Franklin Resources (NYSE:BEN) Releases Earnings Results, Beats Expectations By $0.10 EPS

Franklin Resources (NYSE:BEN) announced its quarterly earnings data on Friday. The closed-end fund reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10, Briefing.com reports. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 earnings per share.

Franklin Resources Price Performance

BEN traded down $1.01 on Friday, hitting $22.25. 8,809,815 shares of the company’s stock traded hands, compared to its average volume of 4,459,417. The company’s 50 day simple moving average is $23.56 and its 200-day simple moving average is $23.23. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. Franklin Resources has a one year low of $16.25 and a one year high of $26.08. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of 43.62, a P/E/G ratio of 1.65 and a beta of 1.49.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.28 annualized dividend and a yield of 5.8%. Franklin Resources’s dividend payout ratio is currently 250.98%.

Institutional Trading of Franklin Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Franklin Resources by 26.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund’s stock valued at $2,850,000 after buying an additional 30,763 shares during the last quarter. Jones Financial Companies Lllp grew its position in Franklin Resources by 169.3% in the first quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund’s stock worth $152,000 after acquiring an additional 4,972 shares in the last quarter. Woodline Partners LP increased its stake in Franklin Resources by 41.1% during the first quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund’s stock worth $504,000 after acquiring an additional 7,634 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Franklin Resources during the second quarter valued at approximately $169,000. Finally, California Public Employees Retirement System lifted its stake in shares of Franklin Resources by 52.2% in the 2nd quarter. California Public Employees Retirement System now owns 509,171 shares of the closed-end fund’s stock valued at $12,144,000 after purchasing an additional 174,579 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Zacks Research lowered shares of Franklin Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Evercore ISI cut their target price on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a research note on Thursday, October 9th. JPMorgan Chase & Co. boosted their price target on Franklin Resources from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Monday, August 4th. Wells Fargo & Company increased their price objective on Franklin Resources from $21.50 to $26.00 and gave the company an “equal weight” rating in a research report on Friday, July 11th. Finally, Bank of America boosted their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Franklin Resources currently has a consensus rating of “Reduce” and a consensus target price of $24.27.

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.