Franklin Resources, Inc. (NYSE:BEN) Forecasted to Post Q3 2019 Earnings of $0.61 Per Share

Franklin Resources, Inc. (NYSE:BEN) – Research analysts at Jefferies Financial Group decreased their Q3 2019 earnings per share (EPS) estimates for Franklin Resources in a research report issued on Sunday, April 28th, Zacks Investment Research reports. Jefferies Financial Group analyst D. Fannon now anticipates that the closed-end fund will earn $0.61 per share for the quarter, down from their prior forecast of $0.67. Jefferies Financial Group also issued estimates for Franklin Resources’ Q1 2020 earnings at $0.70 EPS, Q2 2020 earnings at $0.73 EPS, Q3 2020 earnings at $0.74 EPS and Q4 2020 earnings at $0.76 EPS.

A number of other research firms also recently weighed in on BEN. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Wednesday, April 3rd. Morgan Stanley set a $28.00 price objective on Franklin Resources and gave the company a “sell” rating in a report on Friday, February 8th. Bank of America set a $32.00 price objective on Franklin Resources and gave the company a “sell” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $34.00 to $33.00 in a report on Monday, April 29th. Finally, Citigroup increased their price objective on Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a report on Thursday, March 14th. Seven equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Franklin Resources presently has an average rating of “Hold” and an average target price of $30.55.

Shares of BEN traded down $0.36 during midday trading on Wednesday, reaching $33.22. 1,648,700 shares of the stock were exchanged, compared to its average volume of 2,805,200. Franklin Resources has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.54 and a quick ratio of 3.54. The company has a market capitalization of $16.92 billion, a PE ratio of 10.41, a price-to-earnings-growth ratio of 1.85 and a beta of 1.18.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.08. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the business earned $0.78 EPS. The business’s quarterly revenue was down 11.4% on a year-over-year basis.

In other Franklin Resources news, EVP Craig Steven Tyle sold 10,663 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $32.82, for a total value of $349,959.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 22.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc grew its holdings in shares of Franklin Resources by 17.1% during the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after purchasing an additional 4,764,162 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Franklin Resources by 2.9% during the 4th quarter. BlackRock Inc. now owns 23,139,023 shares of the closed-end fund’s stock worth $686,304,000 after purchasing an additional 646,242 shares in the last quarter. Pzena Investment Management LLC grew its holdings in shares of Franklin Resources by 4.8% during the 4th quarter. Pzena Investment Management LLC now owns 9,396,639 shares of the closed-end fund’s stock worth $278,704,000 after purchasing an additional 434,347 shares in the last quarter. Kiltearn Partners LLP grew its holdings in shares of Franklin Resources by 4.6% during the 4th quarter. Kiltearn Partners LLP now owns 8,460,294 shares of the closed-end fund’s stock worth $250,932,000 after purchasing an additional 370,500 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Franklin Resources by 526.8% during the 4th quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after purchasing an additional 5,635,864 shares in the last quarter. 49.87% of the stock is currently owned by hedge funds and other institutional investors.

About Franklin Resources

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.

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