Legg Mason Shares Fall 3.2% After Hours (LM)

Baltimore, Maryland based asset management firm Legg Mason, Inc. LM announced on Monday after the market closed that it missed consensus Wall Street earnings estimates, while beating revenue expectations. Legg Mason, Inc. (LM) reported that its fiscal 1st quarter net income fell 4% to $47.9 million, or 30 cents per share, down from $50.1 million, or 35 cents per share, a year earlier. The company reported revenue of $674.2 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 31 cents per share, on revenue of $651.6 million. Legg Mason, Inc. closed Monday trading up 3.4% at $30.08 per share, then fell 3.26% to $29.10 during after hours trading. Analysts covering the company's stock give it a consensus price target of $33.56 per share. Read more from Benzinga's Company news.