Jefferies Group Weighs in on Franklin Resources, Inc.’s FY2017 Earnings (BEN)
Franklin Resources, Inc. (NYSE:BEN) – Investment analysts at Jefferies Group boosted their FY2017 earnings estimates for Franklin Resources in a report issued on Tuesday. Jefferies Group analyst D. Fannon now expects that the closed-end fund will post earnings of $2.99 per share for the year, up from their previous forecast of $2.97. Jefferies Group currently has a “Hold” rating and a $44.00 price target on the stock. Jefferies Group also issued estimates for Franklin Resources’ Q4 2017 earnings at $0.73 EPS and FY2019 earnings at $3.17 EPS.
BEN has been the topic of a number of other research reports. Morgan Stanley reissued an “underweight” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Deutsche Bank AG boosted their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research note on Tuesday, July 4th. Finally, BidaskClub downgraded Franklin Resources from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $44.09.
Franklin Resources (BEN) opened at 44.92 on Wednesday. Franklin Resources has a 12 month low of $33.02 and a 12 month high of $47.65. The stock has a 50 day moving average price of $43.09 and a 200-day moving average price of $43.30. The stock has a market cap of $25.05 billion, a PE ratio of 14.62 and a beta of 1.72.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the business posted $0.77 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is presently 26.14%.
Several institutional investors have recently made changes to their positions in BEN. Cambridge Investment Research Advisors Inc. raised its position in Franklin Resources by 22.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,002 shares of the closed-end fund’s stock valued at $716,000 after buying an additional 3,161 shares during the period. BlackRock Inc. raised its position in Franklin Resources by 1,550.0% during 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 during the period. Andra AP fonden raised its position in Franklin Resources by 71.3% during the second quarter. Andra AP fonden now owns 53,800 shares of the closed-end fund’s stock valued at $2,410,000 after buying an additional 22,400 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Franklin Resources by 3.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 50,382 shares of the closed-end fund’s stock valued at $2,123,000 after buying an additional 1,572 shares during the period. Finally, Contrarius Investment Management Ltd raised its position in Franklin Resources by 2.4% during the second quarter. Contrarius Investment Management Ltd now owns 543,258 shares of the closed-end fund’s stock valued at $24,333,000 after buying an additional 12,540 shares during the period. 44.96% of the stock is currently owned by institutional investors.
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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