Q1 2023 EPS Estimates for Franklin Resources, Inc. (NYSE:BEN) Decreased by Analyst

Franklin Resources, Inc. (NYSE:BENGet Rating) – Research analysts at Jefferies Financial Group lowered their Q1 2023 earnings per share estimates for Franklin Resources in a research note issued to investors on Wednesday, May 4th. Jefferies Financial Group analyst D. Fannon now expects that the closed-end fund will post earnings per share of $0.87 for the quarter, down from their previous estimate of $0.89. Jefferies Financial Group also issued estimates for Franklin Resources’ Q3 2023 earnings at $0.89 EPS and FY2023 earnings at $3.55 EPS.

Several other equities research analysts also recently commented on the company. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating and set a $34.00 target price for the company. in a report on Monday, January 24th. Citigroup downgraded shares of Franklin Resources from a “buy” rating to a “neutral” rating and reduced their price target for the company from $44.50 to $28.00 in a research report on Tuesday, April 12th. Keefe, Bruyette & Woods cut shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research report on Tuesday, April 12th. Deutsche Bank Aktiengesellschaft reduced their target price on Franklin Resources from $33.00 to $27.00 in a report on Thursday, April 7th. Finally, StockNews.com started coverage on Franklin Resources in a report on Thursday, March 31st. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, Franklin Resources has a consensus rating of “Hold” and a consensus target price of $31.25.

BEN opened at $26.80 on Thursday. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.62. The firm has a market cap of $13.46 billion, a PE ratio of 7.20, a P/E/G ratio of 2.90 and a beta of 1.14. The business has a fifty day simple moving average of $27.21 and a 200-day simple moving average of $30.99. Franklin Resources has a fifty-two week low of $24.45 and a fifty-two week high of $38.27.

Franklin Resources (NYSE:BENGet Rating) last released its earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 EPS for the quarter, beating the consensus estimate of $0.81 by $0.15. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.08 billion. Franklin Resources had a net margin of 22.41% and a return on equity of 17.79%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the business earned $0.79 earnings per share.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BEN. State Street Corp lifted its holdings in Franklin Resources by 3.5% in the 4th quarter. State Street Corp now owns 27,532,069 shares of the closed-end fund’s stock worth $929,900,000 after purchasing an additional 933,075 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Franklin Resources by 3.6% in the fourth quarter. BlackRock Inc. now owns 27,015,242 shares of the closed-end fund’s stock worth $904,739,000 after buying an additional 935,684 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Franklin Resources by 8.9% during the 4th quarter. Capital Research Global Investors now owns 8,613,180 shares of the closed-end fund’s stock worth $288,455,000 after buying an additional 701,374 shares during the period. Geode Capital Management LLC raised its holdings in Franklin Resources by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 5,140,085 shares of the closed-end fund’s stock worth $171,673,000 after acquiring an additional 144,639 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Franklin Resources by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,487,563 shares of the closed-end fund’s stock worth $150,289,000 after acquiring an additional 224,921 shares during the last quarter. Institutional investors own 43.50% of the company’s stock.

In other Franklin Resources news, insider Franklin Resources Inc purchased 998,370 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were bought at an average price of $12.27 per share, for a total transaction of $12,249,999.90. Following the purchase, the insider now directly owns 14,079,687 shares in the company, valued at approximately $172,757,759.49. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.30% of the company’s stock.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Wednesday, March 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 31.18%.

About Franklin Resources (Get Rating)

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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Earnings History and Estimates for Franklin Resources (NYSE:BEN)

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