Legg Mason Inc (NYSE:LM) – Jefferies Group boosted their Q3 2018 earnings per share (EPS) estimates for Legg Mason in a report issued on Wednesday, according to Zacks Investment Research. Jefferies Group analyst D. Fannon now expects that the asset manager will post earnings per share of $0.83 for the quarter, up from their prior 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.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. The firm had revenue of $793.10 million for the quarter, compared to analysts’ expectations of $777.11 million. Legg Mason had a net margin of 11.43% and a return on equity of 8.12%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS.
Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada set a $47.00 target price on shares of Legg Mason and gave the company a “buy” rating in a research note on Wednesday, October 18th. Deutsche Bank started coverage on shares of Legg Mason in a research note on Tuesday, October 17th. They set a “buy” rating and a $44.00 target price for the company. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Wednesday, November 8th. Citigroup reissued a “hold” rating and set a $42.00 target price on shares of Legg Mason in a research note on Tuesday, December 26th. Finally, Credit Suisse Group lowered shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 target price for the company. in a research note on Wednesday, January 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $45.91.
Shares of Legg Mason (NYSE:LM) traded down $1.67 during trading hours on Friday, hitting $39.50. 1,879,341 shares of the company’s stock were exchanged, compared to its average volume of 1,057,172. The firm has a market cap of $3,785.07, a price-to-earnings ratio of 10.85, a P/E/G ratio of 0.66 and a beta of 2.19. Legg Mason has a 52 week low of $34.04 and a 52 week high of $47.13. The company has a quick ratio of 1.79, a current ratio of 2.51 and a debt-to-equity ratio of 0.56.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s dividend payout ratio is 30.77%.
A number of institutional investors have recently added to or reduced their stakes in the business. Alps Advisors Inc. acquired a new position in Legg Mason during the 4th quarter worth $490,000. Murphy Pohlad Asset Management LLC acquired a new position in Legg Mason during the 4th quarter worth $205,000. SeaCrest Wealth Management LLC acquired a new position in Legg Mason during the 4th quarter worth $1,117,000. LSV Asset Management lifted its position in Legg Mason by 23.1% during the 4th quarter. LSV Asset Management now owns 3,469,278 shares of the asset manager’s stock worth $145,640,000 after acquiring an additional 650,160 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Legg Mason by 47.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after acquiring an additional 1,518 shares during the last quarter. 83.14% of the stock is owned by hedge funds and other institutional investors.
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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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