Legg Mason Inc (NYSE:LM) – Analysts at Jefferies Group raised their FY2018 EPS estimates for Legg Mason in a research note issued on Wednesday. Jefferies Group analyst D. Fannon now expects that the asset manager will post earnings per share of $2.94 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 topic of a number of other research reports. Credit Suisse Group increased their price target on Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Wednesday, November 8th. Deutsche Bank assumed coverage on Legg Mason in a research note on Tuesday, October 17th. They set a “buy” rating and a $44.00 price target on the stock. Morgan Stanley downgraded Legg Mason from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $37.00 to $36.00 in a research note on Thursday, October 5th. Finally, Citigroup reiterated a “hold” rating and issued a $42.00 target price on shares of Legg Mason in a research note on Tuesday, December 26th. 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 issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $43.90.
Legg Mason (NYSE:LM) traded down $0.55 on Thursday, reaching $42.28. The company had a trading volume of 1,569,000 shares, compared to its average volume of 1,043,643. Legg Mason has a 1 year low of $30.81 and a 1 year high of $43.29. The company has a current ratio of 2.51, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm has a market cap of $3,890.00, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 0.96 and a beta of 2.27.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. The company had revenue of $768.30 million during the quarter, compared to analysts’ expectations of $739.47 million. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS.
A number of hedge funds have recently modified their holdings of the stock. Neuberger Berman Group LLC boosted its stake in Legg Mason by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 6,857 shares of the asset manager’s stock valued at $262,000 after purchasing an additional 47 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of 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 purchasing an additional 183 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of 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 purchasing an additional 294 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of Legg Mason by 3.0% during the second quarter. Raymond James Trust N.A. now owns 14,168 shares of the asset manager’s stock worth $541,000 after acquiring an additional 416 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in shares of Legg Mason by 3.8% during the second quarter. Quantbot Technologies LP now owns 12,241 shares of the asset manager’s stock worth $467,000 after acquiring an additional 449 shares in the last quarter. 82.49% of the stock is owned by institutional investors and hedge funds.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday, December 19th. Legg Mason’s dividend payout ratio (DPR) is presently 43.75%.
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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