Legg Mason Inc (NYSE:LM) – Jefferies Group upped their FY2018 earnings per share (EPS) estimates for Legg Mason in a research report issued on Wednesday. Jefferies Group analyst D. Fannon now expects that the asset manager will earn $2.94 per share for the year, up from their previous forecast of $2.72. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Legg Mason’s Q4 2018 earnings at $0.77 EPS.
A number of other brokerages also recently commented on LM. Credit Suisse Group raised their price objective on Legg Mason from $48.00 to $49.00 and gave the stock 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 objective for the company in a research report on Wednesday, November 8th. Deutsche Bank started coverage on Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price objective for the company. Morgan Stanley downgraded Legg Mason from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $37.00 to $36.00 in a research report on Thursday, October 5th. Finally, Citigroup reiterated a “hold” rating and issued a $42.00 price objective on shares of Legg Mason in a research report on Tuesday, December 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.90.
Shares of Legg Mason (NYSE LM) traded up $0.92 during mid-day trading on Thursday, hitting $43.74. The company’s stock had a trading volume of 740,174 shares, compared to its average volume of 829,739. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.79. Legg Mason has a 52 week low of $30.81 and a 52 week high of $43.76. The company has a market cap of $4,020.00, a P/E ratio of 17.09, a P/E/G ratio of 1.02 and a beta of 2.27.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. During the same quarter last year, the firm posted $0.63 EPS. The company’s revenue was up 2.7% on a year-over-year basis.
The business 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. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 annualized dividend and a dividend yield of 2.56%. Legg Mason’s dividend payout ratio (DPR) is presently 43.75%.
Institutional investors have recently bought and sold shares of the stock. WBI Investments Inc. bought a new position in shares of Legg Mason during the 2nd quarter worth approximately $1,654,000. Verition Fund Management LLC bought a new position in shares of Legg Mason during the 2nd quarter worth approximately $429,000. Vanguard Group Inc. lifted its position in shares of Legg Mason by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock worth $282,352,000 after buying an additional 174,167 shares during the period. JPMorgan Chase & Co. lifted 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. Finally, Gabelli Funds LLC lifted its position in shares of Legg Mason by 3.2% during the 3rd quarter. Gabelli Funds LLC now owns 1,536,000 shares of the asset manager’s stock worth $60,380,000 after buying an additional 48,000 shares during the period. Institutional investors and hedge funds own 82.49% of the company’s stock.
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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