Jefferies Group Comments on Franklin Resources, Inc.’s Q2 2019 Earnings (BEN)
Franklin Resources, Inc. (NYSE:BEN) – Equities research analysts at Jefferies Group issued their Q2 2019 earnings per share estimates for shares of Franklin Resources in a report released on Wednesday. Jefferies Group analyst D. Fannon anticipates that the closed-end fund will earn $0.86 per share for the quarter. Jefferies Group also issued estimates for Franklin Resources’ Q3 2019 earnings at $0.88 EPS and Q4 2019 earnings at $0.90 EPS.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period in the previous year, the business earned $0.82 EPS. Franklin Resources’s revenue was up .3% compared to the same quarter last year.
A number of other research firms have also weighed in on BEN. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, October 12th. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, October 3rd. Citigroup reduced their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 27th. Wells Fargo & Co reduced their price objective on shares of Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research note on Friday, October 27th. Finally, ValuEngine upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus target price of $44.45.
Franklin Resources (BEN) opened at $44.53 on Friday. Franklin Resources has a one year low of $39.38 and a one year high of $47.65. The firm has a market cap of $24,621.17, a P/E ratio of 14.84, a P/E/G ratio of 1.55 and a beta of 1.75. The company has a quick ratio of 8.75, a current ratio of 8.75 and a debt-to-equity ratio of 0.08.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th were given a dividend of $0.23 per share. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Friday, December 22nd. Franklin Resources’s payout ratio is 30.67%.
In other news, Chairman Gregory E. Johnson sold 49,988 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total transaction of $2,178,477.04. Following the completion of the transaction, the chairman now directly owns 2,116,886 shares in the company, valued at approximately $92,253,891.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jed A. Plafker sold 7,790 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $43.92, for a total transaction of $342,136.80. The disclosure for this sale can be found here. Insiders have sold a total of 514,603 shares of company stock valued at $22,134,429 over the last 90 days. Company insiders own 22.20% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New England Research & Management Inc. lifted its holdings in shares of Franklin Resources by 10.1% during the 4th quarter. New England Research & Management Inc. now owns 39,540 shares of the closed-end fund’s stock worth $1,713,000 after acquiring an additional 3,640 shares during the last quarter. RK Asset Management LLC lifted its holdings in shares of Franklin Resources by 3.9% during the 4th quarter. RK Asset Management LLC now owns 171,902 shares of the closed-end fund’s stock worth $7,449,000 after acquiring an additional 6,524 shares during the last quarter. Pensionfund Sabic bought a new stake in shares of Franklin Resources during the 4th quarter worth $1,517,000. Pensionfund DSM Netherlands bought a new stake in shares of Franklin Resources during the 4th quarter worth $2,990,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Franklin Resources by 9.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,100,764 shares of the closed-end fund’s stock worth $48,995,000 after acquiring an additional 94,508 shares during the last quarter. Hedge funds and other institutional investors own 44.72% 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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