Franklin Resources (NYSE:BEN) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Franklin Resources (NYSE:BENGet Free Report) issued its earnings results on Monday. The closed-end fund reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07, MarketWatch Earnings reports. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.51 billion. Franklin Resources had a net margin of 12.30% and a return on equity of 11.18%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.51 EPS.

Franklin Resources Stock Down 1.4 %

Shares of BEN stock opened at $27.13 on Wednesday. Franklin Resources has a 1 year low of $21.88 and a 1 year high of $34.37. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.88 and a current ratio of 1.88. The business’s fifty day moving average is $27.56 and its 200-day moving average is $26.24. The stock has a market cap of $13.44 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 1.37 and a beta of 1.38.

Franklin Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Wednesday, January 3rd were paid a dividend of $0.31 per share. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date of this dividend was Tuesday, January 2nd. Franklin Resources’s dividend payout ratio (DPR) is presently 65.26%.

Wall Street Analyst Weigh In

A number of research firms have commented on BEN. TD Cowen assumed coverage on Franklin Resources in a report on Thursday, January 4th. They set a “market perform” rating and a $32.00 target price on the stock. BMO Capital Markets lifted their price objective on shares of Franklin Resources from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Tuesday. Bank of America lowered their target price on shares of Franklin Resources from $24.00 to $21.00 in a research note on Wednesday, October 4th. UBS Group boosted their price objective on shares of Franklin Resources from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Finally, Morgan Stanley lifted their target price on Franklin Resources from $22.00 to $24.00 and gave the company an “underweight” rating in a research note on Friday, January 19th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $27.04.

Get Our Latest Stock Analysis on BEN

Insider Buying and Selling

In other Franklin Resources news, EVP Alok Sethi sold 22,000 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $29.27, for a total value of $643,940.00. Following the completion of the sale, the executive vice president now directly owns 70,481 shares of the company’s stock, valued at approximately $2,062,978.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Franklin Resources

Several large investors have recently modified their holdings of the stock. Kinneret Advisory LLC raised its holdings in Franklin Resources by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 22,250 shares of the closed-end fund’s stock worth $628,000 after buying an additional 497 shares during the period. Veritable L.P. lifted its holdings in shares of Franklin Resources by 4.5% in the first quarter. Veritable L.P. now owns 14,181 shares of the closed-end fund’s stock valued at $382,000 after purchasing an additional 606 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Franklin Resources by 6.4% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 10,180 shares of the closed-end fund’s stock valued at $219,000 after buying an additional 615 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Franklin Resources by 1.2% during the third quarter. Mercer Global Advisors Inc. ADV now owns 53,881 shares of the closed-end fund’s stock valued at $1,160,000 after buying an additional 619 shares during the period. Finally, Public Sector Pension Investment Board lifted its stake in Franklin Resources by 1.0% in the 1st quarter. Public Sector Pension Investment Board now owns 68,058 shares of the closed-end fund’s stock worth $1,833,000 after acquiring an additional 656 shares in the last quarter. 46.53% of the stock is owned by institutional investors.

About Franklin Resources

(Get Free Report)

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.

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Earnings History for Franklin Resources (NYSE:BEN)

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