Lazard (NYSE:LAZ) Price Target Cut to $46.00 by Analysts at The Goldman Sachs Group

Lazard (NYSE:LAZ) had its price target dropped by The Goldman Sachs Group from $53.00 to $46.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the asset manager’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 10.64% from the company’s current price.

A number of other research firms also recently weighed in on LAZ. Citigroup reissued a “market outperform” rating on shares of Lazard in a research report on Friday, January 30th. UBS Group reiterated a “neutral” rating and set a $59.00 price target on shares of Lazard in a research report on Friday, January 30th. Bank of America initiated coverage on shares of Lazard in a report on Monday, January 26th. They set a “buy” rating and a $65.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Lazard in a research report on Monday, December 29th. Finally, Morgan Stanley reduced their target price on Lazard from $61.00 to $59.00 and set an “underweight” rating for the company in a research report on Tuesday, January 6th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $57.13.

Lazard Trading Down 5.9%

Lazard stock traded down $2.59 during trading hours on Thursday, reaching $41.58. 1,133,585 shares of the company’s stock were exchanged, compared to its average volume of 1,274,346. Lazard has a twelve month low of $31.97 and a twelve month high of $58.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 1.85. The firm’s 50 day simple moving average is $51.47 and its 200 day simple moving average is $51.56. The firm has a market capitalization of $4.65 billion, a PE ratio of 19.08, a PEG ratio of 0.34 and a beta of 1.40.

Lazard (NYSE:LAZ) last issued its earnings results on Thursday, January 29th. The asset manager reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.12. The business had revenue of $892.00 million for the quarter, compared to analyst estimates of $876.32 million. Lazard had a net margin of 7.49% and a return on equity of 33.04%. Lazard’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 earnings per share. Research analysts predict that Lazard will post 4.24 earnings per share for the current year.

Hedge Funds Weigh In On Lazard

Several institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new stake in Lazard during the 4th quarter valued at about $26,000. Sound Income Strategies LLC increased its position in shares of Lazard by 59.5% during the fourth quarter. Sound Income Strategies LLC now owns 590 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 220 shares in the last quarter. IFP Advisors Inc lifted its position in Lazard by 53.5% in the 3rd quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 224 shares in the last quarter. Quest 10 Wealth Builders Inc. bought a new position in shares of Lazard during the fourth quarter valued at $32,000. Finally, Costello Asset Management INC purchased a new position in Lazard in the 3rd quarter worth about $37,000. 54.80% of the stock is currently owned by institutional investors.

About Lazard

Lazard Ltd. (NYSE: LAZ) is a leading global financial advisory and asset management firm, offering a comprehensive suite of services to corporations, governments and individuals. Founded in 1848, Lazard has built a reputation for providing independent advice and innovative solutions in complex financial transactions. The firm is publicly traded on the New York Stock Exchange under the ticker symbol LAZ and maintains its headquarters in Hamilton, Bermuda.

In its Financial Advisory segment, Lazard assists clients with mergers and acquisitions, restructurings, capital structure optimization and strategic planning.