Westpac Banking Corp Sells 12,405 Shares of Legg Mason Inc (LM)

Westpac Banking Corp Sells 12,405 Shares of Legg Mason Inc (LM)

A number of other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock worth $129,000 after buying an additional 2,500 shares in the last quarter. Credit Agricole S A increased its stake in Legg Mason by 49.2% in the fourth quarter. Credit Agricole S A now owns 4,928 shares of the asset manager’s stock worth $147,000 after buying an additional 1,626 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after buying an additional 1,100 shares in the last quarter. Yorktown Management & Research Co Inc bought a new stake in Legg Mason during the first quarter worth approximately $217,000. Finally, CIBC World Markets Inc. bought a new stake in Legg Mason during the first quarter worth approximately $219,000. 78.75% of the stock is currently owned by hedge funds and other institutional investors.

Westpac Banking Corp lowered its position in Legg Mason Inc (NYSE:LM) by 29.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,895 shares of the asset manager’s stock after selling 12,405 shares during the period. Westpac Banking Corp’s holdings in Legg Mason were worth $1,037,000 as of its most recent SEC filing.

Legg Mason Inc (NYSE:LM) traded up 1.04% during trading on Wednesday, hitting $36.87. 1,314,424 shares of the stock were exchanged. Legg Mason Inc has a 12-month low of $27.54 and a 12-month high of $38.99. The firm has a market cap of $3.53 billion, a PE ratio of 16.91 and a beta of 1.93. The stock’s 50-day moving average price is $37.43 and its 200-day moving average price is $34.65.

Legg Mason (NYSE:LM) last announced its earnings results on Wednesday, April 26th. The asset manager reported $0.92 EPS for the quarter, topping the consensus estimate of $0.63 by $0.29. Legg Mason had a net margin of 3.81% and a return on equity of 3.94%. The company had revenue of $723.13 million during the quarter, compared to analysts’ expectations of $701.50 million. During the same period last year, the company posted ($0.15) earnings per share. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts expect that Legg Mason Inc will post $2.26 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Tuesday, June 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.04%. This is a boost from Legg Mason’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, June 9th. Legg Mason’s dividend payout ratio (DPR) is presently 87.13%.

A number of equities analysts have issued reports on the stock. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 target price for the company. in a research report on Friday, March 3rd. Zacks Investment Research upgraded shares of Legg Mason from a “sell” rating to a “hold” rating in a research report on Thursday, April 13th. ValuEngine cut shares of Legg Mason from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $43.00 target price on shares of Legg Mason in a research report on Tuesday. Finally, Jefferies Group LLC lifted their target price on shares of Legg Mason from $37.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $39.29.

In other Legg Mason news, CAO Ursula Schliessler sold 1,745 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $37.39, for a total value of $65,245.55. Following the completion of the transaction, the chief accounting officer now directly owns 14,445 shares in the company, valued at $540,098.55. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Terence Johnson sold 13,325 shares of the firm’s stock in a transaction dated Friday, March 24th. The stock was sold at an average price of $34.88, for a total transaction of $464,776.00. Following the completion of the transaction, the insider now owns 122,517 shares of the company’s stock, valued at $4,273,392.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,847 shares of company stock valued at $856,877. Corporate insiders own 1.94% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “LM”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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