Brown Advisory Inc. lowered its stake in shares of Legg Mason Inc. (NYSE:LM) by 44.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,401 shares of the company’s stock after selling 6,766 shares during the period. Brown Advisory Inc.’s holdings in Legg Mason were worth $247,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new stake in Legg Mason during the fourth quarter worth $37,380,000. Aperio Group LLC raised its stake in Legg Mason by 106.3% in the first quarter. Aperio Group LLC now owns 91,043 shares of the company’s stock worth $3,157,000 after buying an additional 46,914 shares in the last quarter. Prudential Financial Inc. raised its stake in Legg Mason by 28.3% in the first quarter. Prudential Financial Inc. now owns 229,300 shares of the company’s stock worth $7,952,000 after buying an additional 50,600 shares in the last quarter. BlackRock Group LTD raised its stake in Legg Mason by 2.8% in the first quarter. BlackRock Group LTD now owns 884,292 shares of the company’s stock worth $30,667,000 after buying an additional 24,217 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Legg Mason by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,881,436 shares of the company’s stock worth $99,928,000 after buying an additional 31,592 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.
Legg Mason Inc. (NYSE:LM) traded down 2.07% on Thursday, reaching $33.58. 170,725 shares of the company traded hands. The stock’s 50-day moving average is $34.05 and its 200-day moving average is $32.97. The stock’s market capitalization is $3.48 billion. Legg Mason Inc. has a 1-year low of $24.93 and a 1-year high of $46.41.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.25 by $0.06. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business had revenue of $700.20 million for the quarter, compared to analyst estimates of $681.99 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Legg Mason’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts expect that Legg Mason Inc. will post $2.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Tuesday, October 4th. Legg Mason’s payout ratio is currently -103.53%.
A number of research firms recently weighed in on LM. Morgan Stanley restated a “hold” rating on shares of Legg Mason in a report on Friday, September 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $4.00 target price on shares of Legg Mason in a report on Monday, September 12th. Barclays PLC reiterated an “overweight” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Sunday, July 31st. Jefferies Group reiterated a “buy” rating on shares of Legg Mason in a research note on Thursday, August 11th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $37.20.
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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