Asset manager Legg Mason, Inc. (LM) on Friday posted disappointing fourth quarter earnings results, as its bottom line was slammed by a big-write down on assets acquired back in 2005.
The Baltimore-based company reported a fourth quarter net loss of $453.9 million, or -$3.45 per share, compared with net income of $28.1 million, or 20 cents per share, in the year-ago period.
Revenue rose 7.5% from last year to $673.9 million.
On average, Wall Street analysts expected a smaller loss of -$3.23 per share, on larger revenue of $677 million.
LM also disclosed that total assets under management fell to $648.9 billion at the end of 2012, down from $650.7 billion at end of the third quarter.
Legg Mason shares fell 49 cents, or -1.8%, in premarket trading Friday. The stock has risen about 6% in the past year.
The Bottom Line
Shares of LM currently offer a 1.59% dividend yield, based on Thursday’s closing price of $27.65 and the company’s annualized dividend payout of 44 cents per share.
Legg Mason, Inc. (LM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here