Bank of New York Mellon Corp trimmed its position in Legg Mason Inc (NYSE:LM) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,199,607 shares of the asset manager’s stock after selling 28,536 shares during the period. Bank of New York Mellon Corp’s holdings in Legg Mason were worth $58,600,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Rhumbline Advisers lifted its holdings in shares of Legg Mason by 10.7% in the first quarter. Rhumbline Advisers now owns 226,388 shares of the asset manager’s stock valued at $11,059,000 after purchasing an additional 21,876 shares in the last quarter. Keebeck Alpha LP bought a new stake in shares of Legg Mason in the first quarter valued at about $209,000. Picton Mahoney Asset Management bought a new stake in shares of Legg Mason in the first quarter valued at about $9,369,000. Alaska Permanent Fund Corp bought a new stake in shares of Legg Mason in the first quarter valued at about $1,335,000. Finally, Aperio Group LLC lifted its holdings in shares of Legg Mason by 46.4% in the first quarter. Aperio Group LLC now owns 189,280 shares of the asset manager’s stock valued at $9,246,000 after purchasing an additional 59,975 shares in the last quarter. Institutional investors own 77.93% of the company’s stock.

In other Legg Mason news, insider Legg Mason, Inc. acquired 1,681,503 shares of the company’s stock in a transaction on Friday, March 13th. The shares were purchased at an average price of $10.11 per share, for a total transaction of $16,999,995.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph A. Sullivan sold 22,871 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $48.74, for a total value of $1,114,732.54. Following the completion of the sale, the chief executive officer now owns 574,743 shares in the company, valued at approximately $28,012,973.82. The disclosure for this sale can be found here. Insiders sold 1,303,033 shares of company stock worth $64,751,538 in the last 90 days. Corporate insiders own 8.08% of the company’s stock.

NYSE:LM opened at $49.79 on Friday. 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 stock’s 50 day moving average price is $49.51 and its two-hundred day moving average price is $43.14. The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of 13.28, a P/E/G ratio of 1.65 and a beta of 0.76. Legg Mason Inc has a 12-month low of $33.99 and a 12-month high of $50.70.

Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, April 29th. The asset manager reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.14. The firm had revenue of $719.60 million for the quarter, compared to analyst estimates of $702.81 million. Legg Mason had a return on equity of 8.99% and a net margin of 8.60%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. Equities research analysts expect that Legg Mason Inc will post 2.64 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Tuesday, June 16th will be paid a $0.40 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.60 annualized dividend and a yield of 3.21%. Legg Mason’s dividend payout ratio is 42.55%.

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods lowered Legg Mason from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $43.00 to $50.00 in a report on Tuesday, February 18th. Evercore ISI restated a “hold” rating and issued a $41.00 price target on shares of Legg Mason in a report on Thursday, January 30th. Citigroup lowered Legg Mason from a “buy” rating to a “neutral” rating and upped their target price for the stock from $49.00 to $50.00 in a report on Wednesday, February 19th. Barclays reiterated a “hold” rating and set a $50.00 target price on shares of Legg Mason in a report on Thursday, February 20th. Finally, TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating and ten have given a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $45.90.

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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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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