Q2 2024 Earnings Estimate for Lazard, Inc. Issued By Seaport Res Ptn (NYSE:LAZ)

Lazard, Inc. (NYSE:LAZ) – Research analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share (EPS) estimates for Lazard in a report released on Wednesday, July 10th. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will post earnings per share of $0.38 for the quarter, down from their prior estimate of $0.42. The consensus estimate for Lazard’s current full-year earnings is $2.77 per share. Seaport Res Ptn also issued estimates for Lazard’s Q3 2024 earnings at $0.60 EPS, Q4 2024 earnings at $1.26 EPS, FY2024 earnings at $2.90 EPS and Q1 2025 earnings at $0.74 EPS.

Lazard (NYSE:LAZ) last issued its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.08. The firm had revenue of $765.00 million during the quarter, compared to the consensus estimate of $678.57 million. Lazard had a positive return on equity of 37.27% and a negative net margin of 0.63%. The company’s revenue for the quarter was up 41.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.26) EPS.

A number of other analysts also recently issued reports on the stock. UBS Group lifted their price objective on shares of Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $49.00 target price (down from $51.00) on shares of Lazard in a report on Friday, April 26th. Finally, Morgan Stanley decreased their price target on Lazard from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. One research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Lazard Price Performance

LAZ stock opened at $39.89 on Thursday. The firm has a 50 day simple moving average of $39.04 and a two-hundred day simple moving average of $38.88. The stock has a market cap of $4.50 billion, a PE ratio of -113.97 and a beta of 1.40. Lazard has a one year low of $25.82 and a one year high of $42.24. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.89 and a quick ratio of 1.89.

Hedge Funds Weigh In On Lazard

Large investors have recently made changes to their positions in the business. O Keefe Stevens Advisory Inc. increased its position in Lazard by 2.4% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 209,350 shares of the asset manager’s stock valued at $7,993,000 after buying an additional 4,851 shares in the last quarter. Hilltop National Bank bought a new position in shares of Lazard during the second quarter valued at $226,000. Cetera Advisors LLC purchased a new position in shares of Lazard in the 1st quarter worth about $270,000. Swedbank AB bought a new position in Lazard in the 1st quarter worth about $6,733,000. Finally, Strategic Wealth Partners Ltd. boosted its stake in Lazard by 10.7% in the 1st quarter. Strategic Wealth Partners Ltd. now owns 181,896 shares of the asset manager’s stock worth $7,616,000 after purchasing an additional 17,626 shares in the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lazard news, Chairman Kenneth M. Jacobs sold 6,762 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $40.00, for a total transaction of $270,480.00. Following the transaction, the chairman now owns 1,982,829 shares in the company, valued at approximately $79,313,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Kenneth M. Jacobs sold 154,131 shares of Lazard stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $40.21, for a total transaction of $6,197,607.51. Following the completion of the transaction, the chairman now directly owns 1,989,591 shares of the company’s stock, valued at approximately $80,001,454.11. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Kenneth M. Jacobs sold 6,762 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $40.00, for a total transaction of $270,480.00. Following the sale, the chairman now directly owns 1,982,829 shares in the company, valued at approximately $79,313,160. The disclosure for this sale can be found here. 3.14% of the stock is currently owned by company insiders.

Lazard Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend was Friday, May 3rd. Lazard’s dividend payout ratio is currently -571.41%.

Lazard Company Profile

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.