Analysts Set Expectations for Lazard, Inc.'s Q3 2024 Earnings (NYSE:LAZ)

Lazard, Inc. (NYSE:LAZ - Free Report) - Zacks Research reduced their Q3 2024 earnings estimates for Lazard in a research note issued on Thursday, October 3rd. Zacks Research analyst R. Department now expects that the asset manager will earn $0.42 per share for the quarter, down from their previous forecast 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.

Several other research firms also recently weighed in on LAZ. StockNews.com raised Lazard from a "hold" rating to a "buy" rating in a report on Friday, July 26th. Morgan Stanley lifted their target price on Lazard from $56.00 to $60.00 and gave the stock an "overweight" rating in a 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. The Goldman Sachs Group boosted their price objective on Lazard from $38.00 to $42.00 and gave the company a "sell" rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company began coverage on Lazard in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $51.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Lazard has an average rating of "Moderate Buy" and an average price target of $49.29.

Lazard Price Performance

LAZ traded up $0.71 on Friday, hitting $49.09. 273,252 shares of the stock were exchanged, compared to its average volume of 965,753. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -140.69 and a beta of 1.39. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.94 and a quick ratio of 1.94. Lazard has a 12 month low of $25.82 and a 12 month high of $51.46. The business has a 50-day moving average of $47.98 and a two-hundred day moving average of $42.67.

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 the consensus estimate of $0.35 by $0.17. Lazard had a net margin of 5.50% and a return on equity of 41.78%. The business had revenue of $685.30 million during the quarter, compared to analysts' expectations of $625.40 million. During the same quarter in the prior year, the business posted $0.24 earnings per share. Lazard's revenue was up 6.6% compared to the same quarter last year.

Lazard Announces Dividend

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

Insider Activity at Lazard

In related news, Chairman Kenneth M. Jacobs sold 46,107 shares of the business's stock in a transaction dated 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 completion of the sale, the chairman now directly owns 1,936,722 shares of the company's stock, valued at $77,836,857.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Kenneth M. Jacobs sold 86,728 shares of the business's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.02, for a total value of $4,338,134.56. Following the transaction, the chairman now owns 1,640,995 shares in the company, valued at $82,082,569.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Kenneth M. Jacobs sold 46,107 shares of the company's stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $40.19, for a total transaction of $1,853,040.33. Following the completion of the transaction, the chairman now directly owns 1,936,722 shares in the company, valued at approximately $77,836,857.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 429,604 shares of company stock valued at $19,873,736 in the last three months. Corporate insiders own 3.86% of the company's stock.

Institutional Trading of Lazard

Institutional investors have recently modified their holdings of the company. Treasurer of the State of North Carolina lifted its holdings in Lazard by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 48,534 shares of the asset manager's stock worth $1,689,000 after buying an additional 470 shares during the period. Basswood Capital Management L.L.C. lifted its holdings in Lazard by 254.2% in the fourth quarter. Basswood Capital Management L.L.C. now owns 377,693 shares of the asset manager's stock worth $13,144,000 after buying an additional 271,054 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in shares of Lazard by 15.4% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 101,200 shares of the asset manager's stock valued at $3,522,000 after purchasing an additional 13,500 shares in the last quarter. O Keefe Stevens Advisory Inc. increased its stake in shares of Lazard by 0.4% during the first 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 in the last quarter. Finally, Gilman Hill Asset Management LLC bought a new position in shares of Lazard during the first quarter valued at approximately $405,000. 54.80% of the stock is currently owned by hedge funds and other institutional investors.

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.