A number of other research analysts have also issued reports on the company. Morgan Stanley lowered Legg Mason from an equal weight rating to an underweight rating and reduced their price target for the stock from $37.00 to $36.00 in a research report on Thursday, October 5th. Credit Suisse Group reiterated a buy rating and set a $47.00 price target on shares of Legg Mason in a research report on Sunday, July 9th. BidaskClub upgraded Legg Mason from a hold rating to a buy rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Legg Mason from a sell rating to a hold rating in a research report on Tuesday, July 4th. Finally, Barclays PLC initiated coverage on Legg Mason in a research report on Friday, September 8th. They set an equal weight rating and a $39.00 price target for the company. Three research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $42.89.
Shares of Legg Mason (NYSE:LM) traded up 1.60% during midday trading on Wednesday, hitting $38.83. The company had a trading volume of 820,414 shares. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 16.14 and a beta of 2.22. Legg Mason has a 12 month low of $28.10 and a 12 month high of $42.08. The stock’s 50-day moving average price is $38.15 and its 200-day moving average price is $38.19.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same quarter in the previous year, the firm posted $0.68 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities research analysts forecast that Legg Mason will post $2.26 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. Legg Mason’s dividend payout ratio (DPR) is 46.47%.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after buying an additional 111,523 shares during the period. WBI Investments Inc. acquired a new stake in shares of Legg Mason in the second quarter valued at $1,654,000. Legal & General Group Plc lifted its holdings in shares of Legg Mason by 46.1% in the first quarter. Legal & General Group Plc now owns 123,073 shares of the asset manager’s stock valued at $4,445,000 after buying an additional 38,833 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in shares of Legg Mason by 58.9% in the second quarter. BNP Paribas Arbitrage SA now owns 39,569 shares of the asset manager’s stock valued at $1,510,000 after buying an additional 14,673 shares during the period. Finally, North Star Asset Management Inc. acquired a new stake in shares of Legg Mason in the first quarter valued at $234,000. Institutional investors and hedge funds own 82.28% of the company’s stock.
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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