Legg Mason Inc (NYSE:LM) – Investment analysts at Jefferies Financial Group reduced their Q3 2019 earnings per share (EPS) estimates for Legg Mason in a research note issued on Monday, December 3rd. Jefferies Financial Group analyst D. Fannon now anticipates that the asset manager will post earnings of $0.79 per share for the quarter, down from their prior forecast of $0.82. Jefferies Financial Group currently has a “Hold” rating and a $39.00 target price on the stock. Jefferies Financial Group also issued estimates for Legg Mason’s Q4 2019 earnings at $0.71 EPS, FY2019 earnings at $3.12 EPS and FY2020 earnings at $3.47 EPS.
Several other analysts have also issued reports on the company. Deutsche Bank dropped their price objective on Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Morgan Stanley dropped their price objective on Legg Mason from $32.00 to $25.00 and set a “sell” rating on the stock in a research note on Wednesday, November 14th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $33.00 price objective on shares of Legg Mason in a research note on Monday, October 29th. Wells Fargo & Co dropped their price objective on Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $37.00 price objective on shares of Legg Mason in a research note on Thursday, October 25th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $39.27.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, October 24th. The asset manager reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The company had revenue of $758.43 million for the quarter, compared to analyst estimates of $755.29 million.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Legg Mason by 4.7% during the third quarter. BlackRock Inc. now owns 8,048,661 shares of the asset manager’s stock worth $251,359,000 after purchasing an additional 360,188 shares during the period. Clarkston Capital Partners LLC increased its stake in shares of Legg Mason by 20.1% during the third quarter. Clarkston Capital Partners LLC now owns 4,461,535 shares of the asset manager’s stock worth $139,334,000 after purchasing an additional 746,434 shares during the period. LSV Asset Management increased its stake in shares of Legg Mason by 1.0% during the third quarter. LSV Asset Management now owns 4,071,818 shares of the asset manager’s stock worth $127,162,000 after purchasing an additional 41,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Legg Mason by 4.7% during the third quarter. Bank of New York Mellon Corp now owns 1,570,931 shares of the asset manager’s stock worth $49,061,000 after purchasing an additional 70,862 shares during the period. Finally, Macquarie Group Ltd. increased its stake in shares of Legg Mason by 2.0% during the third quarter. Macquarie Group Ltd. now owns 1,270,046 shares of the asset manager’s stock worth $39,664,000 after purchasing an additional 25,300 shares during the period. Institutional investors own 84.45% of the company’s stock.
In other Legg Mason news, insider Frances Cashman sold 10,058 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $31.61, for a total value of $317,933.38. Following the sale, the insider now owns 72,937 shares in the company, valued at $2,305,538.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.33% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Wednesday, December 19th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $1.36 annualized dividend and a yield of 4.96%. Legg Mason’s dividend payout ratio is 36.56%.
Legg Mason Company Profile
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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