Legg Mason Inc (NYSE:LM) to Post Q1 2021 Earnings of $0.77 Per Share, Jefferies Financial Group Forecasts
Legg Mason Inc (NYSE:LM) – Investment analysts at Jefferies Financial Group lifted their Q1 2021 earnings estimates for Legg Mason in a research report issued to clients and investors on Wednesday, July 8th. Jefferies Financial Group analyst D. Fannon now expects that the asset manager will post earnings per share of $0.77 for the quarter, up from their prior estimate of $0.67. Jefferies Financial Group also issued estimates for Legg Mason’s Q2 2021 earnings at $0.82 EPS, Q3 2021 earnings at $0.82 EPS, Q4 2021 earnings at $0.80 EPS, FY2021 earnings at $3.21 EPS and FY2022 earnings at $4.06 EPS.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, April 29th. The asset manager reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.14. Legg Mason had a net margin of 8.60% and a return on equity of 8.96%. The firm had revenue of $719.60 million during the quarter, compared to the consensus estimate of $702.81 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year.
LM opened at $49.78 on Monday. Legg Mason has a 1-year low of $33.99 and a 1-year high of $50.70. The company has a current ratio of 2.20, a quick ratio of 1.71 and a debt-to-equity ratio of 0.59. The company has a market cap of $4.43 billion, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 1.49 and a beta of 0.74. The company has a fifty day moving average price of $49.80 and a two-hundred day moving average price of $46.31.
Several institutional investors have recently made changes to their positions in LM. Chevy Chase Trust Holdings Inc. bought a new position in Legg Mason in the 4th quarter worth $25,000. Simon Quick Advisors LLC raised its holdings in Legg Mason by 444.1% in the 1st quarter. Simon Quick Advisors LLC now owns 778 shares of the asset manager’s stock worth $38,000 after purchasing an additional 635 shares in the last quarter. Advisor Group Holdings Inc. bought a new position in Legg Mason in the 1st quarter worth $93,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in Legg Mason by 22.0% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,342 shares of the asset manager’s stock worth $119,000 after purchasing an additional 602 shares in the last quarter. Finally, Mint Tower Capital Management B.V. bought a new position in Legg Mason in the 1st quarter worth $121,000. 92.21% of the stock is owned by institutional investors.
In related news, insider Legg Mason, Inc. purchased 207,039 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were purchased at an average price of $9.66 per share, with a total value of $1,999,996.74. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Edward P. Garden sold 777,593 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $49.85, for a total transaction of $38,763,011.05. The disclosure for this sale can be found here. In the last three months, insiders sold 1,973,296 shares of company stock worth $98,505,215. Insiders own 8.08% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Tuesday, June 16th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, June 15th. Legg Mason’s dividend payout ratio (DPR) is currently 42.55%.
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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