Franklin Resources, Inc. (NYSE:BEN) – Research analysts at Jefferies Group lifted their FY2017 earnings estimates for shares of Franklin Resources in a research note issued to investors on Tuesday. Jefferies Group analyst D. Fannon now expects that the closed-end fund will post earnings per share of $2.99 for the year, up from their prior forecast of $2.97. Jefferies Group has a “Hold” rating and a $44.00 price target on the stock. Jefferies Group also issued estimates for Franklin Resources’ Q4 2017 earnings at $0.73 EPS and FY2019 earnings at $3.17 EPS.
Several other research firms have also commented on BEN. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Wells Fargo & Company lowered shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Morgan Stanley restated an “underweight” rating and issued a $40.00 price target (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. BidaskClub upgraded shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Finally, Deutsche Bank AG boosted their price target on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, July 4th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $44.36.
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Franklin Resources (NYSE:BEN) opened at 45.09 on Wednesday. Franklin Resources has a 1-year low of $33.02 and a 1-year high of $47.65. The company has a market capitalization of $25.15 billion, a P/E ratio of 14.67 and a beta of 1.72. The company has a 50-day moving average of $43.16 and a 200-day moving average of $43.31.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm earned $0.77 earnings per share. Franklin Resources’s revenue was down 1.2% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is currently 26.14%.
Several hedge funds have recently added to or reduced their stakes in BEN. BlackRock Inc. boosted its holdings 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 acquiring an additional 19,839,472 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Franklin Resources by 5.2% during the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Franklin Resources by 70.2% during the second quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock worth $75,684,000 after buying an additional 696,730 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Franklin Resources by 92.8% during the second quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock worth $63,289,000 after buying an additional 680,059 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Franklin Resources by 1,908.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 492,000 shares of the closed-end fund’s stock worth $22,037,000 after buying an additional 467,500 shares in the last quarter. 44.96% of the stock is currently owned by institutional investors and hedge funds.
About Franklin Resources
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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