FY2024 EPS Estimates for Lazard Decreased by Seaport Res Ptn

Lazard, Inc. (NYSE:LAZ) – Seaport Res Ptn decreased their FY2024 earnings per share estimates for Lazard in a report released on Thursday, October 31st. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will post earnings of $2.30 per share for the year, down from their prior forecast of $2.40. The consensus estimate for Lazard’s current full-year earnings is $2.36 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) last announced its earnings results on Thursday, October 31st. The asset manager reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). Lazard had a return on equity of 46.55% and a net margin of 8.28%. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $644.22 million. During the same period last year, the firm posted $0.10 EPS. The company’s revenue was up 21.4% compared to the same quarter last year.

A number of other equities research analysts also recently weighed in on LAZ. UBS Group lifted their target price on Lazard from $49.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on Lazard from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. The Goldman Sachs Group upped their target price on Lazard from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Friday, July 26th. Morgan Stanley lifted their price target on shares of Lazard from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, JMP Securities increased their price objective on shares of Lazard from $55.00 to $59.00 and gave the company a “market outperform” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lazard presently has an average rating of “Hold” and a consensus target price of $53.00.

Lazard Stock Performance

NYSE:LAZ opened at $53.18 on Monday. The firm’s 50-day moving average is $50.20 and its 200-day moving average is $44.63. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 21.19 and a beta of 1.38. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.94 and a current ratio of 1.94. Lazard has a 52-week low of $25.82 and a 52-week high of $54.72.

Lazard Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, November 8th. This represents a $2.00 annualized dividend and a yield of 3.76%. Lazard’s dividend payout ratio is currently 79.68%.

Insider Buying and Selling at Lazard

In other news, Chairman Kenneth M. Jacobs sold 86,728 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 1,640,995 shares of the company’s stock, valued at approximately $82,082,569.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 directly owns 1,640,995 shares of the company’s stock, valued at $82,082,569.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Kenneth M. Jacobs sold 87,770 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $48.08, for a total value of $4,219,981.60. Following the sale, the chairman now directly owns 1,553,225 shares of the company’s stock, valued at $74,679,058. This represents 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 sold 176,497 shares of company stock valued at $8,658,086. 3.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LAZ. Victory Capital Management Inc. increased its position in Lazard by 5,770.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,064,431 shares of the asset manager’s stock valued at $53,626,000 after acquiring an additional 1,046,298 shares in the last quarter. Aigen Investment Management LP increased its holdings in shares of Lazard by 50.4% in the third quarter. Aigen Investment Management LP now owns 12,460 shares of the asset manager’s stock valued at $628,000 after purchasing an additional 4,178 shares in the last quarter. Assetmark Inc. raised its position in Lazard by 12.2% in the 3rd quarter. Assetmark Inc. now owns 5,413 shares of the asset manager’s stock worth $273,000 after purchasing an additional 589 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Lazard by 10.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,250,049 shares of the asset manager’s stock worth $113,357,000 after buying an additional 206,295 shares in the last quarter. Finally, Callahan Advisors LLC boosted its position in Lazard by 6.1% in the 3rd quarter. Callahan Advisors LLC now owns 45,814 shares of the asset manager’s stock valued at $2,308,000 after buying an additional 2,619 shares during the last quarter. 54.80% of the stock is owned by 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.