Morgan Stanley Lowers Lazard (NYSE:LAZ) Price Target to $52.00

Lazard (NYSE:LAZ) had its price target reduced by stock analysts at Morgan Stanley from $59.00 to $52.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the asset manager’s stock. Morgan Stanley’s price objective would suggest a potential upside of 13.66% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Zacks Research raised shares of Lazard from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Citigroup reissued a “market outperform” rating on shares of Lazard in a research report on Friday, January 30th. Bank of America began coverage on shares of Lazard in a research report on Monday, January 26th. They set a “buy” rating and a $65.00 price target on the stock. Wall Street Zen cut shares of Lazard from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lazard in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Lazard presently has an average rating of “Hold” and an average price target of $51.88.

Lazard Stock Up 2.1%

NYSE:LAZ traded up $0.95 on Thursday, hitting $45.75. 439,421 shares of the company’s stock were exchanged, compared to its average volume of 1,307,820. The firm has a 50-day moving average price of $47.06 and a 200-day moving average price of $49.40. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.28 and a quick ratio of 2.28. Lazard has a 52 week low of $32.84 and a 52 week high of $58.75. The company has a market cap of $5.11 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 0.33 and a beta of 1.42.

Lazard (NYSE:LAZ) last issued its quarterly earnings results on Friday, January 30th. The asset manager reported $0.80 EPS for the quarter, topping the consensus estimate of $0.68 by $0.12. Lazard had a net margin of 7.49% and a return on equity of 33.04%. The firm had revenue of $892.11 million for the quarter, compared to analysts’ expectations of $876.32 million. During the same period in the previous year, the firm posted $0.78 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, analysts expect that Lazard will post 4.24 EPS for the current fiscal year.

Insider Activity at Lazard

In other news, CEO Peter Richard Orszag sold 69,170 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the transaction, the chief executive officer directly owned 210,942 shares of the company’s stock, valued at approximately $8,597,995.92. This trade represents a 24.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher Hogbin sold 7,885 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $40.37, for a total transaction of $318,317.45. Following the transaction, the chief executive officer directly owned 15,773 shares in the company, valued at $636,756.01. This represents a 33.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 80,999 shares of company stock worth $3,292,962 over the last ninety days. Insiders own 3.86% of the company’s stock.

Hedge Funds Weigh In On Lazard

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teza Capital Management LLC lifted its stake in Lazard by 2.4% in the 2nd quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager’s stock valued at $387,000 after purchasing an additional 187 shares during the last quarter. Lesa Sroufe & Co lifted its stake in Lazard by 0.4% in the 3rd quarter. Lesa Sroufe & Co now owns 52,836 shares of the asset manager’s stock valued at $2,789,000 after purchasing an additional 217 shares during the last quarter. Sound Income Strategies LLC lifted its stake in Lazard by 59.5% in the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 220 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Lazard by 53.5% during the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 224 shares during the last quarter. Finally, Xponance LLC raised its stake in shares of Lazard by 3.7% during the fourth quarter. Xponance LLC now owns 6,454 shares of the asset manager’s stock valued at $313,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 54.80% of the company’s stock.

About Lazard

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.