Earnings Miss Scrapes Legg
"It was probably one of the more challenging
The company announced a 17% increase in its quarterly dividend to 21 cents a share. But despite about $1 billion in cash on the books and the fact that the stock has been dropping, President and Chief Operating Officer James Hirschmann said that Legg Mason has no plans at this time to buy back stock.
He said the company will get around to a buyback, but that "it's just not likely over the next three of four months." He characterized the current environment as a period of stabilization, due in large part to the Citigroup deal.
Legg Mason said that the integration of the Citigroup business is proceeding on schedule and that it began to realize "meaningful" cost savings during the quarter."The story
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