Legg Mason Inc (NYSE:LM) has been given a consensus rating of “Hold” by the fourteen research firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $45.60.
A number of research firms recently weighed in on LM. Morgan Stanley raised their price target on shares of Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research report on Tuesday, January 30th. Royal Bank of Canada raised their price target on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Bank of America lifted their price objective on shares of Legg Mason from $42.00 to $44.00 and gave the stock an “underperform” rating in a research report on Thursday, January 25th. Citigroup reaffirmed a “neutral” rating and issued a $50.00 price objective (up previously from $49.00) on shares of Legg Mason in a research report on Thursday, January 25th. Finally, Jefferies Group lowered shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th.
Legg Mason (LM) traded down $0.19 on Friday, hitting $39.31. 648,592 shares of the company were exchanged, compared to its average volume of 1,034,190. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79. Legg Mason has a one year low of $34.04 and a one year high of $47.13. The company has a market capitalization 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 (NYSE:LM) last released its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.12%. The company had revenue of $793.10 million for the quarter, compared to analyst estimates of $777.11 million. During the same period last year, the firm earned $0.50 earnings per share. The firm’s revenue was up 10.9% on a year-over-year basis. analysts predict that Legg Mason will post 3.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Wednesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is currently 30.77%.
Several hedge funds and other institutional investors have recently bought and sold shares of LM. Bessemer Group Inc. grew its stake in Legg Mason by 219.1% during the fourth quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock valued at $189,000 after acquiring an additional 3,089 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Legg Mason by 47.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock valued at $198,000 after acquiring an additional 1,518 shares in the last quarter. Murphy Pohlad Asset Management LLC purchased a new position in Legg Mason during the fourth quarter valued at approximately $205,000. Gotham Asset Management LLC purchased a new position in Legg Mason during the second quarter valued at approximately $212,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Legg Mason during the third quarter valued at approximately $224,000. 83.14% of the stock is currently owned by 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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