Lazard aims for an adjusted compensation ratio of 60% or below, timing dependent on market conditions
Company targets adjusted non-compensation ratio between 16% to 20%, timing dependent on market conditions
Overview
Financial advisory and asset manager's Q2 revenue rose 1% yr/yr, beating analyst expectations
Adjusted EPS for Q2 missed analyst expectations
Company on July 22 authorized additional $200 mln in share repurchases, total authorization now $257 mln
Result drivers
Asset management growth - Asset Management revenue rose 20% yr/yr, with record AUM and higher management fees driven by market appreciation and net inflows
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for Lazard Inc is $47.50, about 9% above its July 22 closing price of $43.58
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
LAZ•
