Barclays PLC began coverage on shares of Legg Mason, Inc. (NYSE:LM) in a report published on Friday, September 8th, Marketbeat reports. The firm issued an equal weight rating and a $39.00 price objective on the asset manager’s stock.
Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of Legg Mason from a c+ rating to a b rating in a research report on Friday, June 30th. Credit Suisse Group restated a buy rating and issued a $41.00 target price on shares of Legg Mason in a report on Friday, June 16th. BidaskClub lowered shares of Legg Mason from a strong-buy rating to a buy rating in a report on Saturday, July 1st. ValuEngine upgraded shares of Legg Mason from a hold rating to a buy rating in a research note on Saturday, June 10th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $42.00.
Legg Mason (LM) opened at 38.21 on Friday. The stock has a 50 day moving average price of $37.78 and a 200 day moving average price of $37.79. Legg Mason has a 1-year low of $28.10 and a 1-year high of $42.08. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 15.88 and a beta of 2.21.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 earnings per share. Analysts predict that Legg Mason will post $2.26 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s payout ratio is presently 46.47%.
In related news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total value 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.70% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Legg Mason by 1,729.5% during the 1st quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after purchasing an additional 7,499,031 shares in the last quarter. Vanguard Group Inc. boosted its stake in Legg Mason by 2.4% during the second quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock worth $282,352,000 after acquiring an additional 174,167 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Legg Mason by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,281,797 shares of the asset manager’s stock worth $118,506,000 after acquiring an additional 88,706 shares in the last quarter. LSV Asset Management boosted its stake in Legg Mason by 55.7% during the second quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock worth $83,303,000 after acquiring an additional 780,708 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Legg Mason by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 1,168,567 shares of the asset manager’s stock worth $42,196,000 after acquiring an additional 51,264 shares in the last quarter. 82.28% of the stock is currently owned by hedge funds and other institutional investors.
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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