Legg Mason Inc (NYSE:LM) Declares Quarterly Dividend of $0.40

Legg Mason Inc (NYSE:LM) declared a quarterly dividend on Tuesday, May 14th, Wall Street Journal reports. Stockholders of record on Tuesday, July 2nd will be paid a dividend of 0.40 per share by the asset manager on Monday, July 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date is Monday, July 1st. This is an increase from Legg Mason’s previous quarterly dividend of $0.34.

Legg Mason has raised its dividend by an average of 19.9% per year over the last three years and has increased its dividend every year for the last 9 years. Legg Mason has a payout ratio of 46.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Legg Mason to earn $3.92 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 40.8%.

Shares of NYSE LM traded down $0.24 during midday trading on Friday, reaching $38.09. The company’s stock had a trading volume of 399,541 shares, compared to its average volume of 634,001. Legg Mason has a 12-month low of $23.25 and a 12-month high of $38.86. The firm has a 50 day moving average price of $37.26. The firm has a market cap of $3.30 billion, a PE ratio of 12.53, a P/E/G ratio of 0.64 and a beta of 1.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.82 and a quick ratio of 1.36.

Legg Mason (NYSE:LM) last posted its quarterly earnings data on Monday, May 13th. The asset manager reported $0.70 EPS for the quarter, beating the consensus estimate of $0.54 by $0.16. Legg Mason had a positive return on equity of 7.30% and a negative net margin of 0.98%. The business had revenue of $692.60 million for the quarter, compared to the consensus estimate of $699.24 million. During the same quarter in the prior year, the business earned $0.86 earnings per share. Legg Mason’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities analysts anticipate that Legg Mason will post 3.45 EPS for the current fiscal year.

A number of research firms recently issued reports on LM. ValuEngine downgraded shares of Viewray from a “buy” rating to a “hold” rating in a research note on Wednesday, April 24th. Wells Fargo & Co reiterated a “buy” rating on shares of Flexion Therapeutics in a research note on Wednesday, April 10th. Royal Bank of Canada decreased their price objective on shares of Advance Auto Parts to $178.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Morgan Stanley set a $100.00 price target on shares of Cimarex Energy and gave the company a “buy” rating in a report on Thursday, May 16th. Finally, Zacks Investment Research downgraded shares of GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $33.22.

In other news, VP Thomas C. Merchant sold 5,582 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.11, for a total transaction of $201,566.02. Following the completion of the transaction, the vice president now owns 78,586 shares of the company’s stock, valued at approximately $2,837,740.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Ursula Schliessler sold 3,608 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.03, for a total transaction of $129,996.24. Following the transaction, the chief accounting officer now directly owns 27,495 shares of the company’s stock, valued at approximately $990,644.85. The disclosure for this sale can be found here. Insiders sold a total of 63,378 shares of company stock worth $2,292,180 over the last three months. 8.08% of the stock is currently owned by corporate insiders.

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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Dividend History for Legg Mason (NYSE:LM)

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