Raymond James & Associates Buys 60,435 Shares of Legg Mason Inc (LM)
Raymond James & Associates lifted its stake in Legg Mason Inc (NYSE:LM) by 8.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 762,282 shares of the asset manager’s stock after buying an additional 60,435 shares during the period. Raymond James & Associates’ holdings in Legg Mason were worth $26,474,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Optimum Investment Advisors bought a new stake in Legg Mason during the first quarter worth $103,000. IFP Advisors Inc lifted its stake in Legg Mason by 183.7% during the first quarter. IFP Advisors Inc now owns 3,470 shares of the asset manager’s stock worth $141,000 after purchasing an additional 2,247 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Legg Mason during the second quarter worth $142,000. Group One Trading L.P. bought a new stake in Legg Mason during the first quarter worth $239,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Legg Mason during the first quarter worth $262,000. Institutional investors and hedge funds own 86.56% of the company’s stock.
LM has been the subject of several recent analyst reports. ValuEngine cut Legg Mason from a “hold” rating to a “sell” rating in a research note on Wednesday, June 6th. TheStreet cut Legg Mason from a “b” rating to a “c+” rating in a research note on Thursday, June 7th. Zacks Investment Research cut Legg Mason from a “hold” rating to a “sell” rating in a research note on Tuesday, June 26th. Morgan Stanley cut their target price on Legg Mason from $39.00 to $34.00 and set an “underweight” rating for the company in a research note on Thursday, July 12th. Finally, Wells Fargo & Co cut their target price on Legg Mason from $44.00 to $43.00 and set an “outperform” rating for the company in a research note on Friday, July 13th. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $44.36.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, July 25th. The asset manager reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.03). The company had revenue of $747.91 million for the quarter, compared to analyst estimates of $748.72 million. Legg Mason had a return on equity of 8.12% and a net margin of 11.87%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the company posted $0.52 earnings per share. sell-side analysts anticipate that Legg Mason Inc will post 3.46 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Friday, October 5th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.36 annualized dividend and a dividend yield of 4.54%. Legg Mason’s dividend payout ratio (DPR) is presently 36.56%.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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