Franklin Resources (NYSE:BEN) Releases Quarterly Earnings Results

Franklin Resources (NYSE:BEN) issued its quarterly earnings results on Monday. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01), Briefing.com reports. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year.

Franklin Resources Stock Performance

Shares of NYSE BEN traded up $0.65 during midday trading on Tuesday, hitting $20.81. 1,412,818 shares of the company’s stock were exchanged, compared to its average volume of 4,034,859. Franklin Resources has a twelve month low of $18.94 and a twelve month high of $30.32. The firm has a market cap of $10.88 billion, a P/E ratio of 12.72, a PEG ratio of 2.81 and a beta of 1.38. The stock’s 50 day moving average price is $20.20 and its 200-day moving average price is $21.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date of this dividend was Monday, September 30th. Franklin Resources’s payout ratio is 76.07%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BEN. Evercore ISI decreased their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research report on Friday, October 4th. JPMorgan Chase & Co. lowered their price objective on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a research note on Tuesday. Barclays decreased their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $20.66.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction dated Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Jennifer M. Johnson purchased 18,900 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the purchase, the chief executive officer now owns 216,900 shares in the company, valued at $4,544,055. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jennifer M. Johnson bought 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, with a total value of $249,682.00. Following the purchase, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. 24.13% of the stock is owned by company insiders.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.