Legg Mason Inc. (NYSE:LM) received a $44.00 target price from equities researchers at Keefe, Bruyette & Woods in a research note issued on Friday. The brokerage presently has a a “buy” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 38.76% from the company’s current price.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Friday, October 7th. Jefferies Group reissued a “buy” rating and issued a $36.00 price target (down previously from $39.00) on shares of Legg Mason in a research note on Monday, July 11th. Citigroup Inc. lifted their price target on shares of Legg Mason from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Wells Fargo & Co. reissued a “buy” rating on shares of Legg Mason in a research note on Monday, July 18th. Finally, Morgan Stanley lifted their price target on shares of Legg Mason from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $42.11.
Shares of Legg Mason (NYSE:LM) opened at 31.71 on Friday. Legg Mason has a 52 week low of $24.93 and a 52 week high of $46.41. The stock has a 50 day moving average of $33.69 and a 200 day moving average of $32.87. The stock’s market cap is $3.29 billion.
Legg Mason (NYSE:LM) last posted its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.06. The firm earned $700.20 million during the quarter, compared to analyst estimates of $681.99 million. Legg Mason had a negative net margin of 3.25% and a positive return on equity of 7.06%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.14 EPS. On average, analysts expect that Legg Mason will post $2.31 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Thursday, October 6th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $0.88 annualized dividend and a yield of 2.78%. Legg Mason’s dividend payout ratio (DPR) is currently -103.53%.
A number of hedge funds have recently modified their holdings of the stock. Integrated Investment Consultants LLC raised its stake in shares of Legg Mason by 11.4% in the third quarter. Integrated Investment Consultants LLC now owns 3,175 shares of the company’s stock valued at $102,000 after buying an additional 325 shares during the period. Seven Eight Capital LLC bought a new stake in shares of Legg Mason during the first quarter valued at about $180,000. Neuberger Berman Group LLC bought a new stake in shares of Legg Mason during the second quarter valued at about $220,000. Ironwood Investment Counsel LLC bought a new stake in shares of Legg Mason during the first quarter valued at about $227,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Legg Mason during the third quarter valued at about $244,000. Hedge funds and other institutional investors own 78.70% of the company’s stock.
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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