Asset Management & Custody Banks

Legg Mason Inc (NYSE: LM) reported a 25% rise in its fiscal first-quarter profit. Legg Mason reported its quarterly profit at $60 million, or $0.40 per share, up from $47.9 million, or $0.30 per share, in the year-ago period. Legg Mason's operating revenue climbed 6.4% to $717.1 million. However,...

Keefe, Bruyette & Woods is maintaining its $6 price target and its Market Perform rating on Pzena Investment Management (NYSE: PZN) after the company reported in-line results in 2Q11. PZN closed yesterday at $5.93.

Morgan Stanley has published a report on Ameriprise (NYSE: AMP) covering earnings and further evaluating the company. In the report, Morgan Stanley wrote, "This quarters results reaffirmed our view, with solid earnings in its higher return businesses and an improvement in net flows suggesting the...

Stocks trading at or near 52-week highs and lows provide excellent trading opportunities, as volatility tends to increase at such levels and entry/exit points become more clearly defined. The following stocks hit new 52-week highs in Wednesday's trading session (listed from highest total volume to...

The S&P 500 (SPX) took a major hit in Wednesday's trading session, finishing down 27.05 points, or 2.03%, from Tuesday's close to 1304.89. The selling began just after the opening bell, and the index extended its losses throughout the session, closing near the low of the day (1303.49), as...

Martin Z. Braun of Bloomberg reports, States Miss Pension Targets by 50% Even With Private Equity (HT: Donald): In the last decade, as a wave of baby boomers began retiring, America's biggest state pension systems earned less than half what they needed to keep up with promises made to millions of...

Goldman Sachs reiterated its Buy rating on Invesco (NYSE: IVZ) and its Neutral rating on Affiliated Managers Group (NYSE: AMG). At the same time, the rating agency raised its price target on AMG to $109 from $108 and on IVZ to $29.50 from $29. On Tuesday, AMG closed the day at $106.92, while IVZ...

Citigroup has published a report on Invesco Ltd (NYSE: IVZ) lowering the price target slightly from $24.50 to $24.00. In the report, Citigroup wrote, "Maintain Hold but trim target $0.50 to $24 on reduced EPS estimate — As we see mixed (though improving) lead indicators around products, flows, and...

JP Morgan reiterated its Overweight rating on T Rowe Price Group (NASDAQ: TROW). At the same time, the rating agency raised its price target on the company's stock from $67.50 to $69. On Tuesday, TROW added 0.15% to its value to finish the day at $60.06.

Citigroup has lowered the price target on Invesco (NYSE: IVZ) from $24.50 to $24 and maintains its Hold rating.

JP Morgan has raised the price target on T Rowe Price Group (NASDAQ: TROW) from $67.50 to $69 and maintains its Overweight rating.

Below are the top regional-northeast banks stocks on the NYSE in terms of earnings estimate for the next year. The earnings estimate for M&T Bank Corporation (NYSE: MTB) for the next year ending December, 2012 is $7.53 per share. MTB's trailing-twelve-month operating margin is 42.02%. State...

Lockheed Martin Corp (NYSE: LMT) reported a 10% decline in its Q2 profit. Lockheed Martin's quarterly net earnings dropped to $742 million, or $2.14 per share, from $824 million, or $2.22 per share, in the year-earlier quarter. Its net sales increased to $11.55 billion from $11.28 billion....

T. Rowe Price Group Inc (NASDAQ: TROW) reported a 29% rise in its second-quarter profit. TROW posted its quarterly profit at $204.7 million, or $0.76 per share, up from $158.5 million, or $0.59 per share, in the year-ago period. Its net revenue climbed 24% to $713.7 million. Analysts were...

Gabelli & Co. is out with a research report on BlackRock, Inc. (NYSE: BLK) and is lowering its estimates on the company. In a note to clients, Gabelli & Co. writes, "We are reducing our 2011E and 2012P adjusted EPS estimates to $12.90 and $15.05, from $13.00 and $15.50 respectively, due to...