FY2024 EPS Estimates for Lazard Reduced by Seaport Res Ptn

Lazard, Inc. (NYSE:LAZ) – Investment analysts at Seaport Res Ptn dropped their FY2024 earnings per share (EPS) estimates for shares of Lazard in a research report issued to clients and investors on Thursday, October 31st. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings per share of $2.30 for the year, down from their previous estimate of $2.40. The consensus estimate for Lazard’s current full-year earnings is $2.40 per share. Seaport Res Ptn also issued estimates for Lazard’s Q4 2024 earnings at $0.75 EPS, Q1 2025 earnings at $0.75 EPS, Q3 2025 earnings at $0.96 EPS and Q4 2025 earnings at $1.60 EPS.

Other equities analysts also recently issued research reports about the stock. JMP Securities increased their price objective on shares of Lazard from $55.00 to $59.00 and gave the company a “market outperform” rating in a research note on Friday. Keefe, Bruyette & Woods increased their price target on Lazard from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday. The Goldman Sachs Group boosted their price objective on Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, July 26th. UBS Group increased their target price on Lazard from $49.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Finally, StockNews.com upgraded Lazard from a “hold” rating to a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Lazard Trading Up 0.6 %

LAZ opened at $53.31 on Monday. The company has a market cap of $6.01 billion, a P/E ratio of 21.24 and a beta of 1.37. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 3.60. The company’s 50 day moving average is $50.07 and its 200-day moving average is $44.42. Lazard has a 1-year low of $25.82 and a 1-year high of $54.72.

Lazard (NYSE:LAZ) last released its quarterly earnings data on Thursday, October 31st. The asset manager reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.03). The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $644.22 million. Lazard had a net margin of 8.28% and a return on equity of 46.55%. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business earned $0.10 earnings per share.

Institutional Trading of Lazard

Large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in Lazard in the first quarter worth approximately $25,000. Richardson Financial Services Inc. lifted its holdings in shares of Lazard by 1,125.0% in the 2nd 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. Continuum Advisory LLC grew its position in Lazard by 58.9% in the 2nd quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 330 shares during the period. Abich Financial Wealth Management LLC bought a new stake in Lazard during the 3rd quarter valued at $50,000. Finally, Redwood Wealth Management Group LLC bought a new stake in Lazard during the 2nd quarter valued at $87,000. Institutional investors and hedge funds own 54.80% of the company’s stock.

Insider Transactions at Lazard

In other news, Chairman Kenneth M. Jacobs sold 86,728 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.02, for a total value of $4,338,134.56. Following the transaction, the chairman now owns 1,640,995 shares in the company, valued at approximately $82,082,569.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $48.08, for a total transaction of $4,219,981.60. Following the completion of the sale, the chairman now owns 1,553,225 shares of the company’s stock, valued at $74,679,058. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.02, for a total value of $4,338,134.56. Following the completion of the transaction, the chairman now directly owns 1,640,995 shares in the company, valued at approximately $82,082,569.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 176,497 shares of company stock worth $8,658,086 over the last ninety days. 3.86% of the stock is owned by insiders.

Lazard Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.75%. Lazard’s payout ratio is 79.68%.

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.