Legg Mason Inc. (NYSE:LM) – Equities researchers at Jefferies Group dropped their Q2 2017 earnings per share estimates for shares of Legg Mason in a research report issued to clients and investors on Tuesday. Jefferies Group analyst D. Fannon now anticipates that the brokerage will post earnings per share of $0.58 for the quarter, down from their previous estimate of $0.62. Jefferies Group currently has a “Buy” rating and a $33.00 target price on the stock. Jefferies Group also issued estimates for Legg Mason’s Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.82 EPS, Q4 2018 earnings at $0.80 EPS and FY2018 earnings at $3.07 EPS.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.25 by $0.06. The firm earned $700.20 million during the quarter, compared to the consensus estimate of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 earnings per share.
Several other research firms have also recently weighed in on LM. Morgan Stanley raised their target price on shares of Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Barclays PLC reaffirmed an “overweight” rating and set a $41.00 target price on shares of Legg Mason in a research note on Sunday, July 31st. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Zacks Investment Research raised shares of Legg Mason from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $44.00 target price on shares of Legg Mason in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Legg Mason currently has a consensus rating of “Buy” and a consensus price target of $42.11.
Legg Mason (NYSE:LM) traded down 0.34% during trading on Wednesday, reaching $31.91. 444,726 shares of the company were exchanged. The company’s 50-day moving average price is $33.83 and its 200-day moving average price is $32.93. Legg Mason has a 1-year low of $24.93 and a 1-year high of $46.41. The stock’s market capitalization is $3.31 billion.
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. Legg Mason’s dividend payout ratio is presently -103.53%.
Several institutional investors have recently added to or reduced their stakes in LM. Fox Run Management L.L.C. purchased a new position in Legg Mason during the third quarter worth approximately $244,000. Raymond James Trust N.A. raised its stake in shares of Legg Mason by 3.3% in the third quarter. Raymond James Trust N.A. now owns 11,638 shares of the company’s stock worth $390,000 after buying an additional 372 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Legg Mason by 55.8% in the third quarter. Fisher Asset Management LLC now owns 229,399 shares of the company’s stock worth $7,680,000 after buying an additional 82,200 shares during the last quarter. Kentucky Retirement Systems bought a new stake in shares of Legg Mason during the second quarter worth $264,000. Finally, Mason Street Advisors LLC bought a new stake in shares of Legg Mason during the second quarter worth $419,000. 78.66% of the stock is owned by hedge funds and other institutional investors.
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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