Lazard (NYSE:LAZ) Shares Gap Down – What’s Next?

Lazard, Inc. (NYSE:LAZ) shares gapped down before the market opened on Tuesday . The stock had previously closed at $42.14, but opened at $40.55. Lazard shares last traded at $43.6760, with a volume of 99,565 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. The Goldman Sachs Group set a $40.00 price target on shares of Lazard in a research note on Friday, June 12th. UBS Group restated a “neutral” rating and issued a $44.00 target price on shares of Lazard in a report on Tuesday, June 9th. Citizens Jmp cut their target price on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating for the company in a research report on Friday, April 10th. Citigroup reiterated an “outperform” rating on shares of Lazard in a research note on Friday, April 10th. Finally, Weiss Ratings raised Lazard from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $51.00.

Lazard Stock Performance

The business’s fifty day moving average is $44.41 and its 200-day moving average is $46.91. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.94. The company has a market cap of $4.88 billion, a PE ratio of 17.27, a P/E/G ratio of 0.64 and a beta of 1.43.

Lazard (NYSE:LAZ) last announced its earnings results on Friday, May 1st. The asset manager reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). Lazard had a net margin of 8.47% and a return on equity of 29.30%. The business had revenue of $672.98 million for the quarter, compared to analysts’ expectations of $707.42 million. During the same period in the prior year, the company posted $0.56 earnings per share. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. As a group, research analysts predict that Lazard, Inc. will post 2.63 EPS for the current fiscal year.

Lazard Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 11th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Monday, May 11th. Lazard’s dividend payout ratio is 79.05%.

Hedge Funds Weigh In On Lazard

Several institutional investors and hedge funds have recently bought and sold shares of LAZ. AQR Capital Management LLC raised its stake in shares of Lazard by 131.8% in the first quarter. AQR Capital Management LLC now owns 12,563 shares of the asset manager’s stock worth $544,000 after buying an additional 7,144 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Lazard by 27.5% during the first quarter. Goldman Sachs Group Inc. now owns 759,867 shares of the asset manager’s stock valued at $32,902,000 after purchasing an additional 163,983 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Lazard by 8.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,288 shares of the asset manager’s stock worth $10,318,000 after purchasing an additional 18,444 shares during the period. American Century Companies Inc. boosted its position in shares of Lazard by 167.0% in the second quarter. American Century Companies Inc. now owns 26,097 shares of the asset manager’s stock worth $1,252,000 after purchasing an additional 16,322 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Lazard by 62.4% in the second quarter. Prudential Financial Inc. now owns 7,102 shares of the asset manager’s stock worth $369,000 after purchasing an additional 2,730 shares in the last quarter. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

Lazard Company Profile

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.