Deutsche Bank cut shares of Legg Mason (NYSE:LM) from a buy rating to a hold rating in a research note published on Thursday morning, Marketbeat.com reports. The firm currently has $27.00 price objective on the asset manager’s stock, down from their prior price objective of $31.00.
Several other equities research analysts also recently weighed in on LM. Keefe, Bruyette & Woods reiterated a buy rating and issued a $33.00 price target on shares of Legg Mason in a report on Monday, October 29th. Royal Bank of Canada reiterated a buy rating and issued a $37.00 price target on shares of Legg Mason in a report on Thursday, October 25th. Zacks Investment Research upgraded Legg Mason from a sell rating to a hold rating in a report on Monday, December 31st. Jefferies Financial Group reiterated a hold rating and issued a $39.00 price target on shares of Legg Mason in a report on Thursday, October 11th. Finally, Wells Fargo & Co reduced their price target on Legg Mason from $39.00 to $34.00 and set an outperform rating on the stock in a report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $37.55.
Shares of LM stock opened at $26.70 on Thursday. Legg Mason has a 1 year low of $23.25 and a 1 year high of $47.13. The company has a current ratio of 1.77, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 7.18, a P/E/G ratio of 0.54 and a beta of 1.60.
Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, October 24th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The company had revenue of $758.43 million for the quarter, compared to analysts’ expectations of $755.29 million. On average, equities research analysts anticipate that Legg Mason will post 3.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Wednesday, December 19th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, December 18th. This represents a $1.36 annualized dividend and a yield of 5.09%. Legg Mason’s dividend payout ratio (DPR) is currently 36.56%.
A number of large investors have recently made changes to their positions in LM. Schwab Charles Investment Management Inc. grew its stake in Legg Mason by 4.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 541,284 shares of the asset manager’s stock worth $18,799,000 after purchasing an additional 23,395 shares in the last quarter. Raymond James & Associates grew its stake in Legg Mason by 8.6% in the second quarter. Raymond James & Associates now owns 762,282 shares of the asset manager’s stock worth $26,474,000 after purchasing an additional 60,435 shares in the last quarter. Natixis bought a new position in Legg Mason in the second quarter worth approximately $1,531,000. Cubist Systematic Strategies LLC bought a new position in Legg Mason in the second quarter worth approximately $510,000. Finally, Macquarie Group Ltd. grew its stake in Legg Mason by 17.8% in the second quarter. Macquarie Group Ltd. now owns 1,244,746 shares of the asset manager’s stock worth $43,230,000 after purchasing an additional 188,086 shares in the last quarter. 83.92% of the stock is currently owned by institutional investors.
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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