Schwab Charles Investment Management Inc. Buys 121,902 Shares of Legg Mason Inc (NYSE:LM)

Schwab Charles Investment Management Inc. boosted its position in Legg Mason Inc (NYSE:LM) by 33.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,963 shares of the asset manager’s stock after purchasing an additional 121,902 shares during the period. Schwab Charles Investment Management Inc. owned 0.53% of Legg Mason worth $19,064,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of LM. Commonwealth Bank of Australia increased its stake in shares of Legg Mason by 12.5% in the third quarter. Commonwealth Bank of Australia now owns 22,500 shares of the asset manager’s stock valued at $882,000 after buying an additional 2,500 shares during the period. Legal & General Group Plc increased its stake in shares of Legg Mason by 7.4% in the third quarter. Legal & General Group Plc now owns 142,072 shares of the asset manager’s stock valued at $5,585,000 after buying an additional 9,767 shares during the period. Pacer Advisors Inc. boosted its position in shares of Legg Mason by 28.2% during the 3rd quarter. Pacer Advisors Inc. now owns 13,709 shares of the asset manager’s stock valued at $539,000 after purchasing an additional 3,014 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Legg Mason by 7.5% during the 3rd quarter. Macquarie Group Ltd. now owns 1,031,644 shares of the asset manager’s stock valued at $40,554,000 after purchasing an additional 71,566 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Legg Mason by 31.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 364,409 shares of the asset manager’s stock valued at $14,325,000 after purchasing an additional 86,389 shares in the last quarter. 82.49% of the stock is owned by institutional investors and hedge funds.

Shares of Legg Mason Inc (NYSE LM) traded up $0.54 during trading hours on Thursday, reaching $42.82. The company’s stock had a trading volume of 774,815 shares, compared to its average volume of 1,010,039. The company has a market capitalization of $3,890.00, a price-to-earnings ratio of 16.73, a P/E/G ratio of 0.96 and a beta of 2.27. The company has a current ratio of 2.51, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. Legg Mason Inc has a 1-year low of $30.81 and a 1-year high of $43.29.

Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.10. The business 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 7.16% and a net margin of 8.46%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. equities research analysts expect that Legg Mason Inc will post 2.89 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be issued a $0.28 dividend. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.62%. Legg Mason’s payout ratio is currently 43.75%.

Several brokerages recently commented on LM. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research report on Friday, September 29th. Jefferies Group lowered Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada set a $47.00 target price on Legg Mason and gave the company a “buy” rating in a research report on Wednesday, October 18th. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, December 26th. Finally, Citigroup restated a “hold” rating and set a $42.00 target price on shares of Legg Mason in a research report on Tuesday, December 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $43.90.

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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.

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

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