Legg Mason, Inc. to Post Q2 2018 Earnings of $0.71 Per Share, Jefferies Group Forecasts (LM)
Legg Mason, Inc. (NYSE:LM) – Analysts at Jefferies Group lifted their Q2 2018 EPS estimates for Legg Mason in a research report issued on Tuesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings of $0.71 per share for the quarter, up from their prior estimate of $0.69. Jefferies Group has a “Buy” rating and a $49.00 price objective on the stock. Jefferies Group also issued estimates for Legg Mason’s FY2018 earnings at $2.66 EPS.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Legg Mason had a return on equity of 6.84% and a net margin of 8.21%. The company had revenue of $793.80 million for the quarter, compared to analyst estimates of $766.60 million. During the same quarter in the previous year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year.
LM has been the subject of several other reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $47.00 price objective on shares of Legg Mason in a report on Friday, September 29th. Royal Bank Of Canada started coverage on shares of Legg Mason in a report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price objective for the company. Barclays PLC started coverage on shares of Legg Mason in a report on Friday, September 8th. They set an “equal weight” rating and a $39.00 target price for the company. BidaskClub upgraded shares of Legg Mason from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Credit Suisse Group restated a “buy” rating and set a $41.00 target price on shares of Legg Mason in a report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Legg Mason presently has an average rating of “Hold” and an average target price of $42.75.
Shares of Legg Mason (LM) traded down 1.48% during midday trading on Wednesday, reaching $38.56. The company’s stock had a trading volume of 218,291 shares. The stock has a 50 day moving average of $37.95 and a 200-day moving average of $38.08. The company has a market capitalization of $3.61 billion, a P/E ratio of 17.69 and a beta of 2.22. Legg Mason has a 1-year low of $28.10 and a 1-year high of $42.08.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.86%. Legg Mason’s dividend payout ratio (DPR) is presently 46.47%.
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Legg Mason by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock valued at $260,895,000 after acquiring an additional 111,523 shares in the last quarter. WBI Investments Inc. purchased a new stake in shares of Legg Mason in the 2nd quarter valued at approximately $1,654,000. Legal & General Group Plc lifted its position in shares of Legg Mason by 46.1% in the 1st quarter. Legal & General Group Plc now owns 123,073 shares of the asset manager’s stock valued at $4,445,000 after acquiring an additional 38,833 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Legg Mason by 58.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 39,569 shares of the asset manager’s stock valued at $1,510,000 after acquiring an additional 14,673 shares in the last quarter. Finally, North Star Asset Management Inc. purchased a new stake in shares of Legg Mason in the 1st quarter valued at approximately $234,000. Institutional investors and hedge funds own 82.28% of the company’s stock.
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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