Zacks: Analysts Expect Legg Mason, Inc. (NYSE:LM) to Post $0.43 Earnings Per Share
Wall Street brokerages expect that Legg Mason, Inc. (NYSE:LM) will post $0.43 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Legg Mason’s earnings. The highest EPS estimate is $0.45 and the lowest is $0.40. Legg Mason posted earnings of $0.31 per share during the same quarter last year, which indicates a positive year over year growth rate of 38.7%. The business is scheduled to report its next quarterly earnings report after the market closes on Wednesday, July 26th.
According to Zacks, analysts expect that Legg Mason will report full-year earnings of $2.65 per share for the current fiscal year, with EPS estimates ranging from $2.52 to $2.75. For the next financial year, analysts expect that the firm will post earnings of $3.15 per share, with EPS estimates ranging from $2.72 to $3.43. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Legg Mason.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.29. The company had revenue of $723.13 million for the quarter, compared to the consensus estimate of $701.50 million. Legg Mason had a net margin of 7.87% and a return on equity of 6.71%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.15) earnings per share.
A number of research firms recently 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. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $43.00 target price on shares of Legg Mason in a research note on Tuesday, May 30th. Jefferies Group LLC reiterated a “buy” rating and issued a $41.00 target price on shares of Legg Mason in a research note on Monday, March 27th. Citigroup Inc. cut shares of Legg Mason from a “buy” rating to a “neutral” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research note on Thursday, April 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $40.78.
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In related news, insider Terence Johnson sold 8,777 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $37.24, for a total value of $326,855.48. Following the completion of the transaction, the insider now directly owns 100,415 shares in the company, valued at approximately $3,739,454.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction 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 owns 3,383 shares of the company’s stock, valued at $130,008.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,243,022 shares of company stock valued at $163,047,076. Company insiders own 12.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Cornerstone Financial Partners LLC bought a new stake in shares of Legg Mason during the first quarter valued at approximately $2,805,000. Atria Investments LLC bought a new stake in shares of Legg Mason during the first quarter valued at approximately $227,000. Capstone Asset Management Co. raised its stake in shares of Legg Mason by 0.8% in the first quarter. Capstone Asset Management Co. now owns 12,085 shares of the asset manager’s stock valued at $436,000 after buying an additional 100 shares during the last quarter. Puplava Financial Services Inc. bought a new stake in shares of Legg Mason during the first quarter valued at approximately $3,570,000. Finally, Raymond James Trust N.A. raised its stake in shares of Legg Mason by 2.0% in the first quarter. Raymond James Trust N.A. now owns 13,752 shares of the asset manager’s stock valued at $497,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 80.12% of the company’s stock.
Legg Mason (NYSE:LM) opened at 40.58 on Friday. The company has a market cap of $3.89 billion, a P/E ratio of 18.61 and a beta of 2.19. The company’s 50-day moving average is $39.15 and its 200-day moving average is $36.55. Legg Mason has a 12 month low of $28.10 and a 12 month high of $40.96.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.76%. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, June 9th. Legg Mason’s payout ratio is presently 50.91%.
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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