Jefferies Group Comments on Franklin Resources, Inc.’s FY2018 Earnings (BEN)
Franklin Resources, Inc. (NYSE:BEN) – Equities research analysts at Jefferies Group increased their FY2018 earnings per share (EPS) estimates for shares of Franklin Resources in a research report issued on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the closed-end fund will post earnings of $3.00 per share for the year, up from their previous forecast of $2.98. Jefferies Group currently has a “Hold” rating and a $44.00 target price on the stock.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.73. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 EPS. TRADEMARK VIOLATION WARNING: This report was first posted by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was stolen and reposted in violation of United States and international trademark and copyright law. The original version of this report can be viewed at https://www.americanbankingnews.com/2017/10/12/jefferies-group-comments-on-franklin-resources-inc-s-fy2018-earnings-ben.html.
Several other analysts have also issued reports on BEN. BidaskClub upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Deutsche Bank AG raised their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a report on Thursday, July 6th. Morgan Stanley reaffirmed an “underweight” rating and set a $40.00 price objective (up from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Finally, Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $44.36.
Shares of Franklin Resources (NYSE:BEN) traded up 0.13% during midday trading on Thursday, hitting $44.99. 1,050,385 shares of the stock were exchanged. Franklin Resources has a 12-month low of $33.02 and a 12-month high of $47.65. The stock’s 50 day moving average is $43.16 and its 200 day moving average is $43.31. The firm has a market cap of $25.09 billion, a P/E ratio of 14.64 and a beta of 1.72.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.78%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio is currently 26.14%.
Hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its holdings in Franklin Resources by 22.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,002 shares of the closed-end fund’s stock valued at $716,000 after purchasing an additional 3,161 shares during the last quarter. BlackRock Inc. lifted its holdings in Franklin Resources by 1,550.0% during the 1st quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after purchasing an additional 19,839,472 shares during the last quarter. Andra AP fonden lifted its holdings in Franklin Resources by 71.3% during the 2nd quarter. Andra AP fonden now owns 53,800 shares of the closed-end fund’s stock valued at $2,410,000 after purchasing an additional 22,400 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Franklin Resources by 3.2% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 50,382 shares of the closed-end fund’s stock valued at $2,123,000 after purchasing an additional 1,572 shares during the last quarter. Finally, Contrarius Investment Management Ltd lifted its holdings in Franklin Resources by 2.4% during the 2nd quarter. Contrarius Investment Management Ltd now owns 543,258 shares of the closed-end fund’s stock valued at $24,333,000 after purchasing an additional 12,540 shares during the last quarter. 44.96% of the stock is owned by hedge funds and other 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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