Lazard (NYSE:LAZ) Rating Lowered to Strong Sell at Zacks Research

Lazard (NYSE:LAZ) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Weiss Ratings lowered shares of Lazard from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. Argus decreased their price objective on Lazard from $63.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. The Goldman Sachs Group restated a “sell” rating on shares of Lazard in a research note on Thursday, July 23rd. Citizens Jmp lowered their price target on shares of Lazard from $65.00 to $60.00 and set a “market outperform” rating on the stock in a report on Friday, April 10th. Finally, Morgan Stanley set a $44.00 target price on shares of Lazard in a research report on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.38.

Lazard Price Performance

Shares of LAZ opened at $43.81 on Tuesday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 2.84 and a current ratio of 2.84. The firm has a market cap of $4.84 billion, a PE ratio of 21.47, a PEG ratio of 0.92 and a beta of 1.43. The firm’s 50 day moving average price is $43.49 and its 200 day moving average price is $46.24. Lazard has a twelve month low of $38.67 and a twelve month high of $58.75.

Lazard (NYSE:LAZ) last announced its quarterly earnings results on Friday, July 24th. The asset manager reported $0.12 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.22). The business had revenue of $786.47 million for the quarter, compared to analyst estimates of $736.29 million. Lazard had a return on equity of 23.58% and a net margin of 6.95%.The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. As a group, research analysts expect that Lazard will post 2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Lazard

Hedge funds have recently made changes to their positions in the company. Kestra Advisory Services LLC bought a new stake in Lazard during the fourth quarter worth about $26,000. Sound Income Strategies LLC grew its position in Lazard by 59.5% during the 4th quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock worth $31,000 after acquiring an additional 220 shares during the last quarter. Quest 10 Wealth Builders Inc. acquired a new stake in Lazard during the 4th quarter valued at $32,000. IFP Advisors Inc raised its holdings in shares of Lazard by 53.5% in the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after buying an additional 224 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Lazard in the second quarter worth about $38,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

About Lazard

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.