Lazard (NYSE:LAZ) Reaches New 12-Month High - Still a Buy?

Lazard, Inc. (NYSE:LAZ - Get Free Report)'s share price hit a new 52-week high on Friday . The stock traded as high as $51.76 and last traded at $51.63, with a volume of 243986 shares traded. The stock had previously closed at $50.01.

Wall Street Analyst Weigh In

Several research firms have issued reports on LAZ. Morgan Stanley raised their target price on Lazard from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, September 23rd. Wells Fargo & Company began coverage on shares of Lazard in a report on Thursday, September 12th. They issued an "equal weight" rating and a $51.00 price objective on the stock. StockNews.com raised shares of Lazard from a "hold" rating to a "buy" rating in a research note on Friday, July 26th. The Goldman Sachs Group boosted their price target on shares of Lazard from $38.00 to $42.00 and gave the company a "sell" rating in a research note on Friday, July 26th. Finally, JMP Securities increased their price objective on shares of Lazard from $52.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Wednesday. 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's stock. Based on data from MarketBeat, Lazard presently has an average rating of "Moderate Buy" and an average price target of $51.14.

Lazard Stock Up 5.4 %

The business's fifty day moving average is $48.08 and its two-hundred day moving average is $42.99. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 33.99 and a beta of 1.39. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 3.60.

Lazard (NYSE:LAZ - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.17. The business had revenue of $685.30 million for the quarter, compared to analyst estimates of $625.40 million. Lazard had a return on equity of 41.78% and a net margin of 5.50%. The company's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. Equities analysts forecast that Lazard, Inc. will post 2.43 earnings per share for the current fiscal year.

Lazard Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Monday, August 5th. Lazard's dividend payout ratio is presently 129.03%.

Insider Buying and Selling

In other Lazard news, Chairman Kenneth M. Jacobs sold 87,770 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total transaction of $4,219,981.60. Following the completion of the transaction, the chairman now owns 1,553,225 shares in the company, valued at $74,679,058. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman Kenneth M. Jacobs sold 207,000 shares of the firm's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.23, for a total transaction of $9,362,610.00. Following the sale, the chairman now owns 1,729,722 shares of the company's stock, valued at approximately $78,235,326.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the business'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 value of $4,219,981.60. Following the sale, the chairman now owns 1,553,225 shares of the company's stock, valued at approximately $74,679,058. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 383,497 shares of company stock worth $18,020,696. Company insiders own 3.86% of the company's stock.

Institutional Trading of Lazard

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky raised its stake in Lazard by 15.4% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 101,200 shares of the asset manager's stock worth $3,522,000 after acquiring an additional 13,500 shares in the last quarter. O Keefe Stevens Advisory Inc. lifted its holdings in shares of Lazard by 0.4% in the 1st quarter. O Keefe Stevens Advisory Inc. now owns 204,499 shares of the asset manager's stock valued at $8,562,000 after purchasing an additional 864 shares during the last quarter. Gilman Hill Asset Management LLC acquired a new stake in shares of Lazard in the 1st quarter valued at about $405,000. O ROURKE & COMPANY Inc purchased a new position in Lazard during the 1st quarter worth approximately $342,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Lazard during the first quarter worth approximately $25,000. 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.