Q3 2024 EPS Estimates for Lazard, Inc. Decreased by Zacks Research (NYSE:LAZ)

Lazard, Inc. (NYSE:LAZ) – Equities research analysts at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Lazard in a research report issued on Thursday, October 3rd. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings per share of $0.42 for the quarter, down from their prior estimate of $0.43. The consensus estimate for Lazard’s current full-year earnings is $2.40 per share. Zacks Research also issued estimates for Lazard’s Q4 2024 earnings at $0.81 EPS, Q4 2025 earnings at $1.40 EPS, Q1 2026 earnings at $1.39 EPS, Q2 2026 earnings at $1.37 EPS and FY2026 earnings at $5.55 EPS.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Lazard from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Friday, July 26th. Wells Fargo & Company assumed coverage on Lazard in a research note on Thursday, September 12th. They set an “equal weight” rating and a $51.00 price objective for the company. Morgan Stanley boosted their target price on Lazard from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $56.00 target price (up from $49.00) on shares of Lazard in a report on Friday, July 26th. Finally, StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. One equities 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’s stock. Based on data from MarketBeat.com, Lazard currently has an average rating of “Moderate Buy” and an average target price of $49.29.

Lazard Stock Performance

NYSE:LAZ opened at $49.09 on Friday. The company has a 50-day moving average of $47.99 and a 200-day moving average of $42.77. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of -140.26 and a beta of 1.39. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 3.60. Lazard has a twelve month low of $25.82 and a twelve month high of $51.46.

Lazard (NYSE:LAZ) last announced its earnings results on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.17. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The business had revenue of $685.30 million during the quarter, compared to analysts’ expectations of $625.40 million. During the same quarter last year, the business posted $0.24 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis.

Lazard Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend was Monday, August 5th. Lazard’s dividend payout ratio is currently -571.43%.

Insider Buying and Selling

In related news, Chairman Kenneth M. Jacobs sold 1,999 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $50.01, for a total transaction of $99,969.99. Following the completion of the sale, the chairman now directly owns 1,727,723 shares in the company, valued at approximately $86,403,427.23. 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 can be accessed through the SEC website. In other news, Chairman Kenneth M. Jacobs sold 1,999 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $50.01, for a total value of $99,969.99. Following the transaction, the chairman now directly owns 1,727,723 shares of the company’s stock, valued at approximately $86,403,427.23. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Kenneth M. Jacobs sold 46,107 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $40.19, for a total value of $1,853,040.33. Following the sale, the chairman now owns 1,936,722 shares of the company’s stock, valued at approximately $77,836,857.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 429,604 shares of company stock valued at $19,873,736. Corporate insiders own 3.86% of the company’s stock.

Institutional Investors Weigh In On Lazard

Several large investors have recently made changes to their positions in LAZ. Allspring Global Investments Holdings LLC acquired a new stake in Lazard in the first quarter valued at approximately $25,000. Richardson Financial Services Inc. boosted its holdings in 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. Continuum Advisory LLC boosted its holdings in Lazard by 58.9% in the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager’s stock worth $34,000 after purchasing an additional 330 shares in the last quarter. SYSTM Wealth Solutions LLC acquired a new position in Lazard during the first quarter worth $48,000. Finally, Redwood Wealth Management Group LLC bought a new position in Lazard during the second quarter valued at about $87,000. Institutional investors own 54.80% of the company’s stock.

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.