Legg Mason, Inc. (NYSE:LM) announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09, Bloomberg Earnings reports. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The firm had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. During the same period in the prior year, the firm earned $0.68 EPS. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year.
Legg Mason (NYSE:LM) opened at 38.06 on Friday. The stock’s 50 day moving average is $39.59 and its 200 day moving average is $37.10. Legg Mason has a 12 month low of $28.10 and a 12 month high of $42.08. The company has a market cap of $3.65 billion, a PE ratio of 15.82 and a beta of 2.20.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.94%. Legg Mason’s payout ratio is 46.47%.
In other news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the transaction, the director now owns 3,383 shares in the company, valued at approximately $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 12.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Partners Fund LP bought a new position in Legg Mason during the first quarter valued at about $109,000. IFP Advisors Inc increased its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after buying an additional 1,100 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Legg Mason during the first quarter valued at about $217,000. Finally, CIBC World Markets Inc. bought a new position in Legg Mason during the first quarter valued at about $219,000. Institutional investors own 80.11% of the company’s stock.
Several analysts recently issued reports on the company. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Royal Bank Of Canada reiterated a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a report on Friday, July 28th. Morgan Stanley reiterated an “equal weight” rating and issued a $38.00 price target (up from $35.00) on shares of Legg Mason in a report on Monday, July 10th. Citigroup Inc. downgraded Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. Finally, ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Legg Mason has an average rating of “Hold” and a consensus target price of $41.00.
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About Legg Mason
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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