Lazard Ltd. (LAZ)
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Lazard: Still Decent Value
Lazard saw some deceleration into Q2, even though there was still good growth. Sponsor facing businesses are doing better now after coming out of the doldrums, particularly in secondary activity. It's not the best grower, but compared to EVR which is reasonably valued, Lazard looks relatively cheaper.
Lazard (LAZ) Gains 5.2% as Q2 Earnings Surpass Estimates
Lazard (LAZ) second-quarter 2024 results benefit from lower expenses and an increase in assets under management balances.
Lazard (LAZ) Reports Q2 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Lazard (LAZ) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Lazard (LAZ) Q2 Earnings and Revenues Beat Estimates
Lazard (LAZ) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.24 per share a year ago.
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Lazard (LAZ) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
Lazard (LAZ) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Lazard's (LAZ) April AUM Improves 1.7% on Positive Markets
Lazard's (LAZ) AUM balance in April 2024 rises 1.7% on the back of market and foreign exchange appreciation, partially offset by net outflows.
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Lazard, Inc. Expected to Post Q2 2024 Earnings of $0.50 Per Share (NYSE:LAZ)
Lazard, Inc. (NYSE:LAZ – Free Report) – Zacks Research reduced their Q2 2024 earnings per share estimates for Lazard in a note issued to investors on Thursday, May 16th. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings per share of $0.50 for the quarter, down from their prior estimate of $0.64. The consensus estimate for Lazard’s current full-year earnings is $3.03 per share. Zacks Research also issued estimates for Lazard’s Q3 2025 earnings at $1.20 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $4.37 EPS, Q1 2026 earnings at $1.26 EPS and FY2026 earnings at $4.82 EPS. Lazard (NYSE:LAZ – Get Free Report) last issued its earnings results on Thursday, April 25th. The asset manager reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.08. Lazard had a negative net margin of 0.63% and a positive return on equity of 37.27%. The firm had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $678.57 million. During the same quarter last year, the business earned ($0.26) earnings per share. The business’s revenue was up 41.1% on a year-over-year basis. A number of other research firms have also weighed in on LAZ. TheStreet upgraded shares of Lazard from a “d+” rating to a “c+” rating in a report on Monday, February 5th. UBS Group increased their target price on Lazard from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $58.00 price target on shares of Lazard in a research note on Thursday, April 11th. StockNews.com raised Lazard from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $49.00 price target (down from $51.00) on shares of Lazard in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.67. View Our Latest Stock Report on LAZ Lazard Stock Performance Lazard stock opened at $40.81 on Monday. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 4.13. The firm has a 50-day moving average of $39.50 and a 200-day moving average of $36.52. The firm has a market cap of $4.60 billion, a P/E ratio of -116.60 and a beta of 1.46. Lazard has a 1-year low of $25.82 and a 1-year high of $42.24. Institutional Investors Weigh In On Lazard Several institutional investors have recently modified their holdings of LAZ. Principal Financial Group Inc. lifted its holdings in Lazard by 943.5% in the first quarter. Principal Financial Group Inc. now owns 1,963,865 shares of the asset manager’s stock valued at $82,227,000 after acquiring an additional 1,775,664 shares during the period. Janus Henderson Group PLC bought a new position in Lazard in the first quarter valued at about $65,650,000. Norges Bank bought a new position in Lazard in the fourth quarter valued at about $47,063,000. Hsbc Holdings PLC lifted its holdings in Lazard by 265.0% in the third quarter. Hsbc Holdings PLC now owns 791,158 shares of the asset manager’s stock valued at $24,740,000 after acquiring an additional 574,379 shares during the period. Finally, UBS Group AG lifted its holdings in Lazard by 84.3% in the third quarter. UBS Group AG now owns 1,019,121 shares of the asset manager’s stock valued at $31,603,000 after acquiring an additional 466,301 shares during the period. 54.80% of the stock is owned by hedge funds and other institutional investors. Insider Transactions at Lazard In other news, CEO Evan L. Russo sold 75,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $39.35, for a total value of $2,951,250.00. Following the sale, the chief executive officer now directly owns 227,448 shares of the company’s stock, valued at $8,950,078.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.86% of the company’s stock. Lazard Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a $0.50 dividend. The ex-dividend date was Friday, May 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.90%. Lazard’s dividend payout ratio is currently -571.41%. About Lazard (Get Free Report) 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.
Lazard: Liability Management Pickup, Markets Equilibrating
Lazard's advisory business has a somewhat low implied valuation when taking a crude blended multiple approach. On top of that, Lazard has had some decent years and displayed resilience in the face of a complex market. The income proposition is supported by a stabler asset management business and Lazard has strong franchises in several, somewhat uncorrelated major markets.
