Crossmark Global Holdings Inc. acquired a new position in shares of Legg Mason, Inc. (NYSE:LM) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 13,365 shares of the asset manager’s stock, valued at approximately $525,000.
Several other institutional investors have also recently added to or reduced their stakes in LM. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 purchasing an additional 294 shares during the last quarter. QCM Cayman Ltd. purchased a new stake in Legg Mason in the second quarter valued at $200,000. Gotham Asset Management LLC purchased a new stake in Legg Mason in the second quarter valued at $212,000. Institute for Wealth Management LLC. purchased a new stake in Legg Mason in the second quarter valued at $224,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Legg Mason in the third quarter valued at $224,000. 83.21% of the stock is owned by institutional investors and hedge funds.
LM has been the subject of a number of research reports. BidaskClub cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Credit Suisse Group boosted their price target on shares of Legg Mason from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Wednesday, November 8th. Deutsche Bank AG initiated coverage on shares of Legg Mason in a research report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price target for the company. Finally, Morgan Stanley cut shares of Legg Mason from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $37.00 to $36.00 in a research report on Thursday, October 5th. 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 company presently has an average rating of “Hold” and a consensus target price of $43.10.
Legg Mason, Inc. (LM) opened at $37.82 on Friday. Legg Mason, Inc. has a one year low of $29.71 and a one year high of $42.08. The company has a current ratio of 2.51, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $3,477.10, a PE ratio of 13.18, a PEG ratio of 0.89 and a beta of 2.27.
Legg Mason (NYSE:LM) last issued its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. The business had revenue of $768.30 million for the quarter, compared to analyst estimates of $739.47 million. During the same period in the previous year, the business posted $0.63 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. research analysts predict that Legg Mason, Inc. will post 2.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Wednesday, December 20th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 19th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.96%. Legg Mason’s dividend payout ratio (DPR) is 43.75%.
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Legg Mason 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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