FY2024 EPS Estimates for Lazard Decreased by Seaport Res Ptn

Lazard, Inc. (NYSE:LAZ - Free Report) - Research analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for shares of Lazard in a research note issued to investors on Thursday, October 31st. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will earn $2.30 per share for the year, down from their previous estimate of $2.40. The consensus estimate for Lazard's current full-year earnings is $2.40 per share. Seaport Res Ptn also issued estimates for Lazard's Q4 2024 earnings at $0.75 EPS, Q1 2025 earnings at $0.75 EPS, Q3 2025 earnings at $0.96 EPS and Q4 2025 earnings at $1.60 EPS.

Lazard (NYSE:LAZ - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The asset manager reported $0.38 earnings per share (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 46.55%. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $644.22 million. During the same quarter last year, the company posted $0.10 earnings per share. The company's revenue was up 21.4% compared to the same quarter last year.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Lazard from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday. The Goldman Sachs Group increased their price objective on shares of Lazard from $38.00 to $42.00 and gave the stock a "sell" rating in a research report on Friday, July 26th. Wells Fargo & Company began coverage on shares of Lazard in a research report on Thursday, September 12th. They set an "equal weight" rating and a $51.00 price objective for the company. UBS Group increased their price objective 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. Finally, Morgan Stanley increased their price objective on shares of Lazard from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

Lazard Trading Down 1.6 %

NYSE LAZ traded down $0.86 on Monday, hitting $52.45. The company's stock had a trading volume of 1,099,704 shares, compared to its average volume of 942,145. 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 has a 1-year low of $25.82 and a 1-year high of $54.72. The company's 50-day moving average is $50.07 and its 200 day moving average is $44.42. The firm has a market cap of $5.91 billion, a PE ratio of 20.91 and a beta of 1.37.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Lazard during the first quarter worth about $25,000. Richardson Financial Services Inc. increased its holdings in Lazard by 1,125.0% during the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager's stock worth $28,000 after buying an additional 675 shares during the last quarter. Continuum Advisory LLC increased its holdings in Lazard by 58.9% during the second quarter. Continuum Advisory LLC now owns 890 shares of the asset manager's stock worth $34,000 after buying an additional 330 shares during the last quarter. Abich Financial Wealth Management LLC purchased a new stake in Lazard during the third quarter worth about $50,000. Finally, Redwood Wealth Management Group LLC purchased a new stake in Lazard during the second quarter worth about $87,000. 54.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Lazard

In other Lazard news, Chairman Kenneth M. Jacobs sold 86,728 shares of the firm's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.02, for a total value of $4,338,134.56. Following the transaction, the chairman now directly owns 1,640,995 shares of the company's stock, valued at approximately $82,082,569.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm's stock in a transaction dated 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 transaction, the chairman now directly owns 1,553,225 shares of the company's stock, valued at $74,679,058. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Kenneth M. Jacobs sold 86,728 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.02, for a total transaction of $4,338,134.56. Following the transaction, the chairman now directly owns 1,640,995 shares in the company, valued at $82,082,569.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,497 shares of company stock valued at $8,658,086. Corporate insiders own 3.86% of the company's stock.

Lazard Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.81%. The ex-dividend date is Friday, November 8th. Lazard's dividend payout ratio is presently 79.68%.

Lazard Company Profile

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.