$0.84 EPS Expected for Legg Mason Inc (LM) This Quarter

Wall Street brokerages expect Legg Mason Inc (NYSE:LM) to post earnings per share (EPS) of $0.84 for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Legg Mason’s earnings. The lowest EPS estimate is $0.82 and the highest is $0.90. Legg Mason posted earnings of $1.01 per share in the same quarter last year, which would suggest a negative year over year growth rate of 16.8%. The company is expected to report its next earnings report on Wednesday, January 23rd.

On average, analysts expect that Legg Mason will report full-year earnings of $3.21 per share for the current year, with EPS estimates ranging from $3.09 to $3.30. For the next financial year, analysts forecast that the business will report earnings of $3.48 per share, with EPS estimates ranging from $3.29 to $3.70. Zacks’ earnings per share averages are a mean average based on a survey of analysts that cover Legg Mason.

Legg Mason (NYSE:LM) last released its earnings results on Wednesday, October 24th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.01). Legg Mason had a net margin of 11.81% and a return on equity of 8.03%. The business had revenue of $758.43 million during the quarter, compared to the consensus estimate of $755.29 million.

A number of research analysts have issued reports on the company. Morgan Stanley decreased their target price on Legg Mason from $34.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, August 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $39.00 target price on shares of Legg Mason in a research report on Thursday, October 11th. Deutsche Bank decreased their target price on Legg Mason from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Friday, November 16th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $33.00 target price on shares of Legg Mason in a research report on Monday, October 29th. Finally, Wells Fargo & Co decreased their target price on Legg Mason from $39.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $39.27.

Legg Mason stock traded down $0.04 during midday trading on Friday, reaching $28.24. The company’s stock had a trading volume of 232,932 shares, compared to its average volume of 764,321. Legg Mason has a 52 week low of $26.10 and a 52 week high of $47.13. The company has a quick ratio of 1.27, a current ratio of 1.77 and a debt-to-equity ratio of 0.50. The stock has a market cap of $2.42 billion, a PE ratio of 7.59, a P/E/G ratio of 0.49 and a beta of 1.72.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Wednesday, December 19th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Tuesday, December 18th. Legg Mason’s payout ratio is 36.56%.

In other news, insider Frances Cashman sold 10,058 shares of Legg Mason stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $31.61, for a total transaction of $317,933.38. Following the sale, the insider now directly owns 72,937 shares of the company’s stock, valued at $2,305,538.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.33% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Granite Investment Advisors LLC lifted its stake in shares of Legg Mason by 29.2% in the second quarter. Granite Investment Advisors LLC now owns 7,750 shares of the asset manager’s stock worth $269,000 after acquiring an additional 1,750 shares during the period. United Services Automobile Association lifted its stake in shares of Legg Mason by 10.0% in the third quarter. United Services Automobile Association now owns 19,429 shares of the asset manager’s stock worth $607,000 after acquiring an additional 1,760 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of Legg Mason by 25.4% in the third quarter. State of Alaska Department of Revenue now owns 8,815 shares of the asset manager’s stock worth $275,000 after acquiring an additional 1,785 shares during the period. Strategy Asset Managers LLC lifted its stake in shares of Legg Mason by 0.7% in the third quarter. Strategy Asset Managers LLC now owns 277,278 shares of the asset manager’s stock worth $8,659,000 after acquiring an additional 1,791 shares during the period. Finally, Swiss National Bank lifted its stake in shares of Legg Mason by 1.3% in the third quarter. Swiss National Bank now owns 149,047 shares of the asset manager’s stock worth $4,655,000 after acquiring an additional 1,900 shares during the period. 84.89% of the stock is currently owned by hedge funds and other 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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