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BEN - Franklin Resources, Inc.

Discussion in 'Stock Message Boards NYSE, NASDAQ, AMEX' started by Marvan, Jan 10, 2020.

  1. Marvan

    Marvan Active Member

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    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.

    The firm invests in the public equity, fixed income, and alternative markets.

    Franklin Resources, Inc. was founded in 1947 and is based in San Mateo, California with an additional office in Hyderabad, India.
     
    TomB16 likes this.
  2. Marvan

    Marvan Active Member

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  3. Marvan

    Marvan Active Member

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    Franklin Templeton Subsidiary Extends Presence into New England with $6 Billion U.S. Wealth Manager

    Fiduciary Trust Company International, a global wealth manager and wholly-owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], today announced that it has entered into an agreement to acquire Athena Capital Advisors, LLC in a merger transaction. Athena Capital, a nationally registered investment advisor (RIA), has approximately $6 billion in assets under management. The acquisition will expand Fiduciary Trust Company International’s offerings, further diversifying the firm’s investment solutions for meeting the evolving needs of high-net-worth and ultra-high-net-worth clients.

    Established in 1993 by Lisette Cooper, PhD, Athena Capital Advisors is based in Lincoln, MA, with an additional office in New York, NY. The firm’s capabilities include building diversified portfolios through an endowment style of investing, as well as impact investing, outsourced chief investment officer (OCIO) services, and family office support services.

    "Lisette has built an impressive team, and I look forward to working with them to help clients of both organizations reach their long-term goals," said John M. Dowd, CEO of Fiduciary Trust Company International. "Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing strategic advisory services. Athena Capital is a pioneer in the field of impact investing, working with clients to align their investment portfolios with their social and mission-based values. Athena’s suburban-Boston location deepens our reach in the New England area, increasing the breadth and depth of our offering and enhancing the value we can bring to clients of both firms."

    Dr. Cooper, Managing Partner and Chief Investment Officer of Athena Capital Advisors, added: "Fiduciary Trust Company International is an ideal pairing for Athena Capital Advisors, and we’re eager to integrate our expertise so we can provide our collective client base with a full suite of offerings to meet the changing long-term needs of individuals, foundations, and endowments."

    "We are confident that Athena Capital Advisors’ experience and customized approach to wealth management—combined with Fiduciary Trust Company International’s investment excellence, extensive trust and estate, tax, and digital expertise and resources—will help optimize the client experience for families and generations to come," said Jenny Johnson, President and COO of Franklin Templeton.

    The transaction is subject to customary closing conditions and is anticipated to close in Franklin Templeton’s second quarter of fiscal 2020. Following the acquisition, Fiduciary Trust Company International’s assets under management will be approximately $25 billion. Terms of the deal were not disclosed.

    Goodwin Procter served as legal counsel to Fiduciary Trust Company International and Franklin Templeton. Raymond James | Silver Lane served as Athena Capital Advisors’ financial advisor on the transaction, and Holland & Knight served as its legal advisor.

    https://finance.yahoo.com/news/fiduciary-trust-company-international-acquire-140000533.html



     
  4. Marvan

    Marvan Active Member

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  5. Marvan

    Marvan Active Member

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    Franklin Templeton is pleased to announce its receipt of a perfect score of 100 percent on the Human Rights Campaign (HRC) Foundation’s 2020 Corporate Equality Index (CEI), the nation’s premier benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality.

    Franklin Templeton earned top marks in the national survey for the fourth consecutive year and was designated as a Best Place to Work for LGBTQ Equality.

    https://finance.yahoo.com/news/franklin-templeton-receives-top-marks-165900998.html
     
  6. Marvan

    Marvan Active Member

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    Franklin Resources Inc. BEN reported first-quarter fiscal 2020 (ended Dec 31) earnings of 70 cents per share, beating the Zacks Consensus Estimate of 67 cents. Results also compare favorably with the earnings of 54 cents per share recorded in the prior-year quarter.

    The company’s results display higher revenues and assets under management (AUM). Also, a strong capital position was a positive. However, net outflows and escalating expenses were undermining factors.

    Operating income was $392.7 million in the reported quarter compared with the prior-year quarter’s $411.5 million.

    Net income was $350.5 million compared with the $275.9 million recorded in the prior-year quarter.

    https://finance.yahoo.com/news/franklins-ben-q1-earnings-beat-150203414.html
     
  7. Marvan

    Marvan Active Member

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    Franklin Resources, Inc. (Franklin Templeton) (NYSE: BEN) today reported preliminary month-end assets under management of $688.0 billion at January 31, 2020, compared to $698.3 billion at December 31, 2019.

    Assets under management declined as net new outflows moderated and market returns were negative. Preliminary average assets under management for the quarter, through January 31, 2020, were $693.1 billion.

    https://finance.yahoo.com/news/franklin-resources-inc-announces-month-213000409.html
     
  8. Marvan

    Marvan Active Member

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    Franklin Resources Nears All-Cash Deal to Buy Legg Mason

    Franklin Resources Inc. is nearing an all-cash offer for asset manager Legg Mason Inc., a deal that would create an investing giant with more than $1 trillion in assets under management, according to people familiar with the matter.

    The owner of investment manager Franklin Templeton could announce a deal for almost $4.5 billion as soon as Tuesday for Legg Mason, said the people, who asked to not be identified because the matter isn’t public. Representatives for Franklin Resources and Legg Mason declined to comment.

    They are discussing a transaction that would value Legg Mason at $50 per share, a 23% premium to the Baltimore-based company’s share price Friday, the people said. San Mateo, California-based Franklin Resources is expected to have $1.5 trillion in assets under management after the deal closes, the people added.

    The move comes less than a year after activist investor Trian Fund Management took a 4.5% stake in Legg Mason, enough to secure its founder Nelson Peltz a position on the board. Just days later, the fund manager said it would cut about 12% of its staff and reduce its executive committee to four from eight members. Peltz said at the time his three top priorities were “significantly reducing costs, driving revenue growth organically and through acquisition, and increasing profitability.”

    https://finance.yahoo.com/news/franklin-resources-nears-cash-deal-071816557.html
     
  9. Marvan

    Marvan Active Member

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    A month has gone by since the last earnings report for Franklin Resources (BEN). Shares have lost about 17% in that time frame, underperforming the S&P 500.

    Will the recent negative trend continue leading up to its next earnings release, or is Franklin Resources due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

    Franklin's Q1 Earnings Beat Estimates on Higher AUM

    Franklin reported first-quarter fiscal 2020 (ended Dec 31) earnings of 70 cents per share, beating the Zacks Consensus Estimate of 67 cents. Results also compare favorably with the earnings of 54 cents per share recorded in the prior-year quarter.

    The company’s results display higher revenues and AUM. Also, a strong capital position was a positive. However, net outflows and escalating expenses were undermining factors.

    Operating income was $392.7 million in the reported quarter compared with the prior-year quarter’s $411.5 million.

    Net income was $350.5 million compared with the $275.9 million recorded in the prior-year quarter.

    Revenues Climb, Costs Up

    Total operating revenues increased slightly year over year to $1.41 billion in the fiscal first quarter, mainly owing to higher investment management and other fees, partly offset by lower sales and distribution fees, along with shareholder-servicing fees. The figure lagged the Zacks Consensus Estimate of $1.43 billion.

    Investment management fees inched up 1% year over year to $979.7 million, while other net revenues climbed 6% to $31.5 million. However, sales and distribution fees were down 1% year over year to $351.5 million. Additionally, shareholder-servicing fees dipped 9% on a year-over-year basis to $50 million.

    Total operating expenses flared up 2% year over year to $1.02 billion. This upside resulted from higher compensation and benefits, occupancy as well as technology expenses, partly mitigated by lower sales, distribution and marketing, along with general, administrative and other expenses.

    As of Dec 31, 2019, total AUM came in at $698.3 billion, up 7% from $649.9 billion as of Dec 31, 2018. Notably, the company recorded net new outflows of $12.3 billion in the quarter. Simple monthly average AUM of $693.8 billion increased 2% year on year.

    Franklin's Q1 Earnings Beat Estimates on Higher AUM

    Franklin reported first-quarter fiscal 2020 (ended Dec 31) earnings of 70 cents per share, beating the Zacks Consensus Estimate of 67 cents. Results also compare favorably with the earnings of 54 cents per share recorded in the prior-year quarter.

    The company’s results display higher revenues and AUM. Also, a strong capital position was a positive. However, net outflows and escalating expenses were undermining factors.

    Operating income was $392.7 million in the reported quarter compared with the prior-year quarter’s $411.5 million.

    Net income was $350.5 million compared with the $275.9 million recorded in the prior-year quarter.

    Revenues Climb, Costs Up

    Total operating revenues increased slightly year over year to $1.41 billion in the fiscal first quarter, mainly owing to higher investment management and other fees, partly offset by lower sales and distribution fees, along with shareholder-servicing fees. The figure lagged the Zacks Consensus Estimate of $1.43 billion.

    Investment management fees inched up 1% year over year to $979.7 million, while other net revenues climbed 6% to $31.5 million. However, sales and distribution fees were down 1% year over year to $351.5 million. Additionally, shareholder-servicing fees dipped 9% on a year-over-year basis to $50 million.

    Total operating expenses flared up 2% year over year to $1.02 billion. This upside resulted from higher compensation and benefits, occupancy as well as technology expenses, partly mitigated by lower sales, distribution and marketing, along with general, administrative and other expenses.

    As of Dec 31, 2019, total AUM came in at $698.3 billion, up 7% from $649.9 billion as of Dec 31, 2018. Notably, the company recorded net new outflows of $12.3 billion in the quarter. Simple monthly average AUM of $693.8 billion increased 2% year on year.

    Stable Capital Position

    As of Dec 31, 2019, cash and cash equivalents, along with investments, were $8.6 billion compared with $8.5 billion as of Sep 30, 2019. Furthermore, total stockholders' equity was $10.8 billion compared with $10.6 billion as of Sep 30, 2019.

    During the December-end quarter, the company repurchased 4.6 million shares of its common stock at a total cost of $123.6 million.

    As of Dec 31, 2019, cash and cash equivalents, along with investments, were $8.6 billion compared with $8.5 billion as of Sep 30, 2019. Furthermore, total stockholders' equity was $10.8 billion compared with $10.6 billion as of Sep 30, 2019.

    During the December-end quarter, the company repurchased 4.6 million shares of its common stock at a total cost of $123.6 million.

    How Have Estimates Been Moving Since Then?

    It turns out, estimates review have trended downward during the past month.

    VGM Scores

    At this time, Franklin Resources has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.

    Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

    Outlook

    Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Franklin Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

    https://finance.yahoo.com/news/franklin-resources-ben-down-17-163104986.html
     
  10. Marvan

    Marvan Active Member

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    Franklin Closes Athena Capital Buyout With AUM Worth $6B

    Recently, Franklin Resources’ BEN wholly-owned subsidiary — Fiduciary Trust Company International — a global wealth manager completed the acquisition of Lincoln, MA-based Athena Capital Advisors, LLC. The terms of the deal, inked this January, remain undisclosed.

    The acquisition’s completion will fortify its wealth-management business through diversification of the company’s investment solutions, in order to cater the rising demands of high-net-worth and ultra-high-net-worth clients.

    Athena Capital is a privately-owned registered investment adviser, with around $6 billion in assets under management (AUM). It serves both tax-exempt institutions and taxable families with wealth management and investment counsel services, along with wealth planning, impact investing, and investment administration and reporting services. Notably, Fiduciary Trust Company International now would cater around $25 billion in AUM.

    https://finance.yahoo.com/news/franklin-closes-athena-capital-buyout-133801256.html
     
  11. Marvan

    Marvan Active Member

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    Franklin Resources, Inc. Announces Month-End Assets Under Management

    Franklin Resources, Inc. (Franklin Templeton) (NYSE: BEN) today reported preliminary month-end assets under management of $656.5 billion at February 29, 2020, compared to $688.0 billion at January 31, 2020.

    Assets under management were driven lower by sharp market declines as net outflows continued to moderate. Preliminary average assets under management for the quarter, through February 29, 2020, were $680.9 billion.

    https://finance.yahoo.com/news/franklin-resources-inc-announces-month-204500813.html
     
  12. Marvan

    Marvan Active Member

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    The FTC Has Approved Franklin Resources’ Acquistion Of Legg Mason

    The Federal Trade Commission has given the go-ahead to Franklin Resourcesbid to buy Legg Mason for $4.5 billion.

    News of the approval appeared on the FTC website in a post dated April 2. The Hart-Scott-Rodino Act requires U.S. companies to report any deal valued at more than $94 million to regulators.

    Franklin’s (ticker: BEN) acquisition of Legg Mason (LM) still has to clear some hurdles. A preliminary Legg Mason shareholder proxy awaits comments from the SEC, said Mary Athridge, a Legg Mason spokeswoman, in an emailed response to questions. Once these are obtained, Legg will finalize and set a meeting date for its shareholders, Athridge said.

    Legg is also submitting proxies for each of its mutual funds and closed end funds, which also need shareholder approval. Other regulators around the world must still approve the deal, Athridge said. Franklin’s buy of Legg Mason remains “on track,” said Lisa Gallegos, a Franklin spokeswoman, in an email. The deal is expected to close in the third quarter of this year, she said.



    Announced Feb. 18—the day before the U.S. stock market peaked—the acquisition is expected to generate $200 million in savings, and provide Franklin with a much stronger foothold in the institutional arena.

    Since then, Covid-19 has upended the U.S. stock market and caused an economic crisis.


    The acquisition was initially expected to create a firm with $1.5 trillion in assets under management. As of Feb. 29, Franklin had $657 billion assets under management, down from $688 billion a month prior, and Legg had $789 billion, down from $806 billion. The firms could not provide March assets, but they are both certainly lower.

    More importantly, Franklin’s acquisition of Legg Mason calls for it to pay $50 a share. The volatility has caused Franklin’s stock to plunge 40% since February. Shares for Franklin closed Friday down 2.8% to $15.61. Legg Mason’s stock, by comparison, has traded near $50. Legg’s shares ended Friday at $49.08. Franklin’s falling stock price makes its acquisition of Legg Mason more expensive. This has led some to believe Franklin may try to reprice the deal. Nothing has changed on the details of the deal or its anticipated timing, Gallegos said.

    https://www.barrons.com/articles/th...gg-mason-51586033829?siteid=yhoof2&yptr=yahoo
     
  13. Marvan

    Marvan Active Member

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    NEW DELHI, India—Franklin Templeton’s Indian mutual fund unit has abruptly shut down six debt mutual funds worth $3.4 billion, casting a shadow on the company’s future in the nation.

    Franklin said the move on April 23 was prompted by reduced liquidity in the debt market and huge redemptions by investors growing nervous amid a pandemic-induced lockdown that has shut most business activity in India since March 25.

    https://www.barrons.com/articles/in...ix-funds-51587766966?siteid=yhoof2&yptr=yahoo
     
  14. Marvan

    Marvan Active Member

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    Franklin's (BEN) Q2 Earnings Beat Estimates, AUM Declines

    Franklin Resources Inc. BEN reported second-quarter fiscal 2020 (ended Mar 31) adjusted earnings of 66 cents per share, beating the Zacks Consensus Estimate of 44 cents. Results also compare favorably with the earnings of 65 cents per share recorded in the prior-year quarter.

    The company’s results display prudent expense management during the quarter. Also, a strong capital position was a positive. However, lower revenues and assets under management (AUM) were major drags. Also, net outflows were an undermining factor.

    Adjusted operating income came in at $385.9 million in the reported quarter compared with the prior-year quarter’s $406.6 million.

    Including certain notable items, net income was $79.1 million or 16 cents per share compared with the $367.5 million or 72 cents per share recorded in the prior-year quarter.

    Revenues Down, Costs Decline

    Total operating revenues decreased 7% year over year to $1.34 billion in the fiscal second quarter, mainly due to lower investment management, sales and distribution and shareholder-servicing fees, partly offset by higher other fees. The figure, however, surpassed the Zacks Consensus Estimate of $1.33 billion.

    Investment management fees dropped 8% year over year to $908.2 million, while other net revenues climbed 30% to $33.6 million. However, sales and distribution fees were down 5% year over year to $341.7 million. Additionally, shareholder-servicing fees dipped 4% on a year-over-year basis to $54.8 million.

    Total operating expenses were down 7% year over year to $982.2 million. This decline resulted from lower compensation and benefits, general, administrative and other along with sales, distribution and marketing expenses. These decreases were partly muted by higher occupancy expenses.

    As of Mar 31, 2020, total AUM came in at $580.3 billion, down 19% from $712.3 billion as of Mar 31, 2019. Notably, the company recorded net new outflows of $25.4 billion during the January-March quarter. Simple monthly average AUM of $655.8 billion decreased 5% year on year.

    Stable Capital Position

    As of Mar 31, 2020, cash and cash equivalents, along with investments, were $8.2 billion compared with $8.5 billion as of Sep 30, 2019. Furthermore, total stockholders' equity was $10.8 billion compared with $10.6 billion as of Sep 30, 2019.

    During the March-end quarter, the company repurchased 2.9 million shares of its common stock at a total cost of $64.6 million.

    Our Viewpoint

    The company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified. Though prudent cost-control measures and strategic moves might lend some support to the bottom line, a persistent decline in investment-management fees on market fluctuations and foreign-exchange translations amid the coronavirus crisis will likely impede AUM growth.

    The proposed acquisition of Legg Mason remains on track and is likely to create a strong separately-managed account business, with the aim to grab market opportunities and scale the client base higher, striking a balance between institutional and retail client AUM.

    https://finance.yahoo.com/news/franklins-ben-q2-earnings-beat-132701918.html
     
  15. Marvan

    Marvan Active Member

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    Franklin Templeton Acquires Digital Wealth Leader AdvisorEngine

    Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton, today announced that it has acquired AdvisorEngine Inc., a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the United States that manage over $600 billion in assets. The transaction brings compelling benefits to both companies and the firms they serve across wealth management channels, including registered investment advisors (RIAs), broker dealers, banks and insurance companies.

    AdvisorEngine will work closely with Franklin Templeton to co-create new proprietary solutions, including goals-based financial planning tools, digital portfolio construction analytics and research-enabled practice management services to help financial advisors enhance their wealth management offerings.

    https://finance.yahoo.com/news/franklin-templeton-acquires-digital-wealth-125500963.html
     
  16. Marvan

    Marvan Active Member

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    Franklin Resources BEN announced preliminary assets under management (AUM) by its subsidiaries of $599.4 billion for April 2020. Results displayed a 3.3% increase from the $580.3 billion recorded as of Mar 31, 2020. Lower net outflows and a strong market performance led to the upsurge. However, the reported figure dropped 16.8% year on year.

    Month-end total equity assets came in at $227.6 billion, up 9.7% from the previous month but down 21.1% year over year. Of the total equity assets, around 54% were from international sources, while the remaining 46% came in from the United States.

    Total fixed income assets were $239 billion, up 2% from March 2020 but down 16.7% from the prior-year period. Overall, tax-free assets accounted for only 27% of fixed-income assets, while the remaining 73% was taxable.

    Franklin recorded $122.6 billion in hybrid assets, up 3.7% from the $118.2 billion witnessed in the previous month but down 9.7% from the $135.8 billion reported in April 2019.

    Cash management funds came in at $10.2 billion, down from the prior-month figure of $10.7 billion but up from the $9.2 billion recorded in the previous year.

    Though regulatory restrictions and a sluggish economic recovery might mar AUM growth and escalate costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.

    Currently, Franklin carries a Zacks Rank #4 (Sell). Shares of the company have lost 19.2% in the past three months compared with the 20.9% decline registered by the industry.

    https://finance.yahoo.com/news/franklins-ben-april-aum-grows-114811633.html
     
  17. Marvan

    Marvan Active Member

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    How Franklin Resources (BEN) Stock Stands Out in a Strong Industry

    One stock that might be an intriguing choice for investors right now is Franklin Resources, Inc. BEN. This is because this security in the Financial – Investment Management space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

    This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Financial – Investment Management space as it currently has a Zacks Industry Rank of 44 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.

    Meanwhile, Franklin Resources is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.

    Franklin Resources, Inc. Price and Consensus

    [​IMG]
    Franklin Resources, Inc. Price and Consensus
    Franklin Resources, Inc. price-consensus-chart | Franklin Resources, Inc. Quote

    the complete list of today’s Zacks #1 Rank stocks here.

    So, if you are looking for a decent pick in a strong industry, consider Franklin Resources. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.

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    In fact, over the past month, current quarter estimates have moved from 45 cents per share to 49 cents per share, while current year estimates have moved from $1.84 per share to $2.05 per share. This has helped BEN to earn a zacks Rank #1 (Strong Buy), further underscoring the company’s solid position. You can see the complete list of today’s Zacks #1 Rank stocks here.

    So, if you are looking for a decent pick in a strong industry, consider Franklin Resources. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.

    https://uk.finance.yahoo.com/news/franklin-resources-ben-stock-stands-134401168.html
     

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