Lazard (NYSE:LAZ) Stock Price Down 5.2%

Shares of Lazard Ltd (NYSE:LAZ) were down 5.2% during trading on Thursday . The company traded as low as $35.84 and last traded at $36.71, approximately 1,465,461 shares changed hands during mid-day trading. An increase of 52% from the average daily volume of 962,711 shares. The stock had previously closed at $38.71.

A number of analysts have commented on LAZ shares. UBS Group downgraded Lazard from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $43.00 to $36.00 in a research report on Monday, June 10th. Buckingham Research reduced their price objective on Lazard from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Zacks Investment Research downgraded Lazard from a “hold” rating to a “sell” rating and set a $41.00 price objective for the company. in a research report on Friday, July 26th. Finally, Bank of America downgraded Lazard from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Lazard currently has a consensus rating of “Hold” and a consensus target price of $40.33.

The firm has a 50-day moving average of $35.69. The company has a current ratio of 1.95, a quick ratio of 1.77 and a debt-to-equity ratio of 3.11. The stock has a market cap of $4.64 billion, a P/E ratio of 8.59, a P/E/G ratio of 8.02 and a beta of 1.69.

Lazard (NYSE:LAZ) last announced its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.10. Lazard had a return on equity of 47.09% and a net margin of 14.42%. The company had revenue of $630.00 million during the quarter, compared to the consensus estimate of $604.18 million. During the same quarter last year, the company earned $1.10 EPS. The company’s quarterly revenue was down 15.0% on a year-over-year basis. On average, research analysts expect that Lazard Ltd will post 3.35 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be issued a $0.47 dividend. The ex-dividend date is Friday, August 2nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.26%. Lazard’s payout ratio is presently 45.19%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its holdings in shares of Lazard by 2.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,108 shares of the asset manager’s stock worth $450,000 after buying an additional 317 shares in the last quarter. Baldwin Investment Management LLC raised its holdings in shares of Lazard by 2.3% in the 1st quarter. Baldwin Investment Management LLC now owns 15,600 shares of the asset manager’s stock worth $564,000 after buying an additional 350 shares in the last quarter. Gofen & Glossberg LLC IL raised its holdings in shares of Lazard by 1.3% in the 2nd quarter. Gofen & Glossberg LLC IL now owns 32,021 shares of the asset manager’s stock worth $1,101,000 after buying an additional 400 shares in the last quarter. Empire Life Investments Inc. raised its holdings in shares of Lazard by 3.7% in the 1st quarter. Empire Life Investments Inc. now owns 11,941 shares of the asset manager’s stock worth $432,000 after buying an additional 426 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Lazard by 3.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 17,384 shares of the asset manager’s stock worth $598,000 after buying an additional 554 shares in the last quarter. 65.52% of the stock is owned by institutional investors and hedge funds.

About Lazard (NYSE:LAZ)

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.

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