Legg Mason Inc.
) achieved a new 52-week high, touching $32.96 in the beginning
of the trading session on May 6. The closing price of this
well-know asset manager represents a solid year-to-date return of
24.6%. The average trading volume over the last 3 months was 1.7
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions
over the last 7 days and the expected year-over-year earnings
growth of 25.7% for fiscal 2014.
Strong assets under management (AUM) position - including
year-over-year growth of 3% - and solid capital deployment
activities, including a dividend increase in Apr 2013, have been
the primary growth drivers for Legg Mason.
On Apr 30, Legg Mason reported AUM of $664.6 billion, up 3.0%
year over year, driven by market appreciation of $34.2 billion.
Fixed income represented 55% of consolidated AUM as of Mar 31,
2013, liquidity represented 21% and equity comprised 24%.
Besides, average AUM was $657.4 billion, up 3.5% from $634.9
billion in the prior-year quarter.
Estimate Revisions Show Potency
For Legg Mason, over the last 7 days, 1 of the 6 estimates for
fiscal 2014 has been revised upward, lifting the Zacks Consensus
Estimate by 8.6% to $3.28 per share. For fiscal 2015, 1 of the 5
estimates moved north, helping the Zacks Consensus Estimate
advance 19.4% to $3.44 per share.
Some better performing investment managers include
AllianceBernstein Holding L.P.
Virtus Investment Partners, Inc.
). All these carry a Zacks Rank #1 (Strong Buy).
ALLIANCEBERNSTN (AB): Free Stock Analysis
INVESCO LTD (IVZ): Free Stock Analysis Report
LEGG MASON INC (LM): Free Stock Analysis
VIRTUS INVESTMT (VRTS): Free Stock Analysis
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