Franklin Resources, Inc. to Post Q2 2024 Earnings of $0.55 Per Share, Zacks Research Forecasts (NYSE:BEN)

Franklin Resources, Inc. (NYSE:BEN) – Zacks Research reduced their Q2 2024 earnings per share (EPS) estimates for Franklin Resources in a research note issued on Wednesday, October 25th. Zacks Research analyst S. Jhunjhunwala now expects that the closed-end fund will earn $0.55 per share for the quarter, down from their previous estimate of $0.60. The consensus estimate for Franklin Resources’ current full-year earnings is $2.36 per share. Zacks Research also issued estimates for Franklin Resources’ Q3 2024 earnings at $0.57 EPS, Q4 2024 earnings at $0.60 EPS and FY2024 earnings at $2.28 EPS.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.03. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.50 billion. Franklin Resources had a return on equity of 10.43% and a net margin of 10.51%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 earnings per share.

BEN has been the subject of several other research reports. Wells Fargo & Company cut their price objective on Franklin Resources from $26.00 to $24.00 in a report on Thursday, October 12th. StockNews.com initiated coverage on Franklin Resources in a report on Thursday, October 5th. They issued a “hold” rating for the company. BMO Capital Markets upped their price objective on Franklin Resources from $24.00 to $27.00 in a report on Monday, July 31st. Morgan Stanley reduced their target price on Franklin Resources from $24.00 to $23.00 and set an “underweight” rating for the company in a report on Friday, October 6th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Franklin Resources from $26.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, October 11th. Six analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Reduce” and a consensus target price of $24.41.

Franklin Resources Trading Up 2.2 %

Shares of Franklin Resources stock opened at $22.75 on Thursday. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.90. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 14.22 and a beta of 1.30. The business has a fifty day simple moving average of $24.81 and a 200-day simple moving average of $26.01. Franklin Resources has a fifty-two week low of $21.58 and a fifty-two week high of $34.37.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new position in Franklin Resources in the 2nd quarter worth about $25,000. Eagle Bay Advisors LLC acquired a new position in Franklin Resources in the 2nd quarter worth about $26,000. RFP Financial Group LLC acquired a new position in Franklin Resources in the 2nd quarter worth about $27,000. Resurgent Financial Advisors LLC acquired a new position in Franklin Resources in the 4th quarter worth about $27,000. Finally, First Capital Advisors Group LLC. acquired a new position in shares of Franklin Resources during the 2nd quarter valued at about $30,000. 46.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Mariann H. Byerwalter sold 6,011 shares of the stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $24.01, for a total value of $144,324.11. Following the completion of the sale, the director now directly owns 10,494 shares of the company’s stock, valued at approximately $251,960.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 23.40% of the company’s stock.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 5.27%. The ex-dividend date was Thursday, September 28th. Franklin Resources’s dividend payout ratio is currently 75.00%.

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.