Legg Mason, Inc. (NYSE:LM) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Legg Mason, Inc. (NYSE:LM) announced its quarterly earnings data on Wednesday. The asset manager reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01, Bloomberg Earnings reports. Legg Mason had a return on equity of 6.71% and a net margin of 7.87%. The company had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Legg Mason’s revenue was up 13.4% compared to the same quarter last year.
Shares of Legg Mason (LM) traded up 0.88% during mid-day trading on Wednesday, reaching $41.41. The company’s stock had a trading volume of 1,015,410 shares. Legg Mason has a one year low of $28.10 and a one year high of $41.41. The stock has a market cap of $3.97 billion, a P/E ratio of 19.00 and a beta of 2.19. The stock has a 50 day moving average of $39.29 and a 200-day moving average of $36.72.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 23rd. Shareholders of record on Thursday, October 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.70%. Legg Mason’s dividend payout ratio (DPR) is presently 50.91%.
Several research analysts recently issued reports on LM shares. BidaskClub cut Legg Mason from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research raised Legg Mason from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC increased their price objective on Legg Mason from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Morgan Stanley reissued an “equal weight” rating and issued a $38.00 price objective (up previously from $35.00) on shares of Legg Mason in a research note on Monday, July 10th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $43.00 price objective on shares of Legg Mason in a research note on Tuesday, May 30th. Two analysts have rated the stock with a sell rating, three have issued 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 other Legg Mason news, 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 value of $65,245.55. Following the completion of the transaction, the chief accounting officer now owns 14,445 shares in the company, valued at $540,098.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Tian Qiao Chen sold 4,232,500 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was 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 approximately $130,008.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,243,022 shares of company stock valued at $163,047,076. Insiders own 12.70% of the company’s stock.
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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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