Zacks: Brokerages Expect Franklin Resources, Inc. (BEN) Will Post Quarterly Sales of $1.63 Billion
Equities analysts expect Franklin Resources, Inc. (NYSE:BEN) to post sales of $1.63 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Franklin Resources’ earnings, with estimates ranging from $1.62 billion to $1.64 billion. Franklin Resources posted sales of $1.61 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.2%. The firm is expected to announce its next quarterly earnings report on Wednesday, October 25th.
On average, analysts expect that Franklin Resources will report full year sales of $1.63 billion for the current year, with estimates ranging from $6.39 billion to $6.45 billion. For the next financial year, analysts anticipate that the company will report sales of $6.53 billion per share, with estimates ranging from $6.38 billion to $6.63 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Franklin Resources.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. Franklin Resources had a net margin of 28.47% and a return on equity of 13.28%. 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 company earned $0.77 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis.
Several analysts recently commented on the stock. BidaskClub downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. UBS AG reaffirmed a “neutral” rating and set a $45.00 target price (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, August 1st. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $44.09.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s 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 transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 21.60% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its position in shares of Franklin Resources by 22.8% in 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 buying an additional 3,161 shares in the last quarter. BlackRock Inc. raised its position in shares of Franklin Resources by 1,550.0% in the 1st 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. JPMorgan Chase & Co. raised its position in shares of Franklin Resources by 996.3% in the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after buying an additional 651,346 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Franklin Resources by 1.2% in the 1st quarter. Ameriprise Financial Inc. now owns 732,643 shares of the closed-end fund’s stock valued at $30,884,000 after buying an additional 8,546 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Franklin Resources by 3.2% in 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 buying an additional 1,572 shares in the last quarter. Institutional investors own 44.97% of the company’s stock.
Shares of Franklin Resources (BEN) opened at 42.48 on Monday. The company has a 50 day moving average of $42.76 and a 200 day moving average of $43.09. The company has a market cap of $23.69 billion, a PE ratio of 13.82 and a beta of 1.73. Franklin Resources has a 1-year low of $33.02 and a 1-year high of $47.65.
The company 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Thursday, September 28th. Franklin Resources’s payout ratio is presently 26.14%.
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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