Franklin Resources, Inc. (NYSE:BEN) has made some major moves recently. New York Life Investment Management LLC purchased 2324 shares, and Cwm LLC has also grown their stake. Notably, BEN has robust dividends, which are drawing attention and attracting investment. In its fiscal Q2, the firm's earnings missed estimates, while revenue topped expectations. However, escalating costs have caused some turbulence. Despite this, the company is seen as displaying strength, as marked by a recent 9.8% jump in stock price. In contrast, New York State Common Retirement Fund reduced its holding, and insiders also lowered their holding significantly over the last year.
BEN's Q2 and Q1 2024 earnings calls emphasized strong AUM growth and strategic expansions. However, analysts revised their estimates after EPS missed by 51%, causing some concern on the market. Franklin Resources continues to pay dividends, with the next payment larger than the previous year at $0.31. The investment firm is actively executing its strategy and expanding into private investment, even as its mutual-fund business contracts. BMO Capital Markets, for example, lowered BEN's price target to $27.00 while others project $25.50 or $26.00.
Industry experts consider BEN a 'buy the bottom' stock and a solid choice for savvy investors. Positive metrics evidenced in Q2—such as AUM rising following key acquisitions—have bolstered this sentiment. Interestingly, Franklin Resources has also expressed interest in the burgeoning Bitcoin ETF space.
Franklin Resources BEN News Analytics from Tue, 27 Jun 2023 07:00:00 GMT to Wed, 08 May 2024 10:38:44 GMT - Rating 4 - Innovation 2 - Information 8 - Rumor -5
