$0.69 Earnings Per Share Expected for Legg Mason, Inc. (LM) This Quarter
Analysts expect Legg Mason, Inc. (NYSE:LM) to report earnings of $0.69 per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Legg Mason’s earnings, with estimates ranging from $0.67 to $0.71. Legg Mason posted earnings per share of $0.63 during the same quarter last year, which indicates a positive year over year growth rate of 9.5%. The company is expected to announce its next earnings report after the market closes on Wednesday, October 25th.
On average, analysts expect that Legg Mason will report full year earnings of $2.65 per share for the current year, with EPS estimates ranging from $2.57 to $2.74. For the next financial year, analysts expect that the firm will report earnings of $3.06 per share, with EPS estimates ranging from $2.52 to $3.30. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that cover Legg Mason.
Legg Mason (NYSE:LM) last released its earnings results on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.09. The business had revenue of $793.80 million for the quarter, compared to the consensus estimate of $766.60 million. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $0.68 earnings per share.
LM has been the subject of a number of research reports. Morgan Stanley cut Legg Mason from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $37.00 to $36.00 in a research note on Thursday, October 5th. Credit Suisse Group reissued a “buy” rating and set a $47.00 target price on shares of Legg Mason in a research note on Sunday, July 9th. Royal Bank Of Canada initiated coverage on Legg Mason in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price for the company. BidaskClub raised Legg Mason from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research raised Legg Mason from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $42.89.
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Institutional investors and hedge funds have recently modified their holdings of the company. FNY Partners Fund LP bought a new position in shares of Legg Mason during the 1st quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Legg Mason by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after acquiring an additional 294 shares in the last quarter. QCM Cayman Ltd. bought a new position in shares of Legg Mason during the 2nd quarter worth approximately $200,000. Envestnet Asset Management Inc. grew its stake in shares of Legg Mason by 23.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Gotham Asset Management LLC bought a new position in shares of Legg Mason during the 2nd quarter worth approximately $212,000. 82.28% of the stock is owned by institutional investors.
Legg Mason (NYSE LM) traded down 2.83% on Monday, hitting $37.73. 1,062,966 shares of the stock traded hands. The company’s 50 day moving average price is $38.15 and its 200-day moving average price is $38.19. Legg Mason has a 12-month low of $28.10 and a 12-month high of $42.08. The stock has a market capitalization of $3.53 billion, a P/E ratio of 15.68 and a beta of 2.22.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 23rd. Stockholders of record on Thursday, October 5th will be paid 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 2.97%. Legg Mason’s dividend payout ratio is currently 46.47%.
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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