$1.63 Billion in Sales Expected for Franklin Resources, Inc. (BEN) This Quarter
Wall Street analysts predict that Franklin Resources, Inc. (NYSE:BEN) will post $1.63 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Franklin Resources’ earnings, with estimates ranging from $1.62 billion to $1.64 billion. Franklin Resources also posted sales of $1.63 billion during the same quarter last year. The business is scheduled to issue its next quarterly earnings results before the market opens on Friday, July 28th.
On average, analysts expect that Franklin Resources will report full-year sales of $1.63 billion for the current year, with estimates ranging from $6.35 billion to $6.46 billion. For the next fiscal year, analysts expect that the business will report sales of $6.58 billion per share, with estimates ranging from $6.36 billion to $6.76 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Franklin Resources.
Franklin Resources (NYSE:BEN) last posted its 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 during the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. Franklin Resources’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the company earned $0.61 EPS.
BEN has been the subject of several recent analyst reports. Credit Suisse Group set a $33.00 target price on Franklin Resources and gave the stock a “sell” rating in a research note on Monday, March 27th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 target price for the company in a research note on Wednesday, May 17th. Deutsche Bank AG upped their target price on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, April 6th. BidaskClub upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Finally, Citigroup Inc. restated a “neutral” rating and set a $43.00 target price (up from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $42.10.
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Franklin Resources (NYSE:BEN) opened at 46.67 on Friday. The company’s 50 day moving average price is $44.62 and its 200 day moving average price is $42.47. Franklin Resources has a 52-week low of $33.02 and a 52-week high of $47.05. The company has a market cap of $26.20 billion, a P/E ratio of 15.04 and a beta of 1.73.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.71%. Franklin Resources’s payout ratio is 25.81%.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction on Thursday, June 22nd. The stock was 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 in the company, valued at $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Federated Investors Inc. PA increased its stake in Franklin Resources by 0.6% in the fourth quarter. Federated Investors Inc. PA now owns 9,148 shares of the closed-end fund’s stock worth $362,000 after buying an additional 56 shares during the last quarter. Alpha Windward LLC increased its stake in Franklin Resources by 1.0% in the first quarter. Alpha Windward LLC now owns 5,921 shares of the closed-end fund’s stock worth $250,000 after buying an additional 57 shares during the last quarter. Creative Planning increased its stake in Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Franklin Resources by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 40,840 shares of the closed-end fund’s stock worth $1,721,000 after buying an additional 104 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. increased its stake in Franklin Resources by 0.9% in the first quarter. Nicholas Hoffman & Company LLC. now owns 13,835 shares of the closed-end fund’s stock worth $583,000 after buying an additional 130 shares during the last quarter. Institutional investors and hedge funds own 45.55% of the company’s stock.
Franklin Resources Company Profile
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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