The Goldman Sachs Group Issues Pessimistic Forecast for Lazard (NYSE:LAZ) Stock Price

by · The Cerbat Gem

Lazard (NYSE:LAZ – Get Free Report) had its price target lowered by research analysts at The Goldman Sachs Group from $51.00 to $44.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the asset manager’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 9.33% from the company’s current price.

Several other brokerages have also commented on LAZ. Wolfe Research lowered shares of Lazard from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Keefe, Bruyette & Woods decreased their target price on Lazard from $57.00 to $52.00 and set a “market perform” rating for the company in a research note on Monday. UBS Group boosted their price target 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. Morgan Stanley lowered shares of Lazard from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $60.00 to $63.00 in a research report on Monday, December 9th. Finally, Wells Fargo & Company dropped their target price on shares of Lazard from $59.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $53.50.

Check Out Our Latest Stock Report on Lazard

Lazard Stock Up 3.5 %

Shares of NYSE:LAZ traded up $1.64 during midday trading on Wednesday, reaching $48.53. The company had a trading volume of 173,298 shares, compared to its average volume of 932,799. The stock’s fifty day moving average price is $53.90 and its 200-day moving average price is $49.89. The stock has a market capitalization of $5.47 billion, a P/E ratio of 19.33 and a beta of 1.40. Lazard has a one year low of $35.56 and a one year high of $61.14. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.24 and a quick ratio of 2.24.

Lazard (NYSE:LAZ – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The asset manager reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). Lazard had a return on equity of 42.20% and a net margin of 8.28%. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $644.22 million. During the same period in the prior year, the firm earned $0.10 EPS. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. Equities research analysts expect that Lazard will post 2.18 earnings per share for the current fiscal year.

Institutional Trading of Lazard

A number of hedge funds have recently modified their holdings of the business. Richardson Financial Services Inc. grew its position in Lazard by 1,125.0% in the second quarter. Richardson Financial Services Inc. now owns 735 shares of the asset manager’s stock worth $28,000 after acquiring an additional 675 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in shares of Lazard in the 3rd quarter valued at $50,000. My Legacy Advisors LLC acquired a new stake in shares of Lazard in the 3rd quarter valued at $215,000. King Wealth Management Group acquired a new position in Lazard during the third quarter worth $227,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Lazard during the third quarter valued at about $235,000. Hedge funds and other institutional investors own 54.80% of the company’s stock.

Lazard Company Profile

(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.

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