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 analysts’ 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.

Legg Mason said it had net income of $86.4 million, or $1.14 a share — 9 cents less than the average of analysts’ estimates — in the quarter ended June 30, compared with $58.4 million, or 83 cents a share, a year earlier.

The company’s board also approved a 50% increase in its quarterly dividend, to 15 cents a share, on a split-adjusted basis. The dividend is payable Oct. 25 to shareholders of record as of Oct. 7.

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