$1.61 Billion in Sales Expected for Franklin Resources, Inc. (BEN) This Quarter
Wall Street brokerages expect Franklin Resources, Inc. (NYSE:BEN) to announce sales of $1.61 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Franklin Resources’ earnings, with the highest sales estimate coming in at $1.64 billion and the lowest estimate coming in at $1.57 billion. Franklin Resources reported sales of $1.63 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 1.2%. The firm is expected to report its next earnings report on Thursday, July 27th.
According to Zacks, analysts expect that Franklin Resources will report full-year sales of $1.61 billion for the current fiscal year, with estimates ranging from $6.24 billion to $6.46 billion. For the next fiscal year, analysts forecast that the firm will report sales of $6.38 billion per share, with estimates ranging from $6.00 billion to $6.76 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Franklin Resources.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 28th. The closed-end fund reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.07. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. The company’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.61 EPS.
A number of equities research analysts have recently issued reports on the company. Bank of America Corporation raised Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Thursday, March 16th. Morgan Stanley lowered Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 price target for the company. in a research report on Thursday, March 16th. Credit Suisse Group set a $33.00 price target on Franklin Resources and gave the company a “sell” rating in a research report on Monday, March 27th. Deutsche Bank AG increased their price target on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, April 6th. Finally, Zacks Investment Research raised Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, May 17th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $40.33.
Franklin Resources (NYSE BEN) traded up 0.11% during midday trading on Thursday, hitting $44.92. The company had a trading volume of 289,807 shares. The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 14.47 and a beta of 1.73. The company’s 50 day moving average is $42.92 and its 200 day moving average is $41.69. Franklin Resources has a 12-month low of $30.56 and a 12-month high of $45.60.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.78%. Franklin Resources’s dividend payout ratio is 25.81%.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the completion of the sale, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of BEN. Vanguard Group Inc. increased its position in shares of Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares during the last quarter. BlackRock Inc. raised its position in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after buying an additional 19,839,472 shares in the last quarter. Kiltearn Partners LLP raised its position in Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock valued at $255,731,000 after buying an additional 169,000 shares in the last quarter. FMR LLC raised its position in Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock valued at $225,047,000 after buying an additional 121,316 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Franklin Resources by 3.2% in the first quarter. Geode Capital Management LLC now owns 3,529,852 shares of the closed-end fund’s stock valued at $148,544,000 after buying an additional 109,308 shares in the last quarter. Institutional investors and hedge funds own 45.54% of the company’s stock.
About Franklin Resources
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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