.1% compared to the same quarter last year. Research analysts anticipate that Lazard will post 3.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lazard news, Chairman Kenneth M. Jacobs sold 6,762 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $40.00, for a total value of $270,480.00. Following the transaction, the chairman now directly owns 1,982,829 shares of the company’s stock, valued at approximately $79,313,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Kenneth M. Jacobs sold 154,131 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $40.21, for a total value of $6,197,607.51. Following the completion of the sale, the chairman now owns 1,989,591 shares of the company’s stock, valued at $80,001,454.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Kenneth M. Jacobs sold 6,762 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $40.00, for a total transaction of $270,480.00. Following the completion of the transaction, the chairman now owns 1,982,829 shares in the company, valued at $79,313,160. The disclosure for this sale can be found here. 3.86% of the stock is owned by company insiders.

Institutional Trading of Lazard

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in Lazard by 943.5% in the first quarter. Principal Financial Group Inc. now owns 1,963,865 shares of the asset manager’s stock valued at $82,227,000 after purchasing an additional 1,775,664 shares during the period. Janus Henderson Group PLC purchased a new stake in Lazard in the 1st quarter valued at about $65,650,000. Norges Bank purchased a new stake in Lazard in the 4th quarter valued at about $47,063,000. Hsbc Holdings PLC lifted its position in Lazard by 265.0% in the third quarter. Hsbc Holdings PLC now owns 791,158 shares of the asset manager’s stock valued at $24,740,000 after buying an additional 574,379 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. acquired a new stake in shares of Lazard during the first quarter valued at about $15,768,000. Hedge funds and other institutional investors own 54.80% of the company’s stock.

About Lazard

(Get Free Report)

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.

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Analyst Recommendations for Lazard (NYSE:LAZ)

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