Lazard (NYSE:LAZ) Hits New 1-Year Low – Here’s What Happened

Shares of Lazard, Inc. (NYSE:LAZ) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $38.65 and last traded at $39.4270, with a volume of 790709 shares. The stock had previously closed at $41.10.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Morgan Stanley set a $44.00 price target on shares of Lazard in a research report on Friday, July 24th. Zacks Research lowered shares of Lazard from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Citigroup reaffirmed a “market outperform” rating on shares of Lazard in a research note on Friday, July 24th. UBS Group reiterated a “neutral” rating and issued a $44.00 price objective on shares of Lazard in a report on Tuesday, June 9th. Finally, The Goldman Sachs Group reissued a “sell” rating on shares of Lazard in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Lazard presently has a consensus rating of “Hold” and an average price target of $50.38.

Lazard Stock Down 3.9%

The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $4.37 billion, a P/E ratio of 19.37, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43. The company has a 50-day moving average of $43.23 and a two-hundred day moving average of $44.43.

Lazard (NYSE:LAZ) last posted its quarterly earnings data on Friday, July 24th. The asset manager reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.22). The firm had revenue of $786.47 million during the quarter, compared to the consensus estimate of $736.29 million. Lazard had a return on equity of 23.58% and a net margin of 6.95%.Lazard’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 EPS. On average, research analysts predict that Lazard, Inc. will post 2.18 EPS for the current year.

Lazard Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were paid a $0.50 dividend. The ex-dividend date was Monday, August 3rd. This represents a $2.00 annualized dividend and a dividend yield of 5.1%. Lazard’s dividend payout ratio is presently 98.04%.

Insider Buying and Selling at Lazard

In related news, CEO Peter Orszag sold 125,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $43.52, for a total value of $5,440,000.00. Following the transaction, the chief executive officer owned 260,942 shares in the company, valued at $11,356,195.84. The trade was a 32.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.95% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LAZ. Engineers Gate Manager LP grew its holdings in shares of Lazard by 74.7% during the second quarter. Engineers Gate Manager LP now owns 95,509 shares of the asset manager’s stock valued at $4,006,000 after buying an additional 40,846 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Lazard during the second quarter valued at approximately $36,000. Squarepoint Ops LLC grew its position in Lazard by 59.2% in the 2nd quarter. Squarepoint Ops LLC now owns 554,285 shares of the asset manager’s stock worth $23,247,000 after purchasing an additional 206,051 shares during the period. Baird Financial Group Inc. raised its stake in Lazard by 28.5% during the 2nd quarter. Baird Financial Group Inc. now owns 9,994 shares of the asset manager’s stock valued at $419,000 after buying an additional 2,216 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Lazard during the 2nd quarter valued at $87,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Company Profile

Lazard Ltd. (NYSE: LAZ) is a global financial advisory and asset management firm. The company provides advice on mergers and acquisitions, capital structure, restructuring, strategic matters and other corporate finance activities. Lazard also offers asset management services for institutions, financial intermediaries, private clients and other investors.

Lazard traces its origins to 1848, when the Lazard brothers established a business in New Orleans. The firm later expanded to San Francisco and Paris, developing an international platform that serves clients across North America, Europe, Asia-Pacific and other key global markets.

The company operates through financial advisory and asset management businesses, with teams serving corporations, governments, institutions and high-net-worth individuals.