Legg Mason, Inc. (NYSE:LM) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. reduced its position in shares of Legg Mason, Inc. (NYSE:LM) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,572 shares of the asset manager’s stock after selling 2,658 shares during the period. Alliancebernstein L.P. owned approximately 0.07% of Legg Mason worth $2,512,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. IFP Advisors Inc increased its stake in shares of 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. Credit Agricole S A boosted its position in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock worth $147,000 after buying an additional 1,626 shares during the period. Envestnet Asset Management Inc. boosted 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 worth $212,000 after buying an additional 1,100 shares during the period. Yorktown Management & Research Co Inc purchased a new position in Legg Mason during the first quarter worth about $217,000. Finally, CIBC World Markets Inc. purchased a new position in Legg Mason during the first quarter worth about $219,000. 80.02% of the stock is currently owned by institutional investors.

Legg Mason, Inc. (NYSE:LM) traded down 1.06% during midday trading on Tuesday, hitting $38.40. 960,924 shares of the stock were exchanged. The firm has a market capitalization of $3.68 billion, a P/E ratio of 15.96 and a beta of 2.20. The firm’s 50-day moving average price is $39.48 and its 200 day moving average price is $37.12. Legg Mason, Inc. has a 1-year low of $28.10 and a 1-year high of $42.08.

Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.82%. The firm had revenue of $793.80 million for the quarter, compared to the consensus estimate of $766.60 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts expect 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 paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s payout ratio is 46.47%.

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LM has been the subject of a number of research reports. Zacks Investment Research upgraded Legg Mason from a “sell” rating to a “hold” rating in a report on Thursday, April 13th. Jefferies Group LLC raised their price objective on Legg Mason from $41.00 to $43.00 and gave the company a “buy” rating in a report on Friday, April 28th. ValuEngine cut Legg Mason from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $43.00 price objective on shares of Legg Mason in a report on Tuesday, May 30th. Finally, BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $41.00.

In related news, Director Tian Qiao Chen sold 4,232,500 shares of the company’s stock in a transaction on 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 sale, the director now owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.70% of the stock is 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.

Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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