GHP Investment Advisors Inc. boosted its stake in shares of Legg Mason Inc (NYSE:LM) by 42.4% during the first quarter, Holdings Channel reports. The fund owned 29,585 shares of the asset manager’s stock after buying an additional 8,810 shares during the period. GHP Investment Advisors Inc.’s holdings in Legg Mason were worth $1,068,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc increased its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock valued at $129,000 after buying an additional 2,500 shares during the last quarter. Credit Agricole S A increased its position in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock valued at $147,000 after buying an additional 1,626 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Legg Mason by 188.6% in the third quarter. Canada Pension Plan Investment Board now owns 5,800 shares of the asset manager’s stock valued at $194,000 after buying an additional 3,790 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new position in Legg Mason during the third quarter valued at approximately $201,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in Legg Mason during the third quarter valued at approximately $202,000. 78.75% of the stock is currently owned by institutional investors.
Shares of Legg Mason Inc (NYSE:LM) traded up 1.71% during midday trading on Friday, reaching $38.10. The company had a trading volume of 1,141,583 shares. Legg Mason Inc has a one year low of $27.54 and a one year high of $38.99. The company has a 50 day moving average price of $37.14 and a 200-day moving average price of $34.19. The firm has a market capitalization of $3.71 billion, a P/E ratio of 17.48 and a beta of 1.93.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The business had revenue of $723.13 million for the quarter, compared to analysts’ expectations of $701.50 million. During the same quarter in the previous year, the firm posted ($0.15) EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts anticipate that Legg Mason Inc will post $2.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be issued a dividend of $0.28 per share. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, June 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.99%. Legg Mason’s payout ratio is presently 87.13%.
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Several equities analysts have recently commented on LM shares. Jefferies Group LLC upped their target price on Legg Mason from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Citigroup Inc decreased their target price on Legg Mason from $40.50 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, January 25th. Zacks Investment Research raised Legg Mason from a “sell” rating to a “hold” rating in a research report on Thursday, April 13th. Finally, Evercore ISI downgraded Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 target price on the stock. in a research report on Friday, March 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $39.43.
In other Legg Mason news, insider Terence Johnson sold 13,325 shares of the business’s stock in a transaction on Friday, March 24th. The shares were sold at an average price of $34.88, for a total transaction of $464,776.00. Following the sale, the insider now owns 122,517 shares of the company’s stock, valued at approximately $4,273,392.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ursula Schliessler sold 1,745 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.39, for a total transaction of $65,245.55. Following the sale, the chief accounting officer now directly owns 14,445 shares in the company, valued at approximately $540,098.55. The disclosure for this sale can be found here. Insiders have sold a total of 23,847 shares of company stock worth $856,877 in the last three months. Insiders own 1.94% of the company’s stock.
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.
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