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

Franklin Resources (NYSE:BEN) released its earnings results on Monday. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01), Briefing.com reports. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates 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 period in the prior year, the company earned $0.84 earnings per share.

Franklin Resources Stock Down 3.3 %

BEN stock opened at $20.16 on Tuesday. The firm has a market cap of $10.54 billion, a PE ratio of 12.37, a PEG ratio of 2.81 and a beta of 1.38. Franklin Resources has a 1 year low of $18.94 and a 1 year high of $30.32. The company has a fifty day simple moving average of $20.20 and a 200 day simple moving average of $21.99. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources Dividend Announcement

The firm 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 was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.15%. Franklin Resources’s dividend payout ratio is currently 76.07%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. TD Cowen raised their price objective on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. Morgan Stanley reduced their price objective on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company dropped their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a report on Thursday, August 22nd. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $21.43.

Insiders Place Their Bets

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the sale, the insider now owns 65,862 shares of the company’s stock, valued at $2,891,341.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Franklin Resources news, major shareholder Charles B. Johnson acquired 100,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the purchase, 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Franklin Resources Inc sold 7,657 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares of the company’s stock, valued at $2,891,341.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Company 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.