Brinker Capital Inc. boosted its stake in shares of Legg Mason Inc (NYSE:LM) by 64.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,889 shares of the asset manager’s stock after purchasing an additional 8,215 shares during the quarter. Brinker Capital Inc.’s holdings in Legg Mason were worth $850,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Optimum Investment Advisors purchased a new stake in Legg Mason during the 1st quarter worth about $103,000. IFP Advisors Inc boosted its position in shares of Legg Mason by 183.7% during the 1st quarter. IFP Advisors Inc now owns 3,470 shares of the asset manager’s stock worth $141,000 after acquiring an additional 2,247 shares in the last quarter. Advisors Preferred LLC acquired a new position in shares of Legg Mason during the 4th quarter worth about $162,000. Bessemer Group Inc. boosted its position in shares of Legg Mason by 219.1% during the 4th quarter. Bessemer Group Inc. now owns 4,499 shares of the asset manager’s stock worth $189,000 after acquiring an additional 3,089 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Legg Mason by 47.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,711 shares of the asset manager’s stock worth $198,000 after acquiring an additional 1,518 shares in the last quarter. Institutional investors own 91.02% of the company’s stock.
Several research analysts have recently issued reports on LM shares. Deutsche Bank lowered their price objective on Legg Mason from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, March 6th. Zacks Investment Research cut Legg Mason from a “buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Barclays lowered their price objective on Legg Mason from $44.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, April 23rd. Morgan Stanley lowered their price objective on Legg Mason from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Tuesday, April 10th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $45.00 price objective on shares of Legg Mason in a research report on Wednesday, April 11th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $47.10.
Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, April 25th. The asset manager reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.15. The firm had revenue of $785.10 million during the quarter, compared to analysts’ expectations of $755.98 million. Legg Mason had a return on equity of 7.81% and a net margin of 11.21%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. research analysts forecast that Legg Mason Inc will post 3.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 9th. Investors of record on Tuesday, June 12th will be given a $0.34 dividend. The ex-dividend date is Monday, June 11th. This is a boost from Legg Mason’s previous quarterly dividend of $0.28. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.65%. Legg Mason’s dividend payout ratio is 30.11%.
In related news, VP Thomas C. Merchant sold 2,537 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $38.80, for a total value of $98,435.60. Following the completion of the sale, the vice president now directly owns 65,940 shares of the company’s stock, valued at approximately $2,558,472. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Patricia Lattin sold 898 shares of the company’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $38.95, for a total value of $34,977.10. Following the completion of the sale, the executive vice president now directly owns 41,445 shares of the company’s stock, valued at $1,614,282.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,771 shares of company stock valued at $1,349,563. Insiders own 12.70% of the company’s stock.
Legg Mason Company Profile
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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