Wall Street brokerages expect Franklin Resources, Inc. (NYSE:BEN) to announce sales of $1.50 billion for the current quarter, Zacks reports. Three analysts have issued estimates for Franklin Resources’ earnings, with the lowest sales estimate coming in at $1.48 billion and the highest estimate coming in at $1.52 billion. Franklin Resources posted sales of $1.53 billion during the same quarter last year, which suggests a negative year over year growth rate of 2%. The business is expected to report its next earnings report on Thursday, October 24th.
On average, analysts expect that Franklin Resources will report full-year sales of $5.82 billion for the current financial year, with estimates ranging from $5.80 billion to $5.86 billion. For the next year, analysts expect that the company will post sales of $5.94 billion, with estimates ranging from $5.80 billion to $6.00 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Franklin Resources.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.15). The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.48 billion. Franklin Resources had a return on equity of 13.43% and a net margin of 23.80%. Franklin Resources’s revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share.
Shares of BEN traded down $0.22 during mid-day trading on Wednesday, hitting $29.34. 2,572,532 shares of the company’s stock were exchanged, compared to its average volume of 2,915,157. The company has a market cap of $14.83 billion, a PE ratio of 9.20, a P/E/G ratio of 1.63 and a beta of 1.22. Franklin Resources has a 52 week low of $25.57 and a 52 week high of $35.82. The company has a 50-day simple moving average of $28.16 and a 200 day simple moving average of $32.50. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.35 and a quick ratio of 3.35.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, September 27th. Franklin Resources’s payout ratio is presently 32.60%.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total value of $130,050.00. Following the completion of the sale, the executive vice president now owns 100,009 shares of the company’s stock, valued at approximately $2,601,234.09. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 22.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted its holdings in shares of Franklin Resources by 232.6% in the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock valued at $25,000 after buying an additional 507 shares during the last quarter. Rational Advisors LLC boosted its holdings in shares of Franklin Resources by 5,760.0% in the 2nd quarter. Rational Advisors LLC now owns 879 shares of the closed-end fund’s stock valued at $31,000 after buying an additional 864 shares during the last quarter. Smith Asset Management Group LP acquired a new stake in shares of Franklin Resources in the 2nd quarter valued at approximately $32,000. Liberty Wealth Management LLC boosted its holdings in shares of Franklin Resources by 3,680.0% in the 2nd quarter. Liberty Wealth Management LLC now owns 1,134 shares of the closed-end fund’s stock valued at $39,000 after buying an additional 1,104 shares during the last quarter. Finally, TRUE Private Wealth Advisors acquired a new stake in shares of Franklin Resources in the 2nd quarter valued at approximately $43,000. 50.47% of the stock is owned by 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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