Legg Mason, Inc. (NYSE:LM) declared a quarterly dividend on Wednesday, July 26th, RTT News reports. Shareholders of record on Thursday, October 5th will be paid a dividend of 0.28 per share by the asset manager on Monday, October 23rd. This represents a $1.12 annualized dividend and a dividend yield of 2.70%.
Legg Mason has increased its dividend by an average of 31.4% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Legg Mason has a dividend payout ratio of 42.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Legg Mason to earn $3.25 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 34.5%.
Shares of Legg Mason (NYSE:LM) traded up 0.88% during trading on Wednesday, hitting $41.41. The company’s stock had a trading volume of 1,015,307 shares. The company has a market cap of $3.97 billion, a PE ratio of 19.00 and a beta of 2.19. The firm’s 50 day moving average price is $39.29 and its 200-day moving average price is $36.72. Legg Mason has a 52 week low of $28.10 and a 52 week high of $41.41.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 EPS. On average, analysts predict that Legg Mason will post $2.26 earnings per share for the current year.
A number of equities research analysts recently weighed in on LM shares. BidaskClub raised shares of Legg Mason from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 21st. Credit Suisse Group reaffirmed a “buy” rating and set a $41.00 price objective on shares of Legg Mason in a research report on Friday, June 16th. Citigroup Inc. downgraded shares of Legg Mason from a “buy” rating to a “neutral” rating in a research report on Thursday, July 13th. Zacks Investment Research downgraded shares of Legg Mason from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $38.00 price objective (up previously from $35.00) on shares of Legg Mason in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $40.78.
In other Legg Mason news, insider Terence Johnson sold 8,777 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.24, for a total value of $326,855.48. Following the completion of the transaction, the insider now owns 100,415 shares in the company, valued at approximately $3,739,454.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Tian Qiao Chen sold 4,232,500 shares of the company’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,243,022 shares of company stock valued at $163,047,076. 12.70% of the stock is owned by insiders.
Legg Mason Company 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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