Legg Mason (NYSE:LM) – Jefferies Group lowered their FY2019 earnings estimates for Legg Mason in a research note issued on Wednesday, April 11th. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings per share of $3.41 for the year, down from their prior forecast of $3.50. Jefferies Group has a “Hold” rating and a $45.00 price target on the stock.
LM has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday. Morgan Stanley decreased their price objective on shares of Legg Mason from $42.00 to $40.00 and set an “underweight” rating on the stock in a report on Tuesday, April 10th. Citigroup reiterated a “hold” rating and issued a $42.00 price objective on shares of Legg Mason in a report on Tuesday, December 26th. Credit Suisse Group downgraded shares of Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a report on Wednesday, January 3rd. Finally, Royal Bank of Canada upped their price objective on shares of Legg Mason to $57.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Legg Mason currently has a consensus rating of “Hold” and an average price target of $46.40.
Shares of LM opened at $37.76 on Friday. The firm has a market cap of $3,255.65, a P/E ratio of 11.37, a PEG ratio of 0.67 and a beta of 2.05. Legg Mason has a 1-year low of $36.10 and a 1-year high of $47.13. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.41 and a current ratio of 1.98.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.18. The business had revenue of $793.10 million for the quarter, compared to the consensus estimate of $777.11 million. Legg Mason had a net margin of 11.43% and a return on equity of 8.21%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.12 annualized dividend and a dividend yield of 2.97%. Legg Mason’s dividend payout ratio is currently 33.73%.
Institutional investors have recently made changes to their positions in the company. Advisors Preferred LLC bought a new stake in shares of Legg Mason in the fourth quarter valued at about $162,000. Bessemer Group Inc. boosted its position 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 valued at $189,000 after acquiring an additional 3,089 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 valued at $198,000 after acquiring an additional 1,518 shares during the period. Murphy Pohlad Asset Management LLC bought a new stake in shares of Legg Mason in the fourth quarter valued at about $205,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Legg Mason in the fourth quarter valued at about $247,000. 91.45% of the stock is owned by institutional investors.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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