Lazard (NYSE:LAZ – Get Free Report) had its target price dropped by equities researchers at Wells Fargo & Company from $59.00 to $51.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.63% from the stock’s previous close.
Several other equities analysts have also recently commented on the company. JMP Securities increased their target price on Lazard from $55.00 to $59.00 and gave the company a “market outperform” rating in a research note on Friday, November 1st. Wolfe Research cut Lazard from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. UBS Group increased their target price on Lazard from $49.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, October 8th. StockNews.com cut Lazard from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Morgan Stanley cut Lazard from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $60.00 to $63.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Lazard currently has an average rating of “Hold” and a consensus target price of $53.17.
Lazard Stock Up 1.6 %
Lazard (NYSE:LAZ – Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The asset manager reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $644.22 million. Lazard had a return on equity of 42.20% and a net margin of 8.28%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS. On average, equities research analysts anticipate that Lazard will post 2.18 EPS for the current fiscal year.
Institutional Investors Weigh In On Lazard
Several large investors have recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. grew its stake in shares of Lazard by 1,125.0% in the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after purchasing an additional 675 shares in the last quarter. Abich Financial Wealth Management LLC bought a new position in shares of Lazard in the third quarter worth $50,000. My Legacy Advisors LLC bought a new position in shares of Lazard in the third quarter worth $215,000. King Wealth Management Group bought a new position in shares of Lazard in the third quarter worth $227,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Lazard in the third quarter worth $235,000. 54.80% of the stock is owned by institutional investors and hedge funds.
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.
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