Franklin Resources Inc. to Post FY2016 Earnings of $2.80 Per Share, Jefferies Group Forecasts (BEN)
Franklin Resources Inc. (NYSE:BEN) – Equities research analysts at Jefferies Group upped their FY2016 earnings per share (EPS) estimates for Franklin Resources in a report released on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the firm will post earnings of $2.80 per share for the year, up from their prior forecast of $2.79. Jefferies Group has a “Hold” rating and a $36.00 price objective on the stock. Jefferies Group also issued estimates for Franklin Resources’ Q1 2017 earnings at $0.70 EPS, Q2 2017 earnings at $0.69 EPS, Q3 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.72 EPS and FY2018 earnings at $3.14 EPS.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the consensus estimate of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The business earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business posted $0.82 EPS. The company’s quarterly revenue was down 18.3% compared to the same quarter last year.
BEN has been the subject of a number of other reports. Deutsche Bank AG upped their price objective on Franklin Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, October 5th. Barclays PLC reissued a “sell” rating and issued a $31.00 price target on shares of Franklin Resources in a research note on Tuesday. Citigroup Inc. increased their price target on Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Zacks Investment Research cut Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Keefe, Bruyette & Woods increased their price target on Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $37.88.
Shares of Franklin Resources (NYSE:BEN) opened at 34.75 on Wednesday. Franklin Resources has a 12-month low of $30.56 and a 12-month high of $42.23. The company has a market cap of $20.02 billion, a price-to-earnings ratio of 12.86 and a beta of 1.66. The stock has a 50 day moving average of $35.73 and a 200 day moving average of $35.94.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s payout ratio is currently 26.57%.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.99, for a total value of $571,953.08. Following the transaction, the insider now directly owns 1,473,782 shares in the company, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC raised its position in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock worth $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. raised its position in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock worth $112,000 after buying an additional 583 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock worth $179,000 after buying an additional 4,335 shares in the last quarter. Finally, Alpha Windward LLC raised its position in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock worth $181,000 after buying an additional 1,071 shares in the last quarter. 48.39% of the stock is currently owned by institutional investors and hedge funds.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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