Legg Mason (LM) PT Set at $49.00 by Royal Bank of Canada

Legg Mason (NYSE:LM) has been given a $49.00 price objective by investment analysts at Royal Bank of Canada in a report issued on Friday. The brokerage currently has a “buy” rating on the asset manager’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 19.78% from the company’s current price.

LM has been the subject of several other research reports. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research note on Friday, September 29th. Barclays began coverage on shares of Legg Mason in a research note on Friday, September 8th. They issued an “equal weight” rating and a $39.00 target price for the company. Jefferies Group reissued a “buy” rating and issued a $49.00 target price on shares of Legg Mason in a research note on Sunday, August 20th. Morgan Stanley downgraded shares of Legg Mason from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $37.00 to $36.00 in a research note on Thursday, October 5th. Finally, Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Legg Mason currently has an average rating of “Hold” and a consensus price target of $43.30.

Legg Mason (NYSE:LM) opened at $40.91 on Friday. The stock has a market capitalization of $3,760.27, a price-to-earnings ratio of 14.25, a PEG ratio of 0.95 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 2.51. Legg Mason has a one year low of $29.71 and a one year high of $42.08.

Legg Mason (NYSE:LM) last released 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 during the quarter, compared to the consensus estimate of $739.47 million. During the same quarter in the previous year, the company posted $0.63 EPS. The business’s revenue was up 2.7% on a year-over-year basis. research analysts forecast that Legg Mason will post 2.85 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of LM. Laurion Capital Management LP purchased a new stake in Legg Mason in the 2nd quarter valued at about $37,103,000. LSV Asset Management grew its holdings in Legg Mason by 55.7% in the 2nd quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock valued at $83,303,000 after buying an additional 780,708 shares during the period. UBS Oconnor LLC purchased a new stake in Legg Mason in the 2nd quarter valued at about $13,055,000. Cornerstone Capital Management Holdings LLC. grew its holdings in Legg Mason by 164.8% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 514,812 shares of the asset manager’s stock valued at $20,236,000 after buying an additional 320,376 shares during the period. Finally, Marshall Wace North America L.P. purchased a new stake in Legg Mason in the 2nd quarter valued at about $12,031,000. Institutional investors own 82.58% of the company’s stock.

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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.

Analyst Recommendations for Legg Mason (NYSE:LM)

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