Q2 2024 EPS Estimates for Lazard, Inc. (NYSE:LAZ) Cut by Seaport Res Ptn

Lazard, Inc. (NYSE:LAZ) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings per share (EPS) estimates for Lazard in a research report issued to clients and investors on Thursday, April 25th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings per share of $0.42 for the quarter, down from their previous forecast of $0.45. The consensus estimate for Lazard’s current full-year earnings is $3.20 per share. Seaport Res Ptn also issued estimates for Lazard’s Q3 2024 earnings at $0.62 EPS, FY2024 earnings at $3.00 EPS, Q1 2025 earnings at $0.75 EPS, Q2 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.88 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $4.10 EPS.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.08. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $678.57 million. Lazard had a positive return on equity of 37.47% and a negative net margin of 0.63%. Lazard’s quarterly revenue was up 41.1% on a year-over-year basis. During the same period last year, the business earned ($0.26) earnings per share.

Other analysts have also issued reports about the company. UBS Group raised their price objective on Lazard from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Morgan Stanley reissued an “overweight” rating and issued a $58.00 price objective on shares of Lazard in a report on Thursday, April 11th. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Wolfe Research raised Lazard from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Wednesday, January 3rd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $49.00 price target (down from $51.00) on shares of Lazard in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.67.

Lazard Stock Down 2.2 %

Shares of LAZ opened at $38.52 on Monday. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 3.51. Lazard has a 12 month low of $25.82 and a 12 month high of $42.24. The stock’s 50 day moving average is $39.37 and its two-hundred day moving average is $35.55. The firm has a market cap of $4.34 billion, a P/E ratio of -110.05 and a beta of 1.46.

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, May 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 5.19%. Lazard’s payout ratio is -571.41%.

Insider Buying and Selling

In related news, CEO Evan L. Russo sold 75,000 shares of Lazard stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $39.35, for a total transaction of $2,951,250.00. Following the transaction, the chief executive officer now owns 227,448 shares in the company, valued at $8,950,078.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lazard

Several institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB grew its stake in Lazard by 100.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 31,600 shares of the asset manager’s stock worth $980,000 after purchasing an additional 15,800 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Lazard by 4.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 41,684 shares of the asset manager’s stock worth $1,293,000 after acquiring an additional 1,658 shares in the last quarter. Raymond James & Associates boosted its position in shares of Lazard by 38.5% during the 3rd quarter. Raymond James & Associates now owns 25,922 shares of the asset manager’s stock worth $804,000 after acquiring an additional 7,210 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Lazard by 3.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 16,335 shares of the asset manager’s stock worth $507,000 after acquiring an additional 606 shares in the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new position in shares of Lazard during the 3rd quarter worth about $210,000. Hedge funds and other institutional investors own 54.80% of the company’s stock.

About Lazard

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.