FY2018 EPS Estimates for Legg Mason, Inc. (LM) Lifted by Gabelli
Legg Mason, Inc. (NYSE:LM) – Stock analysts at Gabelli boosted their FY2018 earnings per share (EPS) estimates for shares of Legg Mason in a note issued to investors on Tuesday. Gabelli analyst M. Sykes now anticipates that the asset manager will post earnings per share of $2.86 for the year, up from their prior estimate of $2.63.
Several other analysts also recently commented on LM. Credit Suisse Group raised their target price on Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Thursday, October 26th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a research note on Friday, September 29th. Citigroup Inc. restated a “neutral” rating and issued a $41.00 target price (down from $43.00) on shares of Legg Mason in a research note on Friday, August 11th. BidaskClub downgraded Legg Mason from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $38.00 target price (up from $35.00) on shares of Legg Mason in a research note on Monday, July 10th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $43.11.
Legg Mason (NYSE:LM) last posted its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.10. The company had revenue of $768.30 million during the quarter, compared to analysts’ expectations of $739.47 million. Legg Mason had a return on equity of 7.15% and a net margin of 8.46%. Legg Mason’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.93%. Legg Mason’s dividend payout ratio (DPR) is currently 43.75%.
Several institutional investors have recently bought and sold shares of LM. Prudential Financial Inc. lifted its position in shares of Legg Mason by 1.2% during the 1st quarter. Prudential Financial Inc. now owns 54,899 shares of the asset manager’s stock worth $1,982,000 after buying an additional 630 shares in the last quarter. Credit Agricole S A lifted its position in shares of Legg Mason by 63.3% during the 1st quarter. Credit Agricole S A now owns 8,049 shares of the asset manager’s stock worth $291,000 after buying an additional 3,121 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Legg Mason by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 7,225,011 shares of the asset manager’s stock worth $260,895,000 after buying an additional 111,523 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Legg Mason by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 720,658 shares of the asset manager’s stock worth $26,022,000 after buying an additional 16,831 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Legg Mason by 8.5% during the 1st quarter. Morgan Stanley now owns 476,402 shares of the asset manager’s stock worth $17,203,000 after buying an additional 37,253 shares in the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
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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