Franklin Resources (NYSE:BEN) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Franklin Resources (NYSE:BEN) announced its quarterly earnings data 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. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis.

Franklin Resources Stock Performance

Franklin Resources stock traded up $0.46 during midday trading on Tuesday, reaching $20.62. 1,131,295 shares of the company’s stock were exchanged, compared to its average volume of 4,033,543. The stock’s 50-day simple moving average is $20.20 and its 200 day simple moving average is $21.99. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 2.81 and a beta of 1.38. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71. Franklin Resources has a 52 week low of $18.94 and a 52 week high of $30.32.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $0.31 per share. The ex-dividend date was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 6.01%. Franklin Resources’s dividend payout ratio is presently 76.07%.

Wall Street Analyst Weigh In

BEN has been the subject of several analyst reports. BMO Capital Markets decreased their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Wells Fargo & Company lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. TD Cowen lifted their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Barclays lowered 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 report on Monday, October 14th. Finally, Evercore ISI decreased their target price on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and seven have assigned 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 $20.66.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the acquisition, the insider now owns 89,208,192 shares of the company’s stock, valued at $1,769,890,529.28. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, 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, with a total value of $395,955.00. Following the acquisition, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Charles B. Johnson acquired 100,000 shares of Franklin Resources stock in a transaction dated Thursday, August 29th. The shares were purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the acquisition, the insider now owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Corporate insiders own 24.13% of the company’s stock.

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.