Legg Mason Inc (LM) Expected to Post Q3 2018 Earnings of $0.83 Per Share
Legg Mason Inc (NYSE:LM) – Investment analysts at Jefferies Group raised their Q3 2018 earnings per share (EPS) estimates for shares of Legg Mason in a research report issued to clients and investors on Wednesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings per share of $0.83 for the quarter, up from their previous estimate of $0.70. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Legg Mason’s FY2019 earnings at $3.48 EPS.
Other research analysts have also issued research reports about the company. Royal Bank of Canada set a $49.00 price target on Legg Mason and gave the stock a “buy” rating in a research report on Friday, December 15th. Morgan Stanley downgraded Legg Mason from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $37.00 to $36.00 in a research note on Thursday, October 5th. Zacks Investment Research raised Legg Mason from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, December 26th. Credit Suisse Group boosted their price objective on Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Finally, Citigroup reissued a “hold” rating and issued a $42.00 price objective on shares of Legg Mason in a research note on Tuesday, December 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $43.90.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. Legg Mason had a return on equity of 7.16% and a net margin of 8.46%. The company had revenue of $768.30 million during the quarter, compared to analyst estimates of $739.47 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Tuesday, December 19th. Legg Mason’s dividend payout ratio is presently 43.75%.
Several institutional investors have recently made changes to their positions in LM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Legg Mason by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock worth $122,000 after purchasing an additional 294 shares during the period. QCM Cayman Ltd. acquired a new stake in shares of Legg Mason during the second quarter worth $200,000. Gotham Asset Management LLC acquired a new stake in shares of Legg Mason during the second quarter worth $212,000. Institute for Wealth Management LLC. acquired a new stake in shares of Legg Mason during the second quarter worth $224,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Legg Mason during the third quarter worth $224,000. 82.49% of the stock is currently owned by institutional investors.
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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