Brokerages Expect Legg Mason, Inc. (LM) to Post $0.60 EPS
Equities analysts expect Legg Mason, Inc. (NYSE:LM) to report $0.60 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Legg Mason’s earnings. The highest EPS estimate is $0.67 and the lowest is $0.56. Legg Mason reported earnings of $0.31 per share in the same quarter last year, which indicates a positive year over year growth rate of 93.5%. The firm is expected to announce its next earnings report on Wednesday, July 26th.
On average, analysts expect that Legg Mason will report full year earnings of $2.76 per share for the current financial year, with EPS estimates ranging from $2.63 to $2.85. For the next year, analysts expect that the company will report earnings of $3.13 per share, with EPS estimates ranging from $2.62 to $3.45. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Legg Mason.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.29. The firm had revenue of $723.13 million for the quarter, compared to analysts’ expectations of $701.50 million. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share.
LM has been the topic of several analyst reports. BidaskClub raised Legg Mason from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Jefferies Group LLC upped their price objective on Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Zacks Investment Research downgraded Legg Mason from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. Keefe, Bruyette & Woods restated a “buy” rating and set a $43.00 price objective on shares of Legg Mason in a research report on Tuesday, May 30th. Finally, ValuEngine downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $39.50.
In other Legg Mason news, insider Terence Johnson sold 8,777 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $37.24, for a total value of $326,855.48. Following the completion of the transaction, the insider now directly owns 100,415 shares in the company, valued at $3,739,454.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ursula Schliessler sold 1,745 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the transaction, the chief accounting officer now owns 14,445 shares of the company’s stock, valued at $540,098.55. The disclosure for this sale can be found here. 12.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky increased its position in Legg Mason by 65.9% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 22,900 shares of the asset manager’s stock valued at $685,000 after buying an additional 9,100 shares in the last quarter. Barings LLC purchased a new position in Legg Mason during the fourth quarter valued at approximately $505,000. Ladenburg Thalmann Financial Services Inc. increased its position in Legg Mason by 82.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,157 shares of the asset manager’s stock valued at $247,000 after buying an additional 3,676 shares in the last quarter. AQR Capital Management LLC increased its position in Legg Mason by 105.0% in the fourth quarter. AQR Capital Management LLC now owns 147,631 shares of the asset manager’s stock valued at $4,416,000 after buying an additional 75,608 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in Legg Mason by 75.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 84,432 shares of the asset manager’s stock valued at $2,525,000 after buying an additional 36,307 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.
Legg Mason (NYSE LM) traded up 1.22% during mid-day trading on Monday, reaching $39.93. 626,647 shares of the company traded hands. The stock has a 50 day moving average price of $37.98 and a 200-day moving average price of $35.39. Legg Mason has a 52-week low of $27.54 and a 52-week high of $40.82. The company has a market capitalization of $3.83 billion, a P/E ratio of 18.32 and a beta of 2.17.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 9th. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 annualized dividend and a yield of 2.80%. Legg Mason’s dividend payout ratio (DPR) is currently 50.91%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Legg Mason Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legg Mason Inc. and related stocks with our FREE daily email newsletter.