Legg Mason Inc (NYSE:LM) – Research analysts at Gabelli issued their FY2021 earnings per share estimates for Legg Mason in a research note issued on Friday. Gabelli analyst M. Sykes anticipates that the asset manager will earn $5.10 per share for the year. Gabelli also issued estimates for Legg Mason’s FY2022 earnings at $6.10 EPS.
Several other equities research analysts have also recently commented on LM. Bank of America increased their price target on Legg Mason from $42.00 to $44.00 and gave the company an “underperform” rating in a report on Thursday. Citigroup reiterated a “neutral” rating and issued a $50.00 price objective (up from $49.00) on shares of Legg Mason in a research report on Thursday. Royal Bank of Canada increased their price objective on Legg Mason to $57.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Group lowered Legg Mason from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Finally, Credit Suisse Group lowered Legg Mason from an “outperform” rating to a “neutral” rating and set a $49.00 price objective for the company. in a research report on Wednesday, January 3rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Legg Mason currently has a consensus rating of “Hold” and a consensus price target of $45.36.
Legg Mason (NYSE:LM) last posted its quarterly earnings results on Wednesday, January 24th. The asset manager reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. Legg Mason had a return on equity of 8.12% and a net margin of 11.43%. The firm had revenue of $793.10 million during the quarter, compared to analysts’ expectations of $777.11 million. During the same quarter last year, the firm earned $0.50 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis.
A number of institutional investors have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Legg Mason by 164.8% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 514,812 shares of the asset manager’s stock worth $20,236,000 after buying an additional 320,376 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Legg Mason during the second quarter worth $9,946,000. APG Asset Management N.V. boosted its position in shares of Legg Mason by 405.7% during the fourth quarter. APG Asset Management N.V. now owns 273,100 shares of the asset manager’s stock worth $9,548,000 after buying an additional 219,100 shares during the period. First Trust Advisors LP boosted its position in shares of Legg Mason by 153.7% during the third quarter. First Trust Advisors LP now owns 346,610 shares of the asset manager’s stock worth $13,625,000 after buying an additional 209,971 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Legg Mason by 2.4% during the second quarter. Vanguard Group Inc. now owns 7,399,178 shares of the asset manager’s stock worth $282,352,000 after buying an additional 174,167 shares during the period. Institutional investors own 82.59% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Wednesday, December 20th were given a $0.28 dividend. The ex-dividend date was Tuesday, December 19th. This represents a $1.12 annualized dividend and a yield of 2.45%. Legg Mason’s payout ratio is 30.77%.
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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