Hancock Whitney Corp bought a new stake in Legg Mason Inc (NYSE:LM) during the 1st quarter, Holdings Channel.com reports. The firm bought 41,383 shares of the asset manager’s stock, valued at approximately $2,021,000.
Other hedge funds also recently made changes to their positions in the company. Chevy Chase Trust Holdings Inc. bought a new stake in Legg Mason in the fourth quarter valued at approximately $25,000. Simon Quick Advisors LLC boosted its holdings in Legg Mason by 444.1% in the first quarter. Simon Quick Advisors LLC now owns 778 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 635 shares during the last quarter. Huntington National Bank boosted its holdings in Legg Mason by 107.9% in the fourth quarter. Huntington National Bank now owns 1,763 shares of the asset manager’s stock valued at $63,000 after acquiring an additional 915 shares during the last quarter. Welch Group LLC bought a new stake in Legg Mason in the fourth quarter valued at approximately $108,000. Finally, FNY Investment Advisers LLC bought a new stake in Legg Mason in the first quarter valued at approximately $146,000. Institutional investors and hedge funds own 77.93% of the company’s stock.
Shares of NYSE:LM opened at $49.80 on Friday. The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.65 and a beta of 0.76. The stock’s 50 day moving average is $49.53 and its 200-day moving average is $43.20. Legg Mason Inc has a twelve month low of $33.99 and a twelve month high of $50.70. The company has a quick ratio of 1.57, a current ratio of 2.12 and a debt-to-equity ratio of 0.59.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Monday, June 15th. Legg Mason’s dividend payout ratio is presently 42.55%.
A number of equities analysts have issued reports on the company. Deutsche Bank increased their price target on Legg Mason from $38.00 to $50.00 and gave the stock a “hold” rating in a report on Wednesday, February 19th. Evercore ISI restated a “hold” rating and set a $41.00 price target on shares of Legg Mason in a report on Thursday, January 30th. Barclays restated a “hold” rating and set a $50.00 price target on shares of Legg Mason in a report on Thursday, February 20th. ValuEngine cut Legg Mason from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Finally, Citigroup cut Legg Mason from a “buy” rating to a “neutral” rating and increased their price target for the stock from $49.00 to $50.00 in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $45.90.
In other Legg Mason news, insider Legg Mason, Inc. bought 1,681,503 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was purchased at an average cost of $10.11 per share, with a total value of $16,999,995.33. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward P. Garden sold 324,269 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $49.88, for a total value of $16,174,537.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,303,033 shares of company stock valued at $64,751,538. Insiders own 8.08% of the company’s stock.
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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