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

Lazard, Inc. (NYSE:LAZ)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $52.72, but opened at $56.98. Lazard shares last traded at $54.73, with a volume of 162,015 shares traded.

The asset manager reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.09. Lazard had a net margin of 8.28% and a return on equity of 42.20%.

Lazard Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Monday, February 10th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, February 10th. Lazard’s dividend payout ratio is currently 79.68%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Keefe, Bruyette & Woods upped their target price on Lazard from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Friday. Wolfe Research cut shares of Lazard from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Morgan Stanley upped their price target on shares of Lazard from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday. Wells Fargo & Company raised their price objective on shares of Lazard from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, JMP Securities upped 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $55.00.

Institutional Trading of Lazard

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in Lazard by 19.3% in the second quarter. Dimensional Fund Advisors LP now owns 481,406 shares of the asset manager’s stock valued at $18,370,000 after acquiring an additional 77,974 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Lazard by 12.7% in the 2nd quarter. Sei Investments Co. now owns 72,003 shares of the asset manager’s stock valued at $2,749,000 after purchasing an additional 8,115 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Lazard in the 2nd quarter valued at about $360,000. Algert Global LLC purchased a new stake in shares of Lazard during the 2nd quarter worth about $336,000. Finally, Park Avenue Securities LLC acquired a new stake in Lazard during the 3rd quarter worth approximately $299,000. 54.80% of the stock is owned by hedge funds and other institutional investors.

Lazard Price Performance

The stock has a market cap of $6.15 billion, a PE ratio of 21.72 and a beta of 1.40. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 2.72. The company’s fifty day moving average is $52.82 and its 200 day moving average is $50.88.

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.