Legg Mason, Inc. (LM) Receives $41.50 Consensus PT from Analysts
Legg Mason, Inc. (NYSE:LM) has earned an average recommendation of “Hold” from the thirteen analysts that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $41.50.
LM has been the subject of several recent analyst reports. Credit Suisse Group AG restated a “buy” rating and issued a $41.00 price target on shares of Legg Mason in a report on Friday, June 16th. Royal Bank Of Canada initiated coverage on Legg Mason in a report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price target for the company. Keefe, Bruyette & Woods restated a “buy” rating and issued a $43.00 price target on shares of Legg Mason in a report on Tuesday, May 30th. BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC increased their price target on Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, April 28th.
Shares of Legg Mason (NYSE:LM) traded up 1.03% during trading on Friday, reaching $38.36. The company had a trading volume of 863,881 shares. The company has a 50 day moving average of $39.11 and a 200-day moving average of $37.49. Legg Mason has a 52-week low of $28.10 and a 52-week high of $42.08. The firm has a market capitalization of $3.59 billion, a P/E ratio of 15.94 and a beta of 2.20.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts expect that Legg Mason will post $2.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.92%. Legg Mason’s payout ratio is presently 46.47%.
In related news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares in the company, valued at $130,008.69. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of LM. Canada Pension Plan Investment Board boosted its position in shares of Legg Mason by 52.9% in the first quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock valued at $563,000 after buying an additional 5,400 shares during the period. Oxbow Advisors LLC boosted its position in shares of Legg Mason by 0.7% in the first quarter. Oxbow Advisors LLC now owns 113,495 shares of the asset manager’s stock valued at $4,098,000 after buying an additional 815 shares during the period. IFP Advisors Inc boosted its position in shares of Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Legg Mason by 12.9% in the first quarter. Janney Montgomery Scott LLC now owns 34,249 shares of the asset manager’s stock valued at $1,237,000 after buying an additional 3,911 shares during the period. Finally, Bartlett & Co. LLC boosted its position in shares of Legg Mason by 2.3% in the first quarter. Bartlett & Co. LLC now owns 22,151 shares of the asset manager’s stock valued at $800,000 after buying an additional 500 shares during the period. 80.68% of the stock is owned by hedge funds and other institutional investors.
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.
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