Convergence Investment Partners LLC raised its holdings in Legg Mason, Inc. (NYSE:LM) by 14.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 180,663 shares of the asset manager’s stock after acquiring an additional 23,323 shares during the period. Legg Mason makes up 1.0% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 11th largest position. Convergence Investment Partners LLC owned about 0.20% of Legg Mason worth $7,102,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Legg Mason by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after buying an additional 294 shares in the last quarter. QCM Cayman Ltd. purchased a new position in shares of Legg Mason during the 2nd quarter valued at about $200,000. Gotham Asset Management LLC purchased a new position in shares of Legg Mason during the 2nd quarter valued at about $212,000. Institute for Wealth Management LLC. purchased a new position in shares of Legg Mason during the 2nd quarter valued at about $224,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Legg Mason during the 3rd quarter valued at about $224,000. 82.58% of the stock is currently owned by hedge funds and other institutional investors.

Legg Mason, Inc. (NYSE LM) traded up $0.19 on Monday, reaching $40.15. The company had a trading volume of 961,300 shares, compared to its average volume of 1,076,571. The company has a current ratio of 2.51, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. Legg Mason, Inc. has a fifty-two week low of $29.71 and a fifty-two week high of $42.08. The company has a market cap of $3,691.29, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 0.94 and a beta of 2.27.

Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.10. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The business had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. During the same period last year, the company earned $0.63 EPS. Legg Mason’s revenue for the quarter was up 2.7% compared to the same quarter last year. equities research analysts anticipate that Legg Mason, Inc. will post 2.84 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Wednesday, December 20th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.79%. Legg Mason’s payout ratio is 43.75%.

A number of equities analysts recently weighed in on LM shares. Zacks Investment Research raised Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Wednesday, November 8th. Deutsche Bank started coverage on Legg Mason in a report on Tuesday, October 17th. They set a “buy” rating and a $44.00 price objective on the stock. Royal Bank Of Canada set a $47.00 price objective on Legg Mason and gave the company a “buy” rating in a report on Wednesday, October 18th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a report on Friday, September 29th. Finally, Jefferies Group reissued a “buy” rating and set a $49.00 price objective on shares of Legg Mason in a report on Sunday, August 20th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Legg Mason has an average rating of “Hold” and a consensus target price of $43.10.

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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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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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