Franklin Resources, Inc. (NYSE:BEN) – Research analysts at Jefferies Financial Group cut their Q1 2019 earnings per share estimates for Franklin Resources in a research report issued to clients and investors on Wednesday, October 10th. Jefferies Financial Group analyst D. Fannon now expects that the closed-end fund will earn $0.74 per share for the quarter, down from their prior forecast of $0.82. Jefferies Financial Group currently has a “Hold” rating and a $33.00 target price on the stock. Jefferies Financial Group also issued estimates for Franklin Resources’ Q2 2019 earnings at $0.76 EPS, Q3 2019 earnings at $0.79 EPS, Q4 2019 earnings at $0.81 EPS, FY2019 earnings at $3.10 EPS and FY2020 earnings at $3.30 EPS.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.75. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.73 EPS.
Several other analysts have also recently issued reports on the company. Deutsche Bank dropped their target price on Franklin Resources from $32.00 to $29.00 and set a “hold” rating on the stock in a research report on Thursday. UBS Group dropped their target price on Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, October 8th. Zacks Investment Research raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. JPMorgan Chase & Co. cut Franklin Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $32.00 to $29.00 in a research report on Thursday, September 6th. Finally, Morgan Stanley lowered their price objective on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, August 2nd. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $35.75.
Shares of NYSE BEN opened at $28.54 on Thursday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 0.07. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 9.64, a P/E/G ratio of 1.58 and a beta of 1.49. Franklin Resources has a 12-month low of $28.12 and a 12-month high of $45.96.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a $0.23 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.22%. Franklin Resources’s payout ratio is 30.56%.
In other news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $32.85, for a total value of $158,337.00. Following the completion of the sale, the insider now owns 56,369 shares of the company’s stock, valued at approximately $1,851,721.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. 22.20% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of BEN. Pinebridge Investments L.P. purchased a new position in Franklin Resources in the 2nd quarter worth $471,000. Teacher Retirement System of Texas raised its stake in Franklin Resources by 115.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock worth $5,077,000 after acquiring an additional 84,790 shares during the last quarter. Insight 2811 Inc. raised its stake in Franklin Resources by 63.4% in the 2nd quarter. Insight 2811 Inc. now owns 26,554 shares of the closed-end fund’s stock worth $851,000 after acquiring an additional 10,300 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Franklin Resources by 24.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,808 shares of the closed-end fund’s stock worth $571,000 after acquiring an additional 3,500 shares during the last quarter. Finally, Comerica Bank raised its stake in Franklin Resources by 2.3% in the 2nd quarter. Comerica Bank now owns 92,660 shares of the closed-end fund’s stock worth $2,975,000 after acquiring an additional 2,071 shares during the last quarter. 46.82% of the stock is owned by hedge funds and other institutional investors.
About Franklin Resources
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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