Westbourne Investment Advisors Inc. Cuts Position in Legg Mason, Inc. (NYSE:LM)

Westbourne Investment Advisors Inc. cut its stake in Legg Mason, Inc. (NYSE:LM) by 9.2% during the second quarter, Holdings Channel reports. The firm owned 11,358 shares of the asset manager’s stock after selling 1,150 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Legg Mason were worth $433,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its stake in Legg Mason by 4.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 32,848 shares of the asset manager’s stock valued at $1,253,000 after buying an additional 1,312 shares during the period. Fisher Asset Management LLC raised its stake in Legg Mason by 5.1% in the second quarter. Fisher Asset Management LLC now owns 214,167 shares of the asset manager’s stock valued at $8,173,000 after buying an additional 10,467 shares during the period. Atria Investments LLC raised its stake in Legg Mason by 14.7% in the second quarter. Atria Investments LLC now owns 7,222 shares of the asset manager’s stock valued at $276,000 after buying an additional 923 shares during the period. Capstone Asset Management Co. raised its stake in Legg Mason by 3.9% in the second quarter. Capstone Asset Management Co. now owns 12,555 shares of the asset manager’s stock valued at $479,000 after buying an additional 470 shares during the period. Finally, Boston Common Asset Management LLC bought a new stake in Legg Mason during the first quarter valued at $805,000. Hedge funds and other institutional investors own 80.12% of the company’s stock.

Shares of Legg Mason, Inc. (NYSE:LM) traded down 0.15% on Monday, hitting $39.70. The company had a trading volume of 337,132 shares. The company has a market capitalization of $3.81 billion, a P/E ratio of 18.21 and a beta of 2.19. The firm has a 50-day moving average price of $38.48 and a 200 day moving average price of $35.71. Legg Mason, Inc. has a 12-month low of $28.10 and a 12-month high of $40.82.

Legg Mason (NYSE:LM) last released its quarterly earnings results on Wednesday, April 26th. The asset manager reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.29. The business had revenue of $723.13 million during the quarter, compared to analysts’ expectations of $701.50 million. Legg Mason had a return on equity of 6.71% and a net margin of 7.87%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.15) EPS. Equities analysts expect that Legg Mason, Inc. will post $2.26 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Tuesday, June 13th were issued a dividend of $0.28 per share. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. This represents a $1.12 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Friday, June 9th. Legg Mason’s dividend payout ratio (DPR) is presently 50.91%.

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Several equities research analysts recently weighed in on the company. Citigroup Inc. lowered Legg Mason from a “buy” rating to a “neutral” rating in a report on Thursday. BidaskClub upgraded Legg Mason from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $38.00 target price (up from $35.00) on shares of Legg Mason in a report on Monday, July 10th. Credit Suisse Group restated a “buy” rating and issued a $47.00 target price on shares of Legg Mason in a report on Sunday, July 9th. Finally, TheStreet upgraded Legg Mason from a “c+” rating to a “b” rating in a report on Friday, June 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.78.

In related news, Director Tian Qiao Chen sold 4,232,500 shares of Legg Mason stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $38.43, for a total transaction of $162,654,975.00. Following the completion of the sale, the director now directly owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Ursula Schliessler sold 1,745 shares of Legg Mason stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $37.39, for a total value of $65,245.55. Following the sale, the chief accounting officer now directly owns 14,445 shares of the company’s stock, valued at $540,098.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,243,022 shares of company stock valued at $163,047,076. 12.70% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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