Research Analysts Issue Forecasts for Legg Mason Inc’s Q3 2019 Earnings (LM)
Legg Mason Inc (NYSE:LM) – Equities researchers at Jefferies Financial Group cut their Q3 2019 earnings per share (EPS) estimates for Legg Mason in a research note issued to investors on Monday, December 3rd. Jefferies Financial Group analyst D. Fannon now forecasts that the asset manager will earn $0.79 per share for the quarter, down from their previous forecast of $0.82. Jefferies Financial Group has a “Hold” rating and a $39.00 price target on the stock. Jefferies Financial Group also issued estimates for Legg Mason’s Q4 2019 earnings at $0.71 EPS, FY2019 earnings at $3.12 EPS and FY2020 earnings at $3.47 EPS.
LM has been the topic of a number of other reports. Morgan Stanley lowered their price objective on shares of Legg Mason from $32.00 to $25.00 and set a “sell” rating on the stock in a research report on Wednesday, November 14th. Wells Fargo & Co lowered their price objective on shares of Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Royal Bank of Canada reissued a “buy” rating and issued a $37.00 target price on shares of Legg Mason in a research report on Thursday, October 25th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $33.00 target price on shares of Legg Mason in a research report on Monday, October 29th. Finally, Deutsche Bank decreased their target price on shares of Legg Mason from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Friday, November 16th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Legg Mason currently has a consensus rating of “Hold” and an average target price of $39.27.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, October 24th. The asset manager reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The company had revenue of $758.43 million for the quarter, compared to analysts’ expectations of $755.29 million.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Wednesday, December 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend is Tuesday, December 18th. Legg Mason’s dividend payout ratio is 36.56%.
In other Legg Mason news, insider Frances Cashman sold 10,058 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $31.61, for a total value of $317,933.38. Following the completion of the sale, the insider now directly owns 72,937 shares of the company’s stock, valued at $2,305,538.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.33% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. United Services Automobile Association boosted its holdings in shares of Legg Mason by 10.0% during the 3rd quarter. United Services Automobile Association now owns 19,429 shares of the asset manager’s stock worth $607,000 after buying an additional 1,760 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Legg Mason by 25.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,815 shares of the asset manager’s stock worth $275,000 after buying an additional 1,785 shares during the period. Strategy Asset Managers LLC boosted its holdings in shares of Legg Mason by 0.7% during the 3rd quarter. Strategy Asset Managers LLC now owns 277,278 shares of the asset manager’s stock worth $8,659,000 after buying an additional 1,791 shares during the period. Swiss National Bank boosted its holdings in shares of Legg Mason by 1.3% during the 3rd quarter. Swiss National Bank now owns 149,047 shares of the asset manager’s stock worth $4,655,000 after buying an additional 1,900 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Legg Mason by 1.5% during the 3rd quarter. Legal & General Group Plc now owns 135,657 shares of the asset manager’s stock worth $4,237,000 after buying an additional 1,978 shares during the period. 84.45% of the stock is owned by institutional investors and hedge funds.
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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