West Coast Financial LLC Lowers Stake in Legg Mason Inc (LM)
West Coast Financial LLC reduced its stake in Legg Mason Inc (NYSE:LM) by 1.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 128,242 shares of the asset manager’s stock after selling 2,073 shares during the period. Legg Mason accounts for approximately 1.5% of West Coast Financial LLC’s holdings, making the stock its 23rd largest position. West Coast Financial LLC owned 0.13% of Legg Mason worth $4,631,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in shares of Legg Mason by 16.4% in the first quarter. Nisa Investment Advisors LLC now owns 94,830 shares of the asset manager’s stock valued at $3,424,000 after buying an additional 13,385 shares in the last quarter. Graybill Bartz & Assoc Ltd. acquired a new position in shares of Legg Mason during the first quarter valued at $2,813,000. Cornerstone Financial Partners LLC acquired a new position in shares of Legg Mason during the first quarter valued at $2,805,000. Atria Investments LLC acquired a new position in shares of Legg Mason during the first quarter valued at $227,000. Finally, Capstone Asset Management Co. boosted its position in shares of Legg Mason by 0.8% in the first quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock valued at $436,000 after buying an additional 100 shares in the last quarter. Institutional investors own 78.75% of the company’s stock.
Shares of Legg Mason Inc (NYSE:LM) traded up 1.12% during mid-day trading on Thursday, hitting $37.78. 625,599 shares of the stock traded hands. Legg Mason Inc has a 12 month low of $27.54 and a 12 month high of $38.99. The firm has a 50 day moving average of $36.24 and a 200 day moving average of $33.33. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 38.71 and a beta of 1.93.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, February 1st. The asset manager reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.14. The business earned $715.20 million during the quarter, compared to analyst estimates of $714.13 million. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. Legg Mason’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $1.45 earnings per share. On average, equities analysts expect that Legg Mason Inc will post $2.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Thursday, March 16th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Tuesday, March 14th. Legg Mason’s dividend payout ratio (DPR) is 87.13%.
Several brokerages have recently weighed in on LM. Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Thursday, April 13th. Jefferies Group LLC reiterated a “buy” rating and set a $41.00 price target on shares of Legg Mason in a research note on Monday, March 27th. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 price target on the stock. in a research note on Friday, March 3rd. Citigroup Inc dropped their price target on shares of Legg Mason from $40.50 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, January 25th. Finally, Barclays PLC reiterated a “buy” rating and set a $37.00 price target on shares of Legg Mason in a research note on Friday, January 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $40.00.
In related news, VP Thomas C. Merchant sold 6,595 shares of the firm’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $36.06, for a total transaction of $237,815.70. Following the completion of the sale, the vice president now directly owns 56,101 shares in the company, valued at $2,023,002.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Terence Johnson sold 13,325 shares of the firm’s stock in a transaction dated Friday, March 24th. The stock was sold at an average price of $34.88, for a total transaction of $464,776.00. Following the sale, the insider now owns 122,517 shares of the company’s stock, valued at $4,273,392.96. The disclosure for this sale can be found here. Insiders sold 49,664 shares of company stock valued at $1,775,160 over the last quarter. Company insiders own 1.94% 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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