Comerica Securities Inc. Has $2.80 Million Position in Legg Mason, Inc. (LM)
Comerica Securities Inc. increased its holdings in Legg Mason, Inc. (NYSE:LM) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,914 shares of the asset manager’s stock after acquiring an additional 2,183 shares during the period. Comerica Securities Inc. owned about 0.08% of Legg Mason worth $2,803,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Nationwide Fund Advisors increased its stake in Legg Mason by 1.2% in the 1st quarter. Nationwide Fund Advisors now owns 160,088 shares of the asset manager’s stock valued at $5,781,000 after buying an additional 1,913 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Legg Mason by 52.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 15,600 shares of the asset manager’s stock valued at $563,000 after buying an additional 5,400 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Legg Mason by 4.6% in the 1st 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. UBS Asset Management Americas Inc. increased its stake in Legg Mason by 13.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 81,668 shares of the asset manager’s stock valued at $2,949,000 after buying an additional 9,978 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in Legg Mason in the 1st quarter valued at about $2,968,000. Institutional investors own 82.31% of the company’s stock.
In other news, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the transaction, the director now directly owns 3,383 shares of the company’s stock, valued at $130,008.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.70% of the stock is owned by insiders.
Legg Mason, Inc. (NYSE LM) traded up 0.05% on Thursday, hitting $37.86. 100,116 shares of the stock were exchanged. The company has a 50-day moving average of $38.05 and a 200-day moving average of $37.78. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 15.74 and a beta of 2.21. Legg Mason, Inc. has a 12 month low of $28.10 and a 12 month high of $42.08.
Legg Mason (NYSE:LM) last issued its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business had revenue of $793.80 million during the quarter, compared to analysts’ expectations of $766.60 million. During the same period in the previous year, the company earned $0.68 earnings per share. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities analysts predict that Legg Mason, Inc. will post $2.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.96%. Legg Mason’s payout ratio is 46.47%.
Several research firms have commented on LM. BidaskClub upgraded shares of Legg Mason from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 21st. Credit Suisse Group reiterated a “buy” rating and issued a $41.00 price objective on shares of Legg Mason in a research note on Friday, June 16th. Royal Bank Of Canada reiterated a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a research note on Friday, July 28th. Citigroup Inc. lowered shares of Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research lowered shares of Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $42.00.
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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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