Legg Mason, Inc. (LM) Stake Increased by Commonwealth Bank of Australia
Commonwealth Bank of Australia lifted its stake in shares of Legg Mason, Inc. (NYSE:LM) by 12.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,500 shares of the asset manager’s stock after acquiring an additional 2,500 shares during the quarter. Commonwealth Bank of Australia’s holdings in Legg Mason were worth $882,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC boosted its stake in shares of Legg Mason by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 6,857 shares of the asset manager’s stock worth $262,000 after acquiring an additional 47 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Legg Mason by 2.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 6,904 shares of the asset manager’s stock worth $263,000 after purchasing an additional 183 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Legg Mason by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of Legg Mason by 3.0% during the 2nd quarter. Raymond James Trust N.A. now owns 14,168 shares of the asset manager’s stock worth $541,000 after purchasing an additional 416 shares during the last quarter. Finally, Quantbot Technologies LP lifted its position in shares of Legg Mason by 3.8% during the 2nd quarter. Quantbot Technologies LP now owns 12,241 shares of the asset manager’s stock worth $467,000 after purchasing an additional 449 shares during the last quarter. Institutional investors own 82.58% of the company’s stock.
Legg Mason, Inc. (NYSE LM) traded down $0.44 during trading on Thursday, reaching $39.82. The company’s stock had a trading volume of 822,600 shares, compared to its average volume of 1,078,009. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 2.51. The firm has a market cap of $3,701.40, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.94 and a beta of 2.27. Legg Mason, Inc. has a 12-month low of $29.71 and a 12-month high of $42.08.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, beating the consensus estimate of $0.69 by $0.10. The firm had revenue of $768.30 million during the quarter, compared to analysts’ expectations of $739.47 million. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. sell-side analysts expect that Legg Mason, Inc. will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.81%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.
Several research firms recently weighed in on LM. Keefe, Bruyette & Woods reissued a “buy” rating and set a $47.00 price objective on shares of Legg Mason in a research report on Friday, September 29th. Morgan Stanley cut Legg Mason from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $37.00 to $36.00 in a research report on Thursday, October 5th. Credit Suisse Group boosted their price objective on Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Zacks Investment Research cut Legg Mason from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Royal Bank Of Canada set a $47.00 price objective on Legg Mason and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $43.10.
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Legg Mason Company Profile
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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