Morgan Stanley Increases Lazard (NYSE:LAZ) Price Target to $60.00

Lazard (NYSE:LAZ) had its target price hoisted by stock analysts at Morgan Stanley from $56.00 to $60.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price target would indicate a potential upside of 17.51% from the stock’s previous close.

Other research analysts have also issued reports about the company. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. The Goldman Sachs Group increased their price objective on Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $56.00 target price (up from $49.00) on shares of Lazard in a research note on Friday, July 26th. Finally, Wells Fargo & Company initiated coverage on shares of Lazard in a research note on Thursday, September 12th. They set an “equal weight” rating and a $51.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.29.

Lazard Stock Performance

Shares of Lazard stock opened at $51.06 on Monday. Lazard has a 12 month low of $25.82 and a 12 month high of $51.44. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60. The stock has a market cap of $5.76 billion, a PE ratio of -145.89 and a beta of 1.39. The business has a fifty day simple moving average of $47.33 and a 200-day simple moving average of $42.19.

Lazard (NYSE:LAZ) last released its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.17. The company had revenue of $685.30 million for the quarter, compared to analysts’ expectations of $625.40 million. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 EPS. On average, sell-side analysts anticipate that Lazard will post 2.44 EPS for the current fiscal year.

Insider Activity

In other Lazard news, Chairman Kenneth M. Jacobs sold 207,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total value of $9,362,610.00. Following the sale, the chairman now owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Kenneth M. Jacobs sold 1,999 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $50.01, for a total transaction of $99,969.99. Following the transaction, the chairman now owns 1,727,723 shares in the company, valued at approximately $86,403,427.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Kenneth M. Jacobs sold 207,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the completion of the sale, the chairman now owns 1,729,722 shares of the company’s stock, valued at approximately $78,235,326.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 429,604 shares of company stock valued at $19,873,736. 3.86% of the stock is owned by insiders.

Hedge Funds Weigh In On Lazard

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Continuum Advisory LLC lifted its position in shares of Lazard by 58.9% in the 2nd quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock worth $34,000 after acquiring an additional 330 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of Lazard by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 48,534 shares of the asset manager’s stock valued at $1,689,000 after purchasing an additional 470 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd raised its stake in shares of Lazard by 3.3% in the second quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,392 shares of the asset manager’s stock valued at $702,000 after purchasing an additional 589 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Lazard in the first quarter worth $25,000. Finally, Richardson Financial Services Inc. boosted its stake in Lazard by 1,125.0% during the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after buying an additional 675 shares in the last quarter. 54.80% of the stock is currently owned by institutional investors.

Lazard Company Profile

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.