Asset manager Legg Mason, Inc. (
) on Tuesday posted better-than-expected fiscal fourth quarter
earnings results and lifted its quarterly dividend payout by more
The Baltimore-based company reported fiscal fourth quarter net
income of $76.1 million, or 54 cents per share, compared with $69
million, or 45 cents per share, in the year-ago period.
Revenue fell 9% from last year to $648.6 million.
On average, Wall Street analysts expected a smaller profit of 48
cents per share, on lower revenue of $645.3 million.
In a separate announcement, LM's board of directors approved a
37.5% raise in its quarterly dividend payout. The new dividend of
11 cents per share (up from 8 cents) will be paid July 9.
Legg Mason shares rose $1.01, or +3.9%, in premarket trading
The Bottom Line
Shares of Legg Mason (
) have a 1.23% dividend yield, based on last night's closing stock
price of $26.07. The stock has technical support in the $23-$24
price area. If the shares can firm up, we see overhead resistance
around the $28-$29 price levels.
Legg Mason, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.0 out of 5 stars.
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