Wall Street analysts expect Franklin Resources, Inc. (NYSE:BEN) to report sales of $1.63 billion for the current quarter, according to Zacks. Two analysts have issued estimates for Franklin Resources’ earnings, with estimates ranging from $1.63 billion to $1.64 billion. Franklin Resources posted sales of $1.56 billion during the same quarter last year, which suggests a positive year over year growth rate of 4.5%. The company is expected to announce its next earnings report on Friday, January 26th.
On average, analysts expect that Franklin Resources will report full year sales of $1.63 billion for the current fiscal year, with estimates ranging from $6.42 billion to $6.63 billion. For the next fiscal year, analysts anticipate that the company will post sales of $6.67 billion per share, with estimates ranging from $6.33 billion to $6.94 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Franklin Resources.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.60%. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the prior year, the firm posted $0.82 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year.
A number of equities research analysts have issued reports on the stock. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a research report on Monday, July 24th. UBS AG reaffirmed a “neutral” rating and issued a $45.00 price objective (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a research report on Thursday, August 3rd. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, Barclays PLC initiated coverage on shares of Franklin Resources in a research report on Friday, September 8th. They set an “underweight” rating and a $40.00 target price for the company. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $44.45.
Shares of Franklin Resources (NYSE BEN) opened at $40.83 on Wednesday. Franklin Resources has a 52-week low of $38.17 and a 52-week high of $47.65. The company has a debt-to-equity ratio of 0.11, a current ratio of 9.20 and a quick ratio of 9.20. The stock has a market cap of $22,823.04, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.41 and a beta of 1.75.
In related news, Chairman Gregory E. Johnson sold 56,825 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 21.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Franklin Resources by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,248,491 shares of the closed-end fund’s stock worth $1,220,459,000 after purchasing an additional 318,449 shares in the last quarter. BlackRock Inc. lifted its stake in Franklin Resources by 1.2% in the 2nd quarter. BlackRock Inc. now owns 21,369,185 shares of the closed-end fund’s stock worth $957,127,000 after purchasing an additional 249,766 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Franklin Resources by 2.4% in the 2nd quarter. Pzena Investment Management LLC now owns 10,348,419 shares of the closed-end fund’s stock worth $463,506,000 after purchasing an additional 246,306 shares in the last quarter. Kiltearn Partners LLP lifted its stake in Franklin Resources by 0.8% in the 2nd quarter. Kiltearn Partners LLP now owns 6,118,700 shares of the closed-end fund’s stock worth $274,057,000 after purchasing an additional 50,100 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Franklin Resources by 35.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,874,451 shares of the closed-end fund’s stock worth $216,961,000 after purchasing an additional 1,288,818 shares in the last quarter. Institutional investors and hedge funds own 46.01% of the company’s stock.
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Franklin Resources Company Profile
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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