26,600 Shares in Legg Mason Inc (LM) Purchased by SeaCrest Wealth Management LLC
SeaCrest Wealth Management LLC purchased a new stake in Legg Mason Inc (NYSE:LM) in the fourth quarter, HoldingsChannel reports. The fund purchased 26,600 shares of the asset manager’s stock, valued at approximately $1,117,000.
A number of other institutional investors also recently modified their holdings of the business. LSV Asset Management lifted its holdings in shares of Legg Mason by 23.1% during the 4th quarter. LSV Asset Management now owns 3,469,278 shares of the asset manager’s stock worth $145,640,000 after acquiring an additional 650,160 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Legg Mason by 47.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after acquiring an additional 1,518 shares during the period. Dupont Capital Management Corp bought a new position in shares of Legg Mason during the 4th quarter worth about $4,316,000. Bessemer Group Inc. lifted its holdings in shares of Legg Mason by 219.1% during the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after acquiring an additional 3,089 shares during the period. Finally, Seminole Management Co. Inc. bought a new position in shares of Legg Mason during the 4th quarter worth about $12,966,000. 82.59% of the stock is owned by hedge funds and other institutional investors.
LM has been the subject of a number of analyst reports. Royal Bank of Canada set a $47.00 price objective on shares of Legg Mason and gave the stock a “buy” rating in a report on Wednesday, October 18th. Deutsche Bank initiated coverage on shares of Legg Mason in a report on Tuesday, October 17th. They set a “buy” rating and a $44.00 price objective for the company. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Wednesday, November 8th. Citigroup reaffirmed a “hold” rating and set a $42.00 price objective on shares of Legg Mason in a report on Tuesday, December 26th. Finally, Jefferies Group downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $45.91.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.18. Legg Mason had a net margin of 11.43% and a return on equity of 8.12%. The firm had revenue of $793.10 million during the quarter, compared to the consensus estimate of $777.11 million. During the same period last year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. equities analysts predict that Legg Mason Inc will post 3.66 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Wednesday, March 14th. Legg Mason’s dividend payout ratio is currently 30.52%.
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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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