Franklin Resources (NYSE:BEN) Issues Earnings Results

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

Franklin Resources Stock Performance

NYSE:BEN traded up $0.65 during trading hours on Tuesday, hitting $20.81. 1,412,818 shares of the company were exchanged, compared to its average volume of 4,034,859. 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 has a 52-week low of $18.94 and a 52-week high of $30.32. The stock has a market capitalization of $10.88 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 2.81 and a beta of 1.38. The company’s 50 day moving average price is $20.20 and its 200-day moving average price is $21.99.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.96%. The ex-dividend date was Monday, September 30th. Franklin Resources’s payout ratio is currently 76.07%.

Insiders Place Their Bets

In other news, insider Franklin Resources Inc sold 7,900 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now directly owns 36,519 shares in the company, valued at $1,596,245.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jennifer M. Johnson bought 12,700 shares of the stock in a transaction on Wednesday, August 28th. The stock was bought at an average price of $19.66 per share, with a total value of $249,682.00. Following the completion of the purchase, the chief executive officer now directly owns 2,637,700 shares in the company, valued at $51,857,182. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now directly owns 36,519 shares in the company, valued at $1,596,245.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 231,600 shares of company stock valued at $4,537,637 and sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on BEN shares. TD Cowen increased their target price on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft cut their target price on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday. Evercore ISI cut their target price on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research note on Friday, October 4th. UBS Group lowered their price target on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Finally, BMO Capital Markets reduced their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.66.

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.