Legg Mason, Inc. (LM) Shares Bought by West Coast Financial LLC
West Coast Financial LLC increased its stake in Legg Mason, Inc. (NYSE:LM) by 2.6% during the second quarter, Holdings Channel reports. The fund owned 131,636 shares of the asset manager’s stock after buying an additional 3,394 shares during the period. Legg Mason comprises about 1.6% of West Coast Financial LLC’s holdings, making the stock its 20th largest position. West Coast Financial LLC owned about 0.14% of Legg Mason worth $5,023,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Legg Mason by 1,729.5% in the first quarter. BlackRock Inc. now owns 7,932,618 shares of the asset manager’s stock valued at $286,448,000 after buying an additional 7,499,031 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Legg Mason by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after buying an additional 111,523 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Legg Mason by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,281,797 shares of the asset manager’s stock valued at $118,506,000 after buying an additional 88,706 shares during the last quarter. LSV Asset Management increased its position in shares of Legg Mason by 5.4% in the first quarter. LSV Asset Management now owns 1,402,296 shares of the asset manager’s stock valued at $50,636,000 after buying an additional 72,470 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Legg Mason by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 1,168,567 shares of the asset manager’s stock valued at $42,196,000 after buying an additional 51,264 shares during the last quarter. Institutional investors own 80.12% of the company’s stock.
Legg Mason, Inc. (LM) traded up 0.75% during trading on Wednesday, reaching $40.17. The company’s stock had a trading volume of 161,750 shares. The stock’s 50-day moving average is $38.93 and its 200 day moving average is $36.49. Legg Mason, Inc. has a 52-week low of $28.10 and a 52-week high of $40.82. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 18.43 and a beta of 2.19.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.29. The business had revenue of $723.13 million for the quarter, compared to the consensus estimate of $701.50 million. Legg Mason had a return on equity of 6.71% and a net margin of 7.87%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) earnings per share. On average, analysts predict that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Tuesday, June 13th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 9th. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. This is an increase from Legg Mason’s previous quarterly dividend of $0.22. Legg Mason’s dividend payout ratio is currently 50.91%.
Several research analysts recently weighed in on LM shares. Jefferies Group LLC reissued a “buy” rating and issued a $41.00 target price on shares of Legg Mason in a research note on Monday, March 27th. Zacks Investment Research raised shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Thursday, April 13th. Credit Suisse Group reaffirmed a “buy” rating and set a $41.00 price objective on shares of Legg Mason in a research note on Friday, June 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. Finally, ValuEngine downgraded shares of Legg Mason from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Legg Mason currently has a consensus rating of “Hold” and a consensus target price of $40.78.
In related news, insider Terence Johnson sold 8,777 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $37.24, for a total transaction of $326,855.48. Following the completion of the transaction, the insider now directly owns 100,415 shares of the company’s stock, valued at approximately $3,739,454.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Tian Qiao Chen sold 4,232,500 shares of the firm’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total value of $162,654,975.00. Following the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at $130,008.69. The disclosure for this sale can be found here. Insiders have sold 4,243,022 shares of company stock worth $163,047,076 in the last three months. 12.70% of the stock is currently owned by company insiders.
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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