Lazard (NYSE:LAZ) Downgraded to Peer Perform Rating by Wolfe Research

Wolfe Research lowered shares of Lazard (NYSE:LAZ - Free Report) from an outperform rating to a peer perform rating in a report released on Friday, MarketBeat.com reports.

Other research analysts have also recently issued reports about the company. Morgan Stanley cut Lazard from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $60.00 to $63.00 in a research report on Monday, December 9th. UBS Group increased their price target on shares of Lazard from $49.00 to $52.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 8th. JMP Securities lifted their price objective on Lazard from $55.00 to $59.00 and gave the company a "market outperform" rating in a report on Friday, November 1st. Keefe, Bruyette & Woods cut Lazard from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $65.00 to $57.00 in a report on Friday, December 20th. Finally, Wells Fargo & Company began coverage on Lazard in a research report on Thursday, September 12th. They set an "equal weight" rating and a $51.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $52.29.

Lazard Stock Performance

Shares of LAZ stock traded down $1.27 during trading hours on Friday, reaching $49.47. 993,610 shares of the company's stock were exchanged, compared to its average volume of 803,905. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 2.72. Lazard has a fifty-two week low of $35.56 and a fifty-two week high of $61.14. The business has a fifty day moving average price of $54.40 and a 200-day moving average price of $49.15. The stock has a market capitalization of $5.58 billion, a P/E ratio of 19.71 and a beta of 1.40.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The asset manager reported $0.38 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.03). Lazard had a net margin of 8.28% and a return on equity of 42.20%. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $644.22 million. During the same period last year, the company earned $0.10 EPS. The company's revenue was up 21.4% on a year-over-year basis. Analysts predict that Lazard will post 2.18 EPS for the current fiscal year.

Lazard Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date was Friday, November 8th. Lazard's payout ratio is presently 79.68%.

Institutional Investors Weigh In On Lazard

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in shares of Lazard by 12.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 278,877 shares of the asset manager's stock valued at $10,648,000 after buying an additional 31,211 shares during the period. Rhumbline Advisers raised its holdings in Lazard by 17.1% during the 2nd quarter. Rhumbline Advisers now owns 129,615 shares of the asset manager's stock worth $4,949,000 after purchasing an additional 18,935 shares during the last quarter. TD Asset Management Inc acquired a new position in Lazard during the 2nd quarter valued at about $7,102,000. Victory Capital Management Inc. lifted its position in Lazard by 22.0% during the 2nd quarter. Victory Capital Management Inc. now owns 18,133 shares of the asset manager's stock valued at $692,000 after purchasing an additional 3,265 shares during the period. Finally, Arizona State Retirement System bought a new position in shares of Lazard in the 2nd quarter valued at about $934,000. Institutional investors and hedge funds 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.