Wall Street analysts expect Franklin Resources, Inc. (NYSE:BEN) to announce earnings of $0.71 per share for the current quarter, Zacks reports. Three analysts have issued estimates for Franklin Resources’ earnings, with estimates ranging from $0.70 to $0.72. Franklin Resources posted earnings per share of $0.82 during the same quarter last year, which would indicate a negative year-over-year growth rate of 13.4%. The business is expected to report its next earnings results on Wednesday, October 25th.
On average, analysts expect that Franklin Resources will report full year earnings of $2.96 per share for the current fiscal year, with EPS estimates ranging from $2.95 to $2.97. For the next financial year, analysts forecast that the firm will report earnings of $2.90 per share, with EPS estimates ranging from $2.80 to $2.98. Zacks’ EPS averages are an average based on a survey of research analysts that follow Franklin Resources.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting analysts’ consensus estimates of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the business posted $0.77 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis.
Several equities research analysts have issued reports on BEN shares. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a report on Friday, July 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Finally, BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $44.09.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the sale, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 21.60% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc increased its stake in shares of Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares during the period. Mountain Capital Investment Advisors Inc purchased a new position in Franklin Resources during the 2nd quarter valued at $123,000. TrimTabs Asset Management LLC increased its position in Franklin Resources by 88.9% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after purchasing an additional 1,408 shares during the period. Acadian Asset Management LLC purchased a new position in Franklin Resources during the 1st quarter valued at $193,000. Finally, Global X Management Co. LLC increased its position in Franklin Resources by 7.9% during the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after purchasing an additional 337 shares during the period. Hedge funds and other institutional investors own 44.97% of the company’s stock.
Franklin Resources (BEN) traded up 0.78% on Friday, hitting $42.48. The stock had a trading volume of 4,613,989 shares. The company’s 50 day moving average is $42.76 and its 200 day moving average is $43.09. The firm has a market cap of $23.69 billion, a PE ratio of 13.82 and a beta of 1.73. Franklin Resources has a 12-month low of $33.02 and a 12-month high of $47.65.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be paid a $0.20 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. Franklin Resources’s payout ratio is 26.14%.
About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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