Royal Bank Of Canada Reaffirms “Buy” Rating for Legg Mason, Inc. (LM)
Royal Bank Of Canada reissued their buy rating on shares of Legg Mason, Inc. (NYSE:LM) in a research note published on Friday. Royal Bank Of Canada currently has a $47.00 target price on the asset manager’s stock.
A number of other equities analysts also recently commented on the company. Zacks Investment Research raised Legg Mason from a sell rating to a hold rating in a research report on Thursday, April 13th. Credit Suisse Group reaffirmed a buy rating and issued a $41.00 price target on shares of Legg Mason in a report on Friday, June 16th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $43.00 price target on shares of Legg Mason in a report on Tuesday, May 30th. Jefferies Group LLC upped their price target on Legg Mason from $41.00 to $43.00 and gave the company a buy rating in a report on Friday, April 28th. Finally, BidaskClub raised Legg Mason from a buy rating to a strong-buy rating in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $41.00.
Legg Mason (LM) opened at 40.01 on Friday. Legg Mason has a 12 month low of $28.10 and a 12 month high of $42.08. The company has a 50 day moving average of $39.57 and a 200 day moving average of $37.05. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 16.63 and a beta of 2.19.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.82% and a net margin of 8.21%. The business had revenue of $793.80 million during the quarter, compared to the consensus estimate of $766.60 million. During the same period in the previous year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities analysts predict that Legg Mason will post $2.26 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is presently 46.47%.
In other Legg Mason news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the completion of the transaction, the director now owns 3,383 shares in the company, valued at $130,008.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LM. FNY Partners Fund LP acquired a new position in Legg Mason during the first quarter valued at about $109,000. IFP Advisors Inc boosted its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after buying an additional 1,100 shares during the last quarter. Yorktown Management & Research Co Inc acquired a new position in Legg Mason during the first quarter valued at about $217,000. Finally, CIBC World Markets Inc. acquired a new position in Legg Mason during the first quarter valued at about $219,000. Hedge funds and other institutional investors own 80.11% of the company’s stock.
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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