Vanguard Group Inc. Acquires 174,167 Shares of Legg Mason, Inc. (LM)

Vanguard Group Inc. raised its holdings in Legg Mason, Inc. (NYSE:LM) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,399,178 shares of the asset manager’s stock after acquiring an additional 174,167 shares during the period. Vanguard Group Inc. owned approximately 7.81% of Legg Mason worth $282,352,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FNY Partners Fund LP acquired a new stake in Legg Mason in the 1st quarter valued at about $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Legg Mason by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after acquiring an additional 294 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Legg Mason by 23.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock valued at $212,000 after acquiring an additional 1,100 shares during the last quarter. Investment Centers of America Inc. acquired a new stake in Legg Mason in the 1st quarter valued at about $226,000. Finally, North Star Asset Management Inc. acquired a new stake in Legg Mason in the 1st quarter valued at about $234,000. Institutional investors own 82.28% of the company’s stock.

A number of brokerages have recently issued reports on LM. Morgan Stanley downgraded shares of Legg Mason from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $37.00 to $36.00 in a report on Thursday, October 5th. Keefe, Bruyette & Woods restated a “buy” rating and set a $47.00 price target on shares of Legg Mason in a report on Friday, September 29th. Barclays PLC began coverage on shares of Legg Mason in a report on Friday, September 8th. They set an “equal weight” rating and a $39.00 price target for the company. Jefferies Group LLC restated a “buy” rating and set a $49.00 price target on shares of Legg Mason in a report on Sunday, August 20th. Finally, Citigroup Inc. restated a “neutral” rating and set a $41.00 price target (down previously from $43.00) on shares of Legg Mason in a report on Friday, August 11th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.75.

Shares of Legg Mason, Inc. (NYSE LM) opened at 39.14 on Wednesday. The firm has a market cap of $3.66 billion, a P/E ratio of 16.27 and a beta of 2.22. Legg Mason, Inc. 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 $37.95 and a 200 day moving average of $38.08.

Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The firm had revenue of $793.80 million during the quarter, compared to analyst estimates of $766.60 million. During the same quarter in the prior year, the business posted $0.68 earnings per share. Legg Mason’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities research analysts anticipate that Legg Mason, Inc. will post $2.26 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.86%. The ex-dividend date is Wednesday, October 4th. Legg Mason’s dividend payout ratio (DPR) is 46.47%.

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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.

Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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