Lazard (NYSE:LAZ) Shares Gap Up After Strong Earnings

Lazard, Inc. (NYSE:LAZ)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. 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, topping analysts’ consensus estimates of $0.69 by $0.09. Lazard had a return on equity of 42.20% and a net margin of 8.28%.

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Monday, February 10th will be issued a $0.50 dividend. The ex-dividend date is Monday, February 10th. This represents a $2.00 annualized dividend and a dividend yield of 3.63%. Lazard’s dividend payout ratio is currently 79.68%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on LAZ shares. StockNews.com lowered Lazard from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Wolfe Research cut shares of Lazard from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company decreased their price target on shares of Lazard from $59.00 to $51.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. The Goldman Sachs Group cut their price objective on Lazard from $51.00 to $44.00 and set a “sell” rating on the stock in a research report on Wednesday, January 15th. Finally, UBS Group increased their target price on Lazard from $49.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $53.50.

Institutional Investors Weigh In On Lazard

Several hedge funds have recently added to or reduced their stakes in LAZ. Berbice Capital Management LLC purchased a new position in shares of Lazard in the 4th quarter worth about $46,000. Abich Financial Wealth Management LLC bought a new stake in Lazard during the 3rd quarter valued at about $50,000. Roxbury Financial LLC purchased a new position in Lazard in the fourth quarter worth about $53,000. Geneos Wealth Management Inc. bought a new position in shares of Lazard in the fourth quarter worth approximately $60,000. Finally, HHM Wealth Advisors LLC grew its holdings in shares of Lazard by 209.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 1,267 shares of the asset manager’s stock valued at $65,000 after buying an additional 857 shares during the last quarter. 54.80% of the stock is owned by institutional investors.

Lazard Stock Up 4.5 %

The company has a market cap of $6.21 billion, a P/E ratio of 21.95 and a beta of 1.40. The company’s 50-day moving average is $52.93 and its two-hundred day moving average is $50.77. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.24 and a quick ratio of 2.24.

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.