Oppenheimer & Co. Inc. bought a new position in shares of Legg Mason Inc (NYSE:LM) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 10,161 shares of the asset manager’s stock, valued at approximately $389,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. WBI Investments Inc. raised its stake in Legg Mason by 332.2% during the second quarter. WBI Investments Inc. now owns 185,713 shares of the asset manager’s stock worth $7,109,000 after acquiring an additional 142,745 shares during the period. Raymond James & Associates raised its position in shares of Legg Mason by 17.4% during the 1st quarter. Raymond James & Associates now owns 908,238 shares of the asset manager’s stock worth $24,858,000 after purchasing an additional 134,469 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Legg Mason by 105.7% in the 1st quarter. JPMorgan Chase & Co. now owns 252,910 shares of the asset manager’s stock worth $6,923,000 after purchasing an additional 129,930 shares during the last quarter. Chicago Equity Partners LLC lifted its holdings in shares of Legg Mason by 69.6% in the 2nd quarter. Chicago Equity Partners LLC now owns 312,836 shares of the asset manager’s stock worth $11,975,000 after purchasing an additional 128,396 shares during the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in Legg Mason during the 1st quarter valued at approximately $3,272,000. Institutional investors own 87.83% of the company’s stock.
A number of research analysts recently commented on the company. Credit Suisse Group upped their price objective on Legg Mason from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Morgan Stanley set a $27.00 price target on shares of Legg Mason and gave the company a “sell” rating in a report on Thursday, May 16th. Evercore ISI restated a “hold” rating and set a $36.00 price target on shares of Legg Mason in a research report on Tuesday, August 13th. Zacks Investment Research cut shares of Legg Mason from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a report on Monday, August 19th. Finally, Royal Bank of Canada increased their price objective on shares of Legg Mason to $39.00 and gave the stock an “in-line” rating in a report on Tuesday, May 14th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $34.09.
Legg Mason (NYSE:LM) last announced its quarterly earnings results on Thursday, August 1st. The asset manager reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 1.72%. The company had revenue of $705.36 million during the quarter, compared to analyst estimates of $708.70 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. Research analysts expect that Legg Mason Inc will post 3.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date is Wednesday, October 9th. Legg Mason’s payout ratio is currently 52.63%.
About Legg Mason
Legg Mason, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients.
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