Analysts Offer Predictions for Legg Mason Inc’s Q3 2018 Earnings (LM)

Legg Mason Inc (NYSE:LM) – Equities researchers at Jefferies Group boosted their Q3 2018 earnings estimates for shares of Legg Mason in a note issued to investors on Wednesday. Jefferies Group analyst D. Fannon now anticipates that the asset manager will post earnings per share of $0.83 for the quarter, up from their previous estimate of $0.70. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Legg Mason’s FY2019 earnings at $3.48 EPS.

Legg Mason (NYSE:LM) last issued its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. The company had revenue of $768.30 million during the quarter, compared to the consensus estimate of $739.47 million. Legg Mason had a net margin of 8.46% and a return on equity of 7.16%. Legg Mason’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 earnings per share.

Several other equities analysts have also issued reports on LM. Morgan Stanley lowered shares of Legg Mason from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $37.00 to $36.00 in a report on Thursday, October 5th. Royal Bank of Canada set a $49.00 price target on shares of Legg Mason and gave the stock a “buy” rating in a report on Friday, December 15th. Zacks Investment Research raised shares of Legg Mason from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Wednesday, November 8th. Credit Suisse Group lifted their price target on shares of Legg Mason from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Thursday, October 26th. Finally, Deutsche Bank started coverage on shares of Legg Mason in a report on Tuesday, October 17th. They issued a “buy” rating and a $44.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Legg Mason presently has an average rating of “Hold” and a consensus price target of $43.90.

Shares of Legg Mason (LM) traded up $0.92 during trading hours on Friday, reaching $43.74. 740,174 shares of the company were exchanged, compared to its average volume of 829,739. The company has a market capitalization of $4,020.00, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 1.02 and a beta of 2.27. Legg Mason has a 52 week low of $30.81 and a 52 week high of $43.76. The company has a quick ratio of 1.79, a current ratio of 2.51 and a debt-to-equity ratio of 0.56.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Wednesday, December 20th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.56%. The ex-dividend date is Tuesday, December 19th. Legg Mason’s dividend payout ratio is currently 43.75%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Legg Mason by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,193 shares of the asset manager’s stock valued at $122,000 after buying an additional 294 shares during the last quarter. QCM Cayman Ltd. purchased a new stake in shares of Legg Mason during the second quarter valued at $200,000. Gotham Asset Management LLC purchased a new stake in shares of Legg Mason during the second quarter valued at $212,000. Institute for Wealth Management LLC. purchased a new stake in shares of Legg Mason during the second quarter valued at $224,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Legg Mason during the third quarter valued at $224,000. 82.49% of the stock is currently owned by institutional investors and hedge funds.

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About Legg Mason

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.

Earnings History and Estimates for Legg Mason (NYSE:LM)

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