Legg Mason, Inc. (LM) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in Legg Mason, Inc. (NYSE:LM) by 57.7% during the first quarter, Holdings Channel reports. The fund owned 171,174 shares of the asset manager’s stock after selling 233,368 shares during the period. Bank of America Corp DE’s holdings in Legg Mason were worth $6,181,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Bartlett & Co. LLC increased its stake in Legg Mason by 2.3% in the first quarter. Bartlett & Co. LLC now owns 22,151 shares of the asset manager’s stock worth $800,000 after buying an additional 500 shares in the last quarter. Westbourne Investment Advisors Inc. increased its stake in Legg Mason by 1.8% in the first quarter. Westbourne Investment Advisors Inc. now owns 12,508 shares of the asset manager’s stock worth $452,000 after buying an additional 223 shares in the last quarter. Nationwide Fund Advisors increased its stake in Legg Mason by 1.2% in the first quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock worth $5,781,000 after buying an additional 1,913 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Legg Mason by 16.4% in the first quarter. Nisa Investment Advisors LLC now owns 94,830 shares of the asset manager’s stock worth $3,424,000 after buying an additional 13,385 shares in the last quarter. Finally, Graybill Bartz & Assoc Ltd. acquired a new stake in Legg Mason during the first quarter worth $2,813,000. Institutional investors and hedge funds own 80.05% of the company’s stock.

Legg Mason, Inc. (NYSE LM) opened at 39.59 on Friday. The company has a market capitalization of $3.80 billion, a PE ratio of 18.16 and a beta of 2.19. Legg Mason, Inc. has a one year low of $28.10 and a one year high of $42.08. The firm’s 50 day moving average price is $39.53 and its 200-day moving average price is $36.91.

Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. Legg Mason’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. Equities analysts forecast that Legg Mason, Inc. will post $2.26 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a yield of 2.83%. Legg Mason’s dividend payout ratio (DPR) is currently 46.47%.

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A number of research firms have weighed in on LM. BidaskClub upgraded shares of Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $43.00 price target on shares of Legg Mason in a research note on Tuesday, May 30th. Citigroup Inc. downgraded shares of Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. Royal Bank Of Canada reiterated a “buy” rating and set a $47.00 price target on shares of Legg Mason in a research note on Friday. Finally, TheStreet upgraded shares of Legg Mason from a “c+” rating to a “b” rating in a research note on Friday, June 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $41.00.

In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the sale, the director now directly owns 3,383 shares in the company, valued at $130,008.69. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Terence Johnson sold 8,777 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.24, for a total value of $326,855.48. Following the completion of the sale, the insider now owns 100,415 shares in the company, valued at $3,739,454.60. The disclosure for this sale can be found here. Insiders have sold 4,243,022 shares of company stock worth $163,047,076 over the last quarter. 12.70% of the stock is currently owned by corporate insiders.

Legg Mason Company Profile

Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.

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