Lazard (NYSE:LAZ) Downgraded to Underweight Rating by Morgan Stanley

Lazard (NYSE:LAZ) was downgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report issued on Monday, MarketBeat Ratings reports. They presently have a $33.00 price objective on the asset manager’s stock, down from their prior price objective of $56.00. Morgan Stanley’s price objective indicates a potential downside of 1.17% from the company’s current price.

Several other equities analysts have also commented on the company. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a report on Friday, January 31st. Wolfe Research cut Lazard from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. The Goldman Sachs Group cut their target price on Lazard from $51.00 to $44.00 and set a “sell” rating on the stock in a research report on Wednesday, January 15th. Keefe, Bruyette & Woods upped their price target on Lazard from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Friday, January 31st. Finally, UBS Group increased their price target on shares of Lazard from $50.00 to $54.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $46.83.

Lazard Stock Performance

Shares of LAZ opened at $33.39 on Monday. The stock has a 50-day simple moving average of $47.76 and a 200-day simple moving average of $51.01. The company has a debt-to-equity ratio of 2.72, a quick ratio of 2.24 and a current ratio of 2.24. Lazard has a 1 year low of $31.97 and a 1 year high of $61.14. The stock has a market capitalization of $3.77 billion, a PE ratio of 12.55 and a beta of 1.27.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Thursday, January 30th. The asset manager reported $0.78 EPS for the quarter, topping the consensus estimate of $0.69 by $0.09. Lazard had a net margin of 8.98% and a return on equity of 44.58%. On average, analysts predict that Lazard will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Lazard

In related news, CEO Peter Richard Orszag sold 64,539 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $45.56, for a total transaction of $2,940,396.84. Following the transaction, the chief executive officer now owns 170,285 shares of the company’s stock, valued at $7,758,184.60. This trade represents a 27.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Evan L. Russo sold 25,000 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $55.32, for a total value of $1,383,000.00. Following the completion of the transaction, the chief executive officer now owns 163,448 shares in the company, valued at $9,041,943.36. This trade represents a 13.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,078 shares of company stock worth $9,120,541. 3.86% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lee Danner & Bass Inc. acquired a new stake in shares of Lazard during the fourth quarter worth $31,000. Hopwood Financial Services Inc. purchased a new position in Lazard during the 4th quarter worth $41,000. Berbice Capital Management LLC purchased a new position in Lazard during the 4th quarter worth $46,000. NewEdge Advisors LLC lifted its stake in shares of Lazard by 54.3% in the 4th quarter. NewEdge Advisors LLC now owns 977 shares of the asset manager’s stock worth $50,000 after acquiring an additional 344 shares during the period. Finally, Roxbury Financial LLC purchased a new stake in shares of Lazard in the fourth quarter valued at about $53,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

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.