Lazard (NYSE:LAZ) Shares Gap Up on Earnings Beat

Lazard, Inc. (NYSE:LAZ)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $39.30, but opened at $40.37. Lazard shares last traded at $38.23, with a volume of 315,940 shares trading hands.

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

Lazard Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders 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 annualized dividend and a yield of 5.13%. Lazard’s dividend payout ratio (DPR) is currently -571.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Lazard from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $49.00 target price (down previously from $51.00) on shares of Lazard in a report on Friday. UBS Group raised their target price on shares of Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. StockNews.com upgraded shares of Lazard from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Finally, TheStreet upgraded shares of Lazard from a “d+” rating to a “c+” rating in a report on Monday, February 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.67.

Insider Buying and Selling at Lazard

In other Lazard news, CEO Evan L. Russo sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were 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 of the company’s stock, valued at approximately $8,950,078.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.86% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Empire Life Investments Inc. grew its position in Lazard by 2.0% during the 4th quarter. Empire Life Investments Inc. now owns 19,252 shares of the asset manager’s stock worth $670,000 after purchasing an additional 373 shares during the last quarter. Treasurer of the State of North Carolina grew its position in Lazard by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 48,534 shares of the asset manager’s stock worth $1,689,000 after purchasing an additional 470 shares during the last quarter. Sweet Financial Partners LLC lifted its stake in Lazard by 2.9% during the 1st quarter. Sweet Financial Partners LLC now owns 17,500 shares of the asset manager’s stock valued at $733,000 after acquiring an additional 500 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Lazard during the 1st quarter valued at approximately $25,000. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in 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 valued at $507,000 after acquiring an additional 606 shares during the period. Hedge funds and other institutional investors own 54.80% of the company’s stock.

Lazard Stock Up 0.2 %

The company has a debt-to-equity ratio of 3.51, a quick ratio of 1.62 and a current ratio of 1.62. The firm’s 50 day simple moving average is $39.33 and its 200 day simple moving average is $35.35.

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.