Legg Mason announced that its board had approved a three-for-two stock split, payable Sept. 24 to shareholders of record as of Sept. 8. The move came a day after the company reported quarterly earnings that missed analystsÂ’ expectations.

The Baltimore financial services company on Monday reported a 48% profit increase for its fiscal first quarter ended June 30, attributing the earnings hike to an increase in investment advisory fees.

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