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

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

Franklin Resources Stock Down 4.3%

Shares of Franklin Resources stock opened at $22.25 on Friday. The stock has a market capitalization 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. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. The company’s 50 day moving average price is $23.56 and its 200-day moving average price is $23.26. Franklin Resources has a 52-week low of $16.25 and a 52-week high of $26.08.

Franklin Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on BEN shares. Morgan Stanley raised their price target on Franklin Resources from $20.00 to $21.00 and gave the company an “underweight” rating in a report on Tuesday, August 12th. BMO Capital Markets started coverage on Franklin Resources in a report on Friday, October 3rd. They set an “outperform” rating and a $26.00 price objective on the stock. Bank of America upped their target price on Franklin Resources from $19.00 to $22.00 and gave the stock an “underperform” rating in a research note on Thursday, October 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Franklin Resources in a research note on Wednesday, October 8th. Finally, Barclays cut their price objective on shares of Franklin Resources from $23.00 to $20.00 and set an “underweight” rating for the company in a research note on Tuesday, October 21st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $24.27.

Institutional Trading of Franklin Resources

A number of institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in Franklin Resources by 32.2% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,284 shares of the closed-end fund’s stock valued at $78,000 after purchasing an additional 800 shares during the period. Rafferty Asset Management LLC grew its position in shares of Franklin Resources by 1.4% in the 2nd quarter. Rafferty Asset Management LLC now owns 103,096 shares of the closed-end fund’s stock worth $2,459,000 after buying an additional 1,470 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Franklin Resources by 1.4% during the second quarter. Treasurer of the State of North Carolina now owns 143,577 shares of the closed-end fund’s stock valued at $3,424,000 after buying an additional 1,937 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Franklin Resources by 116.8% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 8,476 shares of the closed-end fund’s stock valued at $202,000 after acquiring an additional 4,566 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake 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 during the period. 47.56% of the stock is currently 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.