Franklin Resources (NYSE:BEN) Releases Earnings Results, Misses Expectations By $0.01 EPS

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

Franklin Resources Stock Performance

Shares of BEN opened at $20.95 on Wednesday. Franklin Resources has a one year low of $18.94 and a one year high of $30.32. The business has a fifty day moving average of $20.21 and a 200 day moving average of $21.96. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market capitalization of $10.96 billion, a P/E ratio of 12.85, a PEG ratio of 2.81 and a beta of 1.38.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 5.92%. Franklin Resources’s payout ratio is 76.07%.

Insiders Place Their Bets

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of Franklin Resources stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average price of $19.08 per share, with a total value of $1,908,000.00. Following the transaction, the insider now directly owns 89,308,192 shares of the company’s stock, valued at $1,704,000,303.36. 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 this link. In related news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the transaction, the insider now owns 89,308,192 shares of the company’s stock, valued at approximately $1,704,000,303.36. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Insiders own 24.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday. The Goldman Sachs Group dropped their target price on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research report on Monday, September 30th. UBS Group reduced their price target on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. TD Cowen dropped their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a report on Tuesday. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and an average target price of $20.20.

Franklin Resources Company Profile

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.