Lazard (NYSE:LAZ) Hits New 52-Week Low at $30.72

Lazard Ltd (NYSE:LAZGet Rating)’s share price hit a new 52-week low on Friday . The stock traded as low as $30.72 and last traded at $31.06, with a volume of 1318010 shares changing hands. The stock had previously closed at $31.26.

Several brokerages have recently issued reports on LAZ. Piper Sandler lowered their price target on Lazard from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, April 7th. StockNews.com cut Lazard from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley cut Lazard from an “overweight” rating to an “equal weight” rating and set a $40.00 price target on the stock. in a research report on Tuesday, March 8th. JMP Securities lowered their price target on Lazard from $58.00 to $56.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 7th. Finally, Wolfe Research cut Lazard from a “peer perform” rating to an “underperform” rating and set a $39.00 price target on the stock. in a research report on Thursday, April 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lazard presently has an average rating of “Hold” and a consensus price target of $45.33.

The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.74. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 6.32 and a beta of 1.43. The stock has a fifty day moving average of $33.92 and a 200-day moving average of $37.70.

Lazard (NYSE:LAZGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The asset manager reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.18. Lazard had a return on equity of 59.55% and a net margin of 16.76%. The business had revenue of $716.14 million for the quarter, compared to the consensus estimate of $677.58 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. Lazard’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities research analysts forecast that Lazard Ltd will post 4.28 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 20th. Stockholders of record on Monday, May 9th were issued a dividend of $0.47 per share. The ex-dividend date was Friday, May 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.05%. Lazard’s dividend payout ratio is 38.13%.

In related news, President Alexander F. Stern sold 70,000 shares of Lazard stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $35.29, for a total transaction of $2,470,300.00. Following the completion of the sale, the president now owns 209,258 shares of the company’s stock, valued at $7,384,714.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.86% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAZ. Huntington National Bank acquired a new stake in Lazard during the fourth quarter valued at $38,000. Bessemer Group Inc. acquired a new stake in Lazard during the fourth quarter valued at $55,000. PNC Financial Services Group Inc. boosted its position in Lazard by 64.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,839 shares of the asset manager’s stock valued at $63,000 after purchasing an additional 720 shares during the last quarter. First Manhattan Co. boosted its position in Lazard by 267.5% during the first quarter. First Manhattan Co. now owns 2,205 shares of the asset manager’s stock valued at $75,000 after purchasing an additional 1,605 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Lazard in the fourth quarter worth about $86,000.

Lazard Company Profile (NYSE:LAZ)

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters.

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