Legg Mason Boosts Dividend by 37% as Q4 Earnings Rise (LM)

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Asset manager Legg Mason, Inc. ( LM ) on Tuesday posted better-than-expected fiscal fourth quarter earnings results and lifted its quarterly dividend payout by more than 37%.

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 Tuesday.

The Bottom Line
Shares of Legg Mason ( LM ) 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. ( LM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: LM

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