Cornerstone Financial Partners LLC reduced its stake in shares of Legg Mason Inc (NYSE:LM) by 3.6% during the 4th quarter, HoldingsChannel reports. The fund owned 73,493 shares of the asset manager’s stock after selling 2,779 shares during the quarter. Cornerstone Financial Partners LLC’s holdings in Legg Mason were worth $3,085,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. QCM Cayman Ltd. acquired a new position in Legg Mason in the second quarter valued at $200,000. Gotham Asset Management LLC acquired a new position in Legg Mason in the second quarter valued at $212,000. Institute for Wealth Management LLC. acquired a new position in Legg Mason in the second quarter valued at $224,000. Raymond James Financial Services Advisors Inc. acquired a new position in Legg Mason in the third quarter valued at $224,000. Finally, State of Alaska Department of Revenue acquired a new position in Legg Mason in the fourth quarter valued at $247,000. Hedge funds and other institutional investors own 82.43% of the company’s stock.

LM has been the topic of several analyst reports. Jefferies Group downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Credit Suisse Group downgraded shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 target price on the stock. in a report on Wednesday, January 3rd. Citigroup reaffirmed a “hold” rating and issued a $42.00 target price on shares of Legg Mason in a report on Tuesday, December 26th. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a report on Tuesday, December 26th. Finally, Royal Bank of Canada set a $49.00 target price on shares of Legg Mason and gave the company a “buy” rating in a report on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $43.90.

Shares of Legg Mason Inc (LM) traded up $0.74 during trading hours on Monday, hitting $44.70. 640,400 shares of the stock traded hands, compared to its average volume of 919,500. The stock has a market capitalization of $4,109.61, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 1.07 and a beta of 2.27. 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 1-year low of $30.81 and a 1-year high of $44.76.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. The firm had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 earnings per share. sell-side analysts forecast that Legg Mason Inc will post 2.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Wednesday, December 20th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, December 19th. Legg Mason’s dividend payout ratio is currently 43.75%.

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About Legg Mason

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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