Lazard (NYSE:LAZ) Shares Gap Down – Here’s What Happened

Shares of Lazard, Inc. (NYSE:LAZ) gapped down prior to trading on Wednesday . The stock had previously closed at $47.30, but opened at $43.88. Lazard shares last traded at $44.8760, with a volume of 449,734 shares.

Analyst Ratings Changes

A number of brokerages have issued reports on LAZ. Wall Street Zen cut Lazard from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Morgan Stanley decreased their target price on Lazard from $59.00 to $52.00 and set an “underweight” rating on the stock in a research report on Thursday, April 9th. Citigroup reissued an “outperform” rating on shares of Lazard in a report on Friday, April 10th. Zacks Research lowered Lazard from a “hold” rating to a “strong sell” rating in a research note on Friday, April 10th. Finally, UBS Group reiterated a “neutral” rating and set a $44.00 price objective on shares of Lazard in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $52.56.

Lazard Stock Performance

The firm has a fifty day moving average of $46.59 and a 200-day moving average of $48.47. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.94. The firm has a market cap of $4.79 billion, a P/E ratio of 16.95, a PEG ratio of 0.44 and a beta of 1.41.

Lazard (NYSE:LAZ) last posted its quarterly earnings results on Friday, May 1st. The asset manager reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.10). The business had revenue of $672.98 million for the quarter, compared to the consensus estimate of $707.42 million. Lazard had a return on equity of 29.30% and a net margin of 8.47%.The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. Research analysts predict that Lazard, Inc. will post 2.85 earnings per share for the current fiscal year.

Lazard Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, May 11th. Lazard’s payout ratio is presently 79.05%.

Insider Transactions at Lazard

In related news, CEO Christopher Hogbin sold 3,944 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $39.37, for a total transaction of $155,275.28. Following the completion of the transaction, the chief executive officer owned 11,829 shares in the company, valued at approximately $465,707.73. The trade was a 25.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Richard Orszag sold 69,170 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $40.76, for a total transaction of $2,819,369.20. Following the completion of the sale, the chief executive officer directly owned 210,942 shares of the company’s stock, valued at $8,597,995.92. The trade was a 24.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 80,999 shares of company stock valued at $3,292,962. 0.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lazard

Institutional investors and hedge funds have recently made changes to their positions in the company. Teza Capital Management LLC raised its stake in Lazard by 2.4% during the 2nd quarter. Teza Capital Management LLC now owns 8,059 shares of the asset manager’s stock worth $387,000 after buying an additional 187 shares during the period. Sound Income Strategies LLC grew its stake in Lazard by 59.5% in 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 during the period. IFP Advisors Inc increased its holdings in shares of Lazard by 53.5% in the third quarter. IFP Advisors Inc now owns 643 shares of the asset manager’s stock worth $34,000 after acquiring an additional 224 shares in the last quarter. Xponance LLC raised its position in shares of Lazard by 3.7% during the fourth quarter. Xponance LLC now owns 6,454 shares of the asset manager’s stock worth $313,000 after purchasing an additional 232 shares during the period. Finally, Oliver Luxxe Assets LLC raised its position in shares of Lazard by 0.5% during the fourth quarter. Oliver Luxxe Assets LLC now owns 47,628 shares of the asset manager’s stock worth $2,313,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 54.80% of the company’s stock.

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.