Legg Mason Inc (NYSE:LM) – Stock analysts at Jefferies Group lifted their Q3 2018 earnings estimates for shares of Legg Mason in a research note issued to investors on Wednesday, Zacks Investment Research reports. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings of $0.83 per share for the quarter, up from their previous estimate of $0.70. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Legg Mason’s FY2019 earnings at $3.48 EPS.
LM has been the topic of several other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a report on Friday, September 29th. Royal Bank of Canada set a $47.00 price target on shares of Legg Mason and gave the stock a “buy” rating in a report on Wednesday, October 18th. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Tuesday, December 26th. Citigroup reaffirmed a “hold” rating and issued a $42.00 price target on shares of Legg Mason in a report on Tuesday, December 26th. Finally, Morgan Stanley cut shares of Legg Mason from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $37.00 to $36.00 in a report on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $43.90.
Shares of Legg Mason (LM) opened at $44.70 on Friday. The stock has a market cap of $4,109.63, a price-to-earnings ratio of 15.57, a price-to-earnings-growth ratio of 1.07 and a beta of 2.27. Legg Mason has a 1-year low of $30.81 and a 1-year high of $44.76. 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 (NYSE:LM) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The business had revenue of $768.30 million for the quarter, compared to analysts’ expectations of $739.47 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Wednesday, December 20th were paid a $0.28 dividend. The ex-dividend date was Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. Legg Mason’s dividend payout ratio is presently 43.75%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WBI Investments Inc. bought a new position in Legg Mason in the second quarter valued at $1,654,000. Verition Fund Management LLC bought a new position in Legg Mason in the second quarter valued at $429,000. Vanguard Group Inc. increased its stake in Legg Mason by 2.4% in the second quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock valued at $282,352,000 after acquiring an additional 174,167 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Legg Mason by 77.3% in the second quarter. JPMorgan Chase & Co. now owns 366,377 shares of the asset manager’s stock valued at $13,981,000 after acquiring an additional 159,712 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Legg Mason by 53.9% in the third quarter. Stifel Financial Corp now owns 87,173 shares of the asset manager’s stock valued at $3,428,000 after acquiring an additional 30,513 shares during the last quarter. 82.49% of the stock is currently owned by institutional investors and hedge funds.
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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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