Dalton Greiner Hartman Maher & Co. boosted its holdings in Legg Mason Inc (NYSE:LM) by 3.2% during the fourth quarter, Holdings Channel reports. The fund owned 527,188 shares of the asset manager’s stock after buying an additional 16,107 shares during the period. Legg Mason comprises 1.2% of Dalton Greiner Hartman Maher & Co.’s holdings, making the stock its 23rd biggest position. Dalton Greiner Hartman Maher & Co.’s holdings in Legg Mason were worth $22,131,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First Citizens Bank & Trust Co. acquired a new position in Legg Mason in the fourth quarter valued at approximately $312,000. Hutchens Investment Management Inc acquired a new position in Legg Mason in the fourth quarter valued at approximately $251,000. AXA lifted its holdings in Legg Mason by 96.6% in the third quarter. AXA now owns 253,400 shares of the asset manager’s stock valued at $9,961,000 after acquiring an additional 124,500 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Legg Mason by 2.8% in the third quarter. California Public Employees Retirement System now owns 327,610 shares of the asset manager’s stock valued at $12,878,000 after acquiring an additional 8,820 shares during the last quarter. Finally, Janney Capital Management LLC acquired a new position in Legg Mason in the third quarter valued at approximately $275,000. Hedge funds and other institutional investors own 82.49% of the company’s stock.
A number of research analysts recently commented on LM shares. Zacks Investment Research upgraded Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Wednesday, November 8th. Deutsche Bank started coverage on Legg Mason in a report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price objective on the stock. Royal Bank of Canada set a $47.00 price objective on Legg Mason and gave the company a “buy” rating in a report on Wednesday, October 18th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a report on Friday, September 29th. Finally, Credit Suisse Group cut Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $43.90.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. The company had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 earnings per share. analysts predict that Legg Mason Inc will post 2.89 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Tuesday, December 19th. Legg Mason’s payout ratio is 43.75%.
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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