Legg Mason, Inc. (NYSE:LM) announced its earnings results on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, beating the consensus estimate of $0.69 by $0.10, Briefing.com reports. The company had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 EPS.
Shares of Legg Mason (LM) traded up $0.52 during mid-day trading on Friday, reaching $38.06. The company’s stock had a trading volume of 1,160,900 shares, compared to its average volume of 1,094,865. Legg Mason has a 1-year low of $29.71 and a 1-year high of $42.08. The stock has a market cap of $3,451.33, a price-to-earnings ratio of 13.08, a PEG ratio of 0.88 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.74 and a quick ratio of 1.93.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a $0.28 dividend. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 annualized dividend and a dividend yield of 2.94%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.
A number of brokerages recently commented on LM. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Royal Bank of Canada reissued a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research report on Friday, July 28th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $47.00 price target on shares of Legg Mason in a research note on Friday, September 29th. Morgan Stanley lowered Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $37.00 to $36.00 in a research note on Thursday, October 5th. Finally, Credit Suisse Group lifted their price target on Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Three investment analysts have rated the stock with a sell rating, four have assigned 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 a consensus price target of $43.10.
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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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