Allianz Asset Management GmbH increased its stake in Legg Mason Inc (NYSE:LM) by 948.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,932 shares of the asset manager’s stock after purchasing an additional 163,679 shares during the quarter. Allianz Asset Management GmbH owned 0.21% of Legg Mason worth $7,596,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its stake in Legg Mason by 8.9% in the 4th quarter. BlackRock Inc. now owns 7,968,793 shares of the asset manager’s stock valued at $334,532,000 after acquiring an additional 652,719 shares during the last quarter. LSV Asset Management grew its stake in Legg Mason by 23.1% in the 4th quarter. LSV Asset Management now owns 3,469,278 shares of the asset manager’s stock valued at $145,640,000 after acquiring an additional 650,160 shares during the last quarter. Cornerstone Capital Management Holdings LLC. grew its stake 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 acquiring an additional 320,376 shares during the last quarter. Seminole Management Co. Inc. acquired a new stake in Legg Mason in the 4th quarter valued at about $12,966,000. Finally, APG Asset Management N.V. grew its stake in Legg Mason by 405.7% in the 4th quarter. APG Asset Management N.V. now owns 273,100 shares of the asset manager’s stock valued at $9,548,000 after acquiring an additional 219,100 shares during the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.
A number of equities research analysts recently commented on LM shares. Deutsche Bank lowered their price objective on shares of Legg Mason from $48.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, March 6th. Royal Bank of Canada set a $49.00 price objective on shares of Legg Mason and gave the company a “buy” rating in a research note on Friday, December 15th. Citigroup reissued a “hold” rating and issued a $42.00 price objective on shares of Legg Mason in a research note on Tuesday, December 26th. Jefferies Group cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Finally, Credit Suisse Group cut shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a research note on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $47.10.
Shares of Legg Mason Inc (NYSE:LM) opened at $41.06 on Thursday. Legg Mason Inc has a 12 month low of $34.10 and a 12 month high of $47.13. The stock has a market cap of $3,470.00, a PE ratio of 33.11, a price-to-earnings-growth ratio of 0.67 and a beta of 2.16. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.58.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The company had revenue of $793.10 million for the quarter, compared to analysts’ expectations of $777.11 million. During the same period last year, the company earned $0.50 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. sell-side analysts predict that Legg Mason Inc will post 3.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.12 annualized dividend and a dividend yield of 2.73%. Legg Mason’s dividend payout ratio is currently 90.32%.
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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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