Jefferies Group Weighs in on Legg Mason Inc’s FY2018 Earnings (LM)
Legg Mason Inc (NYSE:LM) – Stock analysts at Jefferies Group lifted their FY2018 earnings per share estimates for shares of Legg Mason in a research note issued on Wednesday. Jefferies Group analyst D. Fannon now forecasts that the asset manager will earn $2.94 per share for the year, up from their prior estimate of $2.72. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2018 earnings at $0.77 EPS.
LM has been the subject of a number of other research reports. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Wednesday, November 8th. Deutsche Bank initiated coverage on Legg Mason in a report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price target for the company. Royal Bank of Canada set a $47.00 price target on Legg Mason and gave the company a “buy” rating in a report on Wednesday, October 18th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a report on Friday, September 29th. Finally, Credit Suisse Group lowered Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price target for the company. in a report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $43.90.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. The firm had revenue of $768.30 million during the quarter, compared to analyst estimates of $739.47 million. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. Legg Mason’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share.
A number of institutional investors have recently bought and sold shares of the business. KAMES CAPITAL plc lifted its holdings in Legg Mason by 20.5% during the fourth quarter. KAMES CAPITAL plc now owns 82,530 shares of the asset manager’s stock worth $3,464,000 after buying an additional 14,040 shares during the period. Dalton Greiner Hartman Maher & Co. lifted its holdings in Legg Mason by 3.2% during the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 527,188 shares of the asset manager’s stock worth $22,131,000 after buying an additional 16,107 shares during the period. First Citizens Bank & Trust Co. purchased a new stake in Legg Mason during the fourth quarter worth $312,000. Hutchens Investment Management Inc purchased a new stake in Legg Mason during the fourth quarter worth $251,000. Finally, AXA lifted its holdings in Legg Mason by 96.6% during the third quarter. AXA now owns 253,400 shares of the asset manager’s stock worth $9,961,000 after buying an additional 124,500 shares during the period. Institutional investors own 82.49% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.62%. Legg Mason’s dividend payout ratio is currently 43.75%.
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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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