Jefferies Group Research Analysts Raise Earnings Estimates for Franklin Resources Inc. (BEN)
Franklin Resources Inc. (NYSE:BEN) – Jefferies Group boosted their FY2016 earnings per share (EPS) estimates for Franklin Resources in a report issued on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the brokerage will post earnings of $2.80 per share for the year, up from their prior estimate of $2.79. Jefferies Group currently has a “Hold” rating and a $36.00 target price on the stock. Jefferies Group also issued estimates for Franklin Resources’ Q1 2017 earnings at $0.70 EPS, Q2 2017 earnings at $0.69 EPS, Q3 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.72 EPS and FY2018 earnings at $3.14 EPS.
Other equities analysts also recently issued research reports about the stock. Deutsche Bank AG reissued a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Keefe, Bruyette & Woods raised their price objective on shares of Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Barclays PLC raised their price objective on shares of Franklin Resources from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Tuesday, August 9th. Citigroup Inc. raised their price objective on shares of Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Finally, Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $37.88.
Shares of Franklin Resources (NYSE:BEN) traded up 0.32% during midday trading on Wednesday, hitting $34.89. 1,142,548 shares of the stock were exchanged. Franklin Resources has a 1-year low of $30.56 and a 1-year high of $42.23. The company has a market capitalization of $20.10 billion, a P/E ratio of 12.91 and a beta of 1.66. The firm has a 50-day moving average of $35.79 and a 200-day moving average of $35.95.
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Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The business earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $0.82 EPS. The business’s quarterly revenue was down 18.3% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. raised its position in Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares during the last quarter. Van ECK Associates Corp raised its position in Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock valued at $112,000 after buying an additional 583 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock valued at $179,000 after buying an additional 4,335 shares during the last quarter. Finally, Alpha Windward LLC raised its position in Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares during the last quarter. Institutional investors own 48.39% of the company’s stock.
In related news, insider Jennifer M. Johnson sold 15,892 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $35.99, for a total value of $571,953.08. Following the sale, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s dividend payout ratio is presently 26.57%.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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