Vident Investment Advisory LLC acquired a new stake in Legg Mason, Inc. (NYSE:LM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 67,620 shares of the asset manager’s stock, valued at approximately $2,658,000. Vident Investment Advisory LLC owned 0.07% of Legg Mason as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of LM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Legg Mason by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after purchasing an additional 294 shares during the period. QCM Cayman Ltd. acquired a new position in Legg Mason in the second quarter valued at $200,000. Gotham Asset Management LLC acquired a new position in Legg Mason in the second quarter valued at $212,000. Institute for Wealth Management LLC. acquired a new position in Legg Mason in the second quarter valued at $224,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in Legg Mason in the third quarter valued at $224,000. Institutional investors own 82.58% of the company’s stock.
LM has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Wednesday, November 8th. Jefferies Group restated a “buy” rating and issued a $49.00 price objective on shares of Legg Mason in a research note on Sunday, August 20th. Royal Bank of Canada set a $47.00 price objective on shares of Legg Mason and gave the company a “buy” rating in a research note on Wednesday, October 18th. Deutsche Bank initiated coverage on shares of Legg Mason in a research note on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price objective on the stock. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a research note on Friday, September 29th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $43.10.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. The business had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 earnings per share. sell-side analysts forecast that Legg Mason, Inc. will post 2.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Tuesday, December 19th. Legg Mason’s payout ratio is 43.75%.
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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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