Raymond James Financial Services Advisors Inc. lifted its holdings in Legg Mason Inc (NYSE:LM) by 57.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,958 shares of the asset manager’s stock after purchasing an additional 3,260 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Legg Mason were worth $376,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Bessemer Group Inc. grew its stake in shares of Legg Mason by 219.1% in the fourth quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after purchasing an additional 3,089 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Legg Mason by 47.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after purchasing an additional 1,518 shares in the last quarter. Murphy Pohlad Asset Management LLC bought a new position in shares of Legg Mason in the fourth quarter worth $205,000. State of Alaska Department of Revenue bought a new position in Legg Mason during the fourth quarter valued at about $247,000. Finally, Hutchens Investment Management Inc bought a new position in Legg Mason during the fourth quarter valued at about $251,000. 91.44% of the stock is owned by institutional investors.
Legg Mason stock opened at $41.38 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.98 and a quick ratio of 1.41. Legg Mason Inc has a 1 year low of $34.10 and a 1 year high of $47.13. The firm has a market capitalization of $3,498.28, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.67 and a beta of 2.16.
Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.18. Legg Mason had a return on equity of 8.21% and a net margin of 11.43%. The business had revenue of $793.10 million during the quarter, compared to analyst estimates of $777.11 million. During the same quarter last year, the company posted $0.50 EPS. Legg Mason’s revenue for the quarter was up 10.9% on a year-over-year basis. research analysts expect that Legg Mason Inc will post 3.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.71%. Legg Mason’s dividend payout ratio (DPR) is 30.77%.
Several brokerages recently weighed in on LM. Royal Bank of Canada raised their target price on Legg Mason to $57.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Bank of America raised their target price on Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a research note on Thursday, January 25th. Citigroup reaffirmed a “neutral” rating and set a $50.00 target price (up previously from $49.00) on shares of Legg Mason in a research note on Thursday, January 25th. Morgan Stanley raised their target price on Legg Mason from $40.00 to $42.00 and gave the company a “sell” rating in a research note on Tuesday, January 30th. Finally, Jefferies Group cut Legg Mason from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Legg Mason has an average rating of “Hold” and an average price target of $47.10.
Legg Mason 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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