Legg Mason, Inc. (NYSE:LM) – Investment analysts at Gabelli upped their FY2018 earnings per share estimates for Legg Mason in a research report issued on Tuesday. Gabelli analyst M. Sykes now expects that the asset manager will post earnings of $2.86 per share for the year, up from their previous estimate of $2.63.
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 for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share.
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A number of other equities research analysts also recently weighed in on LM. Morgan Stanley downgraded shares of Legg Mason from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $37.00 to $36.00 in a research report on Thursday, October 5th. Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 price target on shares of Legg Mason in a research note on Sunday, July 9th. BidaskClub raised shares of Legg Mason from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reissued a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research note on Friday, July 28th. Finally, Deutsche Bank AG began coverage on shares of Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $43.11.
Legg Mason (NYSE LM) traded up $0.17 during trading on Thursday, reaching $38.69. The company had a trading volume of 667,388 shares, compared to its average volume of 1,002,349. The company has a market cap of $3.61 billion, a PE ratio of 13.43, a PEG ratio of 0.92 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.74 and a quick ratio of 1.93.
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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 19th. Legg Mason’s dividend payout ratio (DPR) is currently 43.75%.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Legg Mason by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock worth $260,895,000 after purchasing an additional 111,523 shares in the last quarter. WBI Investments Inc. acquired a new stake in Legg Mason in the 2nd quarter valued at about $1,654,000. Verition Fund Management LLC acquired a new stake in shares of Legg Mason during the 2nd quarter worth approximately $429,000. BNP Paribas Arbitrage SA grew its position in shares of Legg Mason by 58.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 39,569 shares of the asset manager’s stock worth $1,510,000 after buying an additional 14,673 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Legg Mason by 77.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 366,377 shares of the asset manager’s stock worth $13,981,000 after buying an additional 159,712 shares during the period. Institutional investors and hedge funds 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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