Ameritas Investment Partners Inc. Maintains Holdings in Legg Mason, Inc. (LM)
Ameritas Investment Partners Inc. held its stake in Legg Mason, Inc. (NYSE:LM) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,566 shares of the asset manager’s stock at the close of the second quarter. Ameritas Investment Partners Inc.’s holdings in Legg Mason were worth $976,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. FNY Partners Fund LP acquired a new stake in Legg Mason in the first quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Legg Mason by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares during the period. QCM Cayman Ltd. acquired a new stake in Legg Mason in the second quarter worth $200,000. Gotham Asset Management LLC acquired a new stake in Legg Mason in the second quarter worth $212,000. Finally, Institute for Wealth Management LLC. acquired a new stake in Legg Mason in the second quarter worth $224,000. 82.28% of the stock is currently owned by hedge funds and other institutional investors.
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Several equities research analysts have weighed in on LM shares. Credit Suisse Group reiterated a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a report on Sunday, July 9th. Morgan Stanley lowered shares of Legg Mason from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $37.00 to $36.00 in a report on Thursday, October 5th. Royal Bank Of Canada started coverage on shares of Legg Mason in a report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 target price on the stock. BidaskClub upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Legg Mason currently has a consensus rating of “Hold” and a consensus price target of $42.89.
Shares of Legg Mason, Inc. (NYSE LM) opened at 38.22 on Friday. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 15.89 and a beta of 2.22. The company’s 50 day moving average is $38.13 and its 200-day moving average is $38.17. Legg Mason, Inc. has a one year low of $28.10 and a one year high of $42.08.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The business had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. Legg Mason’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. Equities analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Wednesday, October 4th. Legg Mason’s dividend payout ratio is presently 46.47%.
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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