Lazard (NYSE:LAZ) Given New $60.00 Price Target at Morgan Stanley

Lazard (NYSE:LAZ) had its target price hoisted by Morgan Stanley from $56.00 to $60.00 in a research report report published on Monday morning, Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of Lazard from a hold rating to a buy rating in a research note on Friday, July 26th. The Goldman Sachs Group lifted their price target on shares of Lazard from $38.00 to $42.00 and gave the stock a sell rating in a research note on Friday, July 26th. Wells Fargo & Company initiated coverage on shares of Lazard in a research note on Thursday, September 12th. They set an equal weight rating and a $51.00 price target for the company. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $56.00 price target (up from $49.00) on shares of Lazard in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $49.29.

Lazard Stock Performance

Lazard stock opened at $50.49 on Monday. The company’s 50-day moving average price is $47.21 and its 200-day moving average price is $42.11. Lazard has a twelve month low of $25.82 and a twelve month high of $51.44. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. The company has a market cap of $5.69 billion, a PE ratio of -144.26 and a beta of 1.39.

Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.17. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The firm had revenue of $685.30 million for the quarter, compared to the consensus estimate of $625.40 million. During the same period in the previous year, the firm posted $0.24 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that Lazard will post 2.44 EPS for the current fiscal year.

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a $0.50 dividend. The ex-dividend date was Monday, August 5th. This represents a $2.00 annualized dividend and a yield of 3.96%. Lazard’s dividend payout ratio (DPR) is -571.43%.

Insider Buying and Selling at Lazard

In other news, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total value of $9,362,610.00. Following the completion of the sale, the chairman now owns 1,729,722 shares in the company, valued at approximately $78,235,326.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Kenneth M. Jacobs sold 46,107 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.19, for a total value of $1,853,040.33. Following the completion of the sale, the chairman now owns 1,936,722 shares in the company, valued at approximately $77,836,857.18. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the sale, the chairman now owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. The disclosure for this sale can be found here. Insiders sold a total of 429,604 shares of company stock valued at $19,873,736 in the last three months. Company insiders own 3.86% of the company’s stock.

Institutional Investors Weigh In On Lazard

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Lazard during the 4th quarter worth approximately $47,063,000. Trexquant Investment LP bought a new position in shares of Lazard during the 4th quarter worth approximately $354,000. Commerce Bank bought a new position in shares of Lazard during the 4th quarter worth approximately $493,000. Intech Investment Management LLC bought a new position in shares of Lazard during the 4th quarter worth approximately $383,000. Finally, Treasurer of the State of North Carolina raised its stake in shares of Lazard by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 48,534 shares of the asset manager’s stock worth $1,689,000 after acquiring an additional 470 shares in the last quarter. Institutional investors own 54.80% of the company’s stock.

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.