TIAA CREF Investment Management LLC Sells 18,108 Shares of Legg Mason, Inc. (LM)
TIAA CREF Investment Management LLC trimmed its position in shares of Legg Mason, Inc. (NYSE:LM) by 5.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 319,727 shares of the asset manager’s stock after selling 18,108 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.34% of Legg Mason worth $12,201,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. FNY Partners Fund LP acquired a new stake in shares of Legg Mason during the first quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Legg Mason by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after buying an additional 294 shares during the period. Envestnet Asset Management Inc. lifted its holdings 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 period. Greenwich Investment Management Inc. acquired a new position in Legg Mason in the first quarter valued at $219,000. Finally, Investment Centers of America Inc. acquired a new position in Legg Mason in the first quarter valued at $226,000. 82.28% of the stock is currently owned by hedge funds and other institutional investors.
LM has been the subject of a number of recent analyst reports. ValuEngine upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research lowered Legg Mason from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Credit Suisse Group restated a “buy” rating and set a $41.00 target price on shares of Legg Mason in a research report on Friday, June 16th. Finally, Royal Bank Of Canada assumed coverage on Legg Mason in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $42.44.
Legg Mason, Inc. (NYSE LM) opened at 39.10 on Wednesday. Legg Mason, Inc. has a one year low of $28.10 and a one year high of $42.08. The firm has a 50-day moving average price of $37.79 and a 200 day moving average price of $37.95. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 16.25 and a beta of 2.22.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. The firm had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 EPS. Equities analysts expect that Legg Mason, Inc. will post $2.26 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a yield of 2.86%. Legg Mason’s dividend payout ratio (DPR) is 46.47%.
Legg Mason 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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