Legg Mason, Inc. (NYSE:LM) – Analysts at Jefferies Group increased their FY2018 earnings per share (EPS) estimates for shares of Legg Mason in a research report issued on Wednesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings per share of $2.72 for the year, up from their prior estimate of $2.63. Jefferies Group currently has a “Buy” rating and a $49.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2018 earnings at $0.69 EPS.
A number of other analysts have also weighed in on the company. Credit Suisse Group upped their price objective on Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Royal Bank Of Canada set a $47.00 price objective on Legg Mason and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Deutsche Bank AG began coverage on Legg Mason in a research report on Tuesday, October 17th. They set a “buy” rating and a $44.00 price objective on the stock. Morgan Stanley lowered Legg Mason from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $37.00 to $36.00 in a research report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research report on Friday, September 29th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Legg Mason currently has a consensus rating of “Hold” and an average target price of $43.11.
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Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.10. The business had revenue of $768.30 million for the quarter, compared to analysts’ expectations of $739.47 million. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.93%. Legg Mason’s payout ratio is currently 43.75%.
Hedge funds have recently modified their holdings of the stock. Neuberger Berman Group LLC boosted its stake in Legg Mason by 0.7% in the second quarter. Neuberger Berman Group LLC now owns 6,857 shares of the asset manager’s stock valued at $262,000 after acquiring an additional 47 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Legg Mason by 2.7% in the second quarter. Oppenheimer & Co. Inc. now owns 6,904 shares of the asset manager’s stock valued at $263,000 after acquiring an additional 183 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 valued at $122,000 after acquiring an additional 294 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Legg Mason by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 22,300 shares of the asset manager’s stock valued at $851,000 after acquiring an additional 400 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in Legg Mason by 3.0% in the second quarter. Raymond James Trust N.A. now owns 14,168 shares of the asset manager’s stock valued at $541,000 after acquiring an additional 416 shares in the last quarter. Hedge funds and other institutional investors own 83.23% of the company’s stock.
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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