Mid Atlantic Financial Management Inc. ADV Has $700,000 Stake in Legg Mason Inc (LM)

Mid Atlantic Financial Management Inc. ADV decreased its stake in shares of Legg Mason Inc (NYSE:LM) by 4.5% during the first quarter, Holdings Channel reports. The fund owned 25,581 shares of the asset manager’s stock after selling 1,193 shares during the period. Mid Atlantic Financial Management Inc. ADV’s holdings in Legg Mason were worth $700,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of LM. Financial Architects Inc acquired a new stake in shares of Legg Mason during the 4th quarter worth approximately $26,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Legg Mason by 2,451.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 872,212 shares of the asset manager’s stock worth $34,000 after purchasing an additional 838,021 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Legg Mason during the 4th quarter worth approximately $104,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Legg Mason by 9.8% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,261 shares of the asset manager’s stock worth $159,000 after purchasing an additional 559 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Legg Mason by 17.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,269 shares of the asset manager’s stock worth $160,000 after purchasing an additional 930 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

LM opened at $35.31 on Monday. Legg Mason Inc has a 52-week low of $23.25 and a 52-week high of $39.79. The stock has a market cap of $3.02 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.70 and a beta of 1.73. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.33 and a current ratio of 1.77.

Legg Mason (NYSE:LM) last released its earnings results on Monday, May 13th. The asset manager reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.24% and a negative net margin of 0.98%. The business had revenue of $692.60 million for the quarter, compared to analyst estimates of $699.24 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. Legg Mason’s revenue was down 11.8% on a year-over-year basis. Equities research analysts predict that Legg Mason Inc will post 3.27 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend is Monday, July 1st. This is a positive change from Legg Mason’s previous quarterly dividend of $0.34. Legg Mason’s dividend payout ratio is presently 44.74%.

A number of analysts have recently commented on LM shares. Citigroup upgraded Legg Mason from a “neutral” rating to a “buy” rating and boosted their price target for the company from $27.00 to $29.50 in a report on Tuesday, February 5th. Wells Fargo & Co boosted their price target on Legg Mason from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, February 5th. Morgan Stanley set a $24.00 price target on Legg Mason and gave the company a “sell” rating in a report on Friday, February 8th. Zacks Investment Research upgraded Legg Mason from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Finally, Gabelli restated a “buy” rating on shares of Legg Mason in a report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Legg Mason has an average rating of “Hold” and a consensus target price of $32.44.

In other Legg Mason news, EVP Terence Johnson sold 18,525 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total value of $670,790.25. Following the sale, the executive vice president now owns 124,300 shares in the company, valued at $4,500,903. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter Nachtwey sold 9,193 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.13, for a total value of $332,143.09. Following the completion of the sale, the chief financial officer now owns 167,691 shares in the company, valued at approximately $6,058,675.83. The disclosure for this sale can be found here. Insiders have sold 63,378 shares of company stock worth $2,292,180 in the last quarter. 4.33% of the stock is currently owned by corporate insiders.

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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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Institutional Ownership by Quarter for Legg Mason (NYSE:LM)

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