NEW YORK (TheStreet) -- Legg Mason (LM) shares closed trading up 4.25% to $54.89 after the asset management company reported its fourth quarter earnings results before the opening bell today.
The Baltimore-based company reported fourth quarter net income of $83 million, or $1.03 cents per diluted share, on revenue that rose 3.1% over the year ago period to $702.3 million.
Analysts on average were expecting the company to report earnings of 99 cents per share on revenue of $699 million.
As a result of the strong quarter the company increased its quarterly dividend payout 25% to 20 cents per share.
TheStreet Ratings team rates LEGG MASON INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate LEGG MASON INC (LM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: LM Ratings Report
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