Comerica Bank lowered its holdings in shares of Legg Mason, Inc. (NYSE:LM) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 612,687 shares of the asset manager’s stock after selling 9,829 shares during the quarter. Comerica Bank owned approximately 0.65% of Legg Mason worth $23,416,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Laurion Capital Management LP purchased a new position in shares of Legg Mason in the second quarter valued at approximately $37,103,000. LSV Asset Management lifted its position in shares of Legg Mason by 55.7% in the second quarter. LSV Asset Management now owns 2,183,004 shares of the asset manager’s stock valued at $83,303,000 after acquiring an additional 780,708 shares in the last quarter. UBS Oconnor LLC purchased a new position in shares of Legg Mason in the second quarter valued at approximately $13,055,000. Marshall Wace North America L.P. purchased a new position in shares of Legg Mason in the second quarter valued at approximately $12,031,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Legg Mason in the second quarter valued at approximately $9,946,000. Institutional investors own 83.21% of the company’s stock.
Shares of Legg Mason, Inc. (NYSE LM) traded down $0.23 during trading on Tuesday, reaching $37.83. The company had a trading volume of 780,400 shares, compared to its average volume of 1,093,429. Legg Mason, Inc. has a 52-week low of $29.71 and a 52-week high of $42.08. The stock has a market capitalization of $3,499.14, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.89 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 2.51.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. The firm had revenue of $768.30 million for the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 earnings per share. equities analysts predict that Legg Mason, Inc. will post 2.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.96%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.
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Several equities analysts have recently weighed in on LM shares. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Credit Suisse Group raised their target price on Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Wednesday, November 8th. Deutsche Bank AG started coverage on Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 target price on the stock. Finally, Morgan Stanley downgraded Legg Mason from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $37.00 to $36.00 in a research report on Thursday, October 5th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Legg Mason currently has an average rating of “Hold” and an average target price of $43.10.
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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