BEN - Franklin Resources, Inc.

NYSE - Nasdaq Real-time price. Currency in USD
21.23
+0.14 (+0.64%)
As of 2:11PM EDT. Market open.
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Previous close21.09
Open20.94
Bid21.23 x 800
Ask21.24 x 1000
Day's range20.51 - 21.33
52-week range14.91 - 35.77
Volume1,497,214
Avg. volume5,317,957
Market cap10.513B
Beta (5Y monthly)1.24
PE ratio (TTM)9.03
EPS (TTM)2.35
Earnings date28 Jul 2020 - 03 Aug 2020
Forward dividend & yield1.08 (5.12%)
Ex-dividend date30 Mar 2020
1y target est18.25
  • Bloomberg

    Franklin CEO Has ‘Zero Tolerance’ for Racism After Cooper Firing

    (Bloomberg) -- Franklin Templeton’s zero-tolerance policy on racism led to the swift firing of its former head of insurance investment, Amy Cooper, according to the head of its parent company.Jenny Johnson, chief executive officer of Franklin Resources Inc., said the company is reviewing its diversity and inclusion efforts after a viral video of the employee surfaced last week. In it, Cooper called the police on her mobile phone to say that an African-American man was threatening her and her dog in New York’s Central Park. The man, Christian Cooper, said he had earlier asked her to leash her dog.“The facts were undisputed in this case, and we were able to make a quick decision,” Johnson said at a Bloomberg virtual conference Tuesday. “The U.S. is in a lot of pain right now, and our African-American colleagues are in a lot of pain.”Read more: Franklin Fires Staffer the Day After Park Video Goes ViralCooper’s altercation occurred the same week as the death of George Floyd, an unarmed black man, at the hands of Minneapolis police. Floyd’s killing and other fatal police encounters have fueled protests worldwide and prompted executives from most major banks and investment firms to speak out. Behind the scenes, it’s driving conversations in an industry that wants to be viewed as more socially responsible, even as it struggles to deliver on promises to improve diversity within its ranks.“We can’t control everything, but we can control the environment in which we operate our companies,” Johnson said. “And it starts with leaders ensuring that discrimination is not tolerated and that we create an environment that absolutely feels inclusive for all employees.”The company’s staff and clients were supportive of its decision to terminate Cooper, but a small segment felt it was unfair, Johnson said.Prudential Financial Inc.’s asset manager is meeting with black employees this week to listen to their concerns and express support during an “incredibly painful time” for the community, PGIM CEO David Hunt said at the event. Prudential is based in Newark, New Jersey, and is a major employer in the city where more than 86% of the population is black or Latino, he said. He called on more business leaders to speak out.“We all need to publicly condemn racism and prejudice in every form,” Hunt said. “Silence cannot be an option.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    Templeton Emerging Markets Income Fund ("TEI") Announces Distribution

    Templeton Emerging Markets Income Fund [NYSE: TEI] today announced a monthly distribution from net investment income of $0.0471 per share, payable on June 30, 2020, to shareholders of record on June 15, 2020 (Ex-Dividend Date: June 12, 2020).

  • Business Wire

    Templeton Global Income Fund ("GIM") Announces Distribution

    Templeton Global Income Fund [NYSE: GIM] today announced a monthly distribution from net investment income of $0.0133 per share, payable on June 30, 2020, to shareholders of record on June 15, 2020 (Ex-Dividend Date: June 12, 2020).

  • Why Is Franklin Resources (BEN) Up 0.2% Since Last Earnings Report?
    Zacks

    Why Is Franklin Resources (BEN) Up 0.2% Since Last Earnings Report?

    Franklin Resources (BEN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Bloomberg

    Franklin Fires Staffer the Day After Park Video Goes Viral

    (Bloomberg) -- The video of an altercation on Monday between a white female executive and a black man in Central Park went viral almost immediately. Within 24 hours, the woman was out of a job.The woman, an employee of Franklin Templeton, is seen calling the police on her mobile phone saying “there is an African American man, I am in Central Park. He is recording me, and threatening myself and my dog.” The man had earlier asked her to leash her dog in the wooded area of the park, called the Ramble, according to his account.The incident underscores the nature of race relations in the U.S., in which African-Americans have faced outbursts -- and worse -- from whites while simply going about their business. It also demonstrates that companies are increasingly holding employees accountable even for behavior that occurs outside the office.“We’re living in chaos and predictable responses are going out the window,” said Davia Temin, founder of New York City crisis consultancy Temin and Co. “What wisdom would tell you, is to just walk away. But that usually takes a less stressful environment, and right now all the ions are charged.”pic.twitter.com/3YnzuATsDm— Melody Cooper (@melodyMcooper) May 25, 2020 On Monday, Franklin Templeton placed the woman, Amy Cooper, the firm’s head of insurance investment, on leave. By Tuesday afternoon, they fired her over the episode.“Following our internal review of the incident in Central Park yesterday, we have made the decision to terminate the employee involved, effective immediately,” a spokeswoman for the company said in a statement. “We do not tolerate racism of any kind at Franklin Templeton.”In the video posted on Facebook, the woman takes out her phone and says she will tell the police there is “an African American man threatening my life.” The man, Christian Cooper, is taping her on his phone.In a statement issued on Tuesday after she was fired, Amy Cooper expressed regret over the incident.“I want to apologize to Chris Cooper for my actions when I encountered him in Central Park yesterday,” she said. “I reacted emotionally and made false assumptions about his intentions when, in fact, I was the one who was acting inappropriately by not having my dog on a leash.”Cooper added that she was “well aware of the pain that misassumptions and insensitive statements about race cause” and never imagined she would be involved in such an incident.Christian Cooper could not be reached for comment.“I videotaped it because I thought it was important to document things,” he said, according to CNN. “Unfortunately we live in an era with things like Ahmaud Arbery, where black men are seen as targets. This woman thought she could exploit that to her advantage, and I wasn’t having it.”Some took to Twitter to applaud Franklin Templeton’s decision, and encouraged the firm to assess her record of potential workplace discrimination.Franklin Templeton declined to comment beyond its public statement.Central Park rules state that dogs must be leashed at all times in the Ramble.Franklin Resources Inc. is the parent of Franklin Templeton.(Adds statement from Amy Cooper starting in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    Franklin Limited Duration Income Trust Declares Monthly Distribution

    Franklin Limited Duration Income Trust [NYSE American:FTF], a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0730 per common share, payable June 15, 2020, to shareholders of record on May 29, 2020 (Ex-Dividend Date: May 28, 2020).

  • Business Wire

    Franklin Universal Trust Declares Monthly Distribution

    Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0320 per share, payable June 15, 2020, to shareholders of record on May 29, 2020 (Ex-Dividend Date: May 28, 2020).

  • Business Wire

    Fiduciary Trust International Continues Expanding its New York Office, Welcoming Maudie Long, CFA® and David DeStefano

    Fiduciary Trust International Continues Expanding its New York Office, Welcoming Maudie Long, CFA® and David DeStefano

  • Legg Mason's Shareholders Agree to Merge With Franklin (BEN)
    Zacks

    Legg Mason's Shareholders Agree to Merge With Franklin (BEN)

    Legg Mason (LM) shareholders approve the merger with Franklin Resources (BEN), announced this February.

  • Business Wire

    Franklin Limited Duration Income Trust Announces Sources of Monthly Dividend Distribution

    The Franklin Limited Duration Income Trust [NYSE:FTF] (CUSIP 35472T101) has declared a dividend of $0.0740 per common share payable May 15, 2020, to shareholders of record as of April 30, 2020. It is currently estimated that $0.0407 per share represents net investment income and $0.0333 per share represents return of principal.

  • Franklin's (BEN) April AUM Grows on Positive Market Returns
    Zacks

    Franklin's (BEN) April AUM Grows on Positive Market Returns

    Franklin's (BEN) preliminary assets under management (AUM) of $599.4 billion for April rise sequentially on positive market returns.

  • Business Wire

    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 $599.4 billion at April 30, 2020, compared to $580.3 billion at March 31, 2020. The increase in assets under management was due to strong market performance and significant improvement in net outflows. Preliminary average assets under management for the quarter, through April 30, 2020, were $589.8 billion.*

  • Business Wire

    Franklin Templeton Acquires Digital Wealth Leader AdvisorEngine

    Franklin Templeton Acquires Digital Wealth Leader AdvisorEngine

  • Business Wire

    Fiduciary Trust International Completes Acquisition of Pennsylvania Trust

    Fiduciary Trust International Completes Acquisition of Pennsylvania Trust

  • Franklin Resources Inc. (BEN) Q2 2020 Earnings Call Transcript
    Motley Fool

    Franklin Resources Inc. (BEN) Q2 2020 Earnings Call Transcript

    Welcome to the Franklin Resources earnings conference call for the quarter ended March 31, 2020. Statements made in this conference call regarding Franklin Resources, Inc., which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. At this time, I would like to turn the call over to Franklin Resources' President and CEO, Jenny Johnson.

  • Business Wire

    Franklin Resources, Inc. Announces Second Quarter Results

    Franklin Resources, Inc. (the "Company") [NYSE: BEN] today announced net income1 of $79.1 million or $0.16 per diluted share for the quarter ended March 31, 2020, as compared to $350.5 million or $0.70 per diluted share for the previous quarter, and $367.5 million or $0.72 per diluted share for the quarter ended March 31, 2019. The mark-to-market of the Company’s investment portfolio resulted in significant nonoperating losses that drove the decline in net income for the quarter ended March 31, 2020. Operating income was $356.1 million for the quarter ended March 31, 2020, as compared to $392.7 million for the previous quarter and $379.5 million in the prior year.

  • Business Wire

    Franklin Resources, Inc. to Announce Second Quarter Results on April 30, 2020

    On Thursday, April 30, 2020 at approximately 8:30 a.m. Eastern Time, Franklin Resources, Inc. (the "Company") [NYSE:BEN] will release its second quarter 2020 operating results. A written commentary on the results will also be available via investors.franklinresources.com at approximately 8:30 a.m. Eastern Time.

  • Business Wire

    Fiduciary Trust International Appoints Lisette Cooper, PhD to Board of Directors

    Fiduciary Trust International Appoints Lisette Cooper, PhD to Board of Directors

  • Business Wire

    Kevin G. Carter, CFP® Joins Fiduciary Trust International as New York-Based Senior Portfolio Manager

    Kevin G. Carter Joins Fiduciary Trust International as New York-Based Senior Portfolio Manager

  • Business Wire

    Ellen Kratzer Rose Receives New York Junior League’s Highest Honor at 68th Annual Winter Ball

    Ellen Kratzer Rose Receives New York Junior League’s Highest Honor at 68th Annual Winter Ball

  • Business Wire

    Fiduciary Trust Company International Completes Acquisition of Athena Capital Advisors

    Fiduciary Trust Company International Completes Acquisition of Athena Capital Advisors

  • Morgan Stanley CEO has been tracking E-Trade for close to 20 years
    Yahoo Finance

    Morgan Stanley CEO has been tracking E-Trade for close to 20 years

    Morgan Stanley CEO James Gorman has been eyeing E-Trade for years.

  • Franklin Escapes Fund Purgatory With Legg Mason Purchase
    Bloomberg

    Franklin Escapes Fund Purgatory With Legg Mason Purchase

    (Bloomberg Opinion) -- In the asset-management industry, reputation is everything. A mutual-fund manager might have a fantastic strategy, but without a steady stream of cash flowing in to set up the position, returns may come in weaker than expected. That, in turn, could lead some investors to lose confidence that the concept was ever great in the first place.That, in a nutshell, is what happened to Franklin Resources Inc. over the last several years. The company has been stuck near $700 billion in assets under management for the past 18 months, down from a peak of $921 billion in mid-2014, while its competitors have grown steadily. Moody’s Investors Service downgraded Franklin’s credit rating in mid-2018 and last year “expressed concern that Franklin's reputation for global/international strategies and solid relative investment performance has been undermined.” That’s not quite a death knell, but it’s close. Faced with that grim reality, Franklin made the obvious move: It got bigger in a hurry. On Tuesday, it announced an agreement to acquire asset manager Legg Mason Inc. for almost $4.5 billion. The deal would create a $1.5 trillion behemoth whose size trails only BlackRock Inc., Vanguard Group Inc., Fidelity Investments, Capital Group Cos. and Amundi Asset Management among “independent asset managers,” according to Willis Towers Watson data cited by Franklin. It would leap ahead of Invesco Ltd and T. Rowe Price Group Inc. in this arms race. (The ranking format conspicuously excludes investing giants tied to Wall Street banks like Goldman Sachs Group Inc. and JPMorgan Chase & Co., or those affiliated with insurers, like Allianz Group and Prudential Financial.)At first glance, the takeaway is that the entire asset-management industry is consolidating because of the rise in passive, low-cost index funds, and Franklin’s move is just the latest example. While that’s true, the combination of these two firms in particular suggests that in the current investing landscape, fund companies can either choose to be the biggest, or they can elect to remain small, nimble and specialized, but falling somewhere in the middle is purgatory. Neither firm is accustomed to being viewed as a second- or third-tier money manager. After all, Franklin, which leans into its affiliation with one of America’s iconic founding fathers, started in 1947, while Legg Mason’s precursor firm dates back to the 19th century. And yet, both Legg Mason and Franklin have fallen way behind the top firms, and Franklin in particular was at risk of slipping even further away from the next group of asset managers.Franklin’s website declares it’s “a global leader in asset management with more than seven decades of experience.” At what ranking does being a “global leader” no longer hold up? The company clearly wasn’t interested in finding out.With the purchase, Franklin will strike an almost perfect balance between institutional and retail investors, which may help mitigate volatility in fund flows. Notably, it expects to maintain a nearly identical geographic focus, which is important given that some of its flagship offerings are worldwide in scope. For example, the $26.3 billion Templeton Global Bond Fund holds a large position in Brazil’s bonds, and both Franklin and Legg Mason have a presence in Sao Paulo. Even as active managers grow, they need to retain their identity.The acquisition also braces for an uncertain future. Legg Mason recently made headlines for announcing plans to take a majority stake in Precidian, known for its ActiveShares exchange-traded funds. If successful, the products could upend the mutual-fund industry because they would trade daily and yet require reporting only once a quarter. Analysts have suggested some $7.2 trillion in mutual-fund strategies could work in this format. Franklin took too long to get on the ETF bandwagon years ago and appears eager not to make a similar misjudgment.Now, one big move probably won’t be enough to bring Franklin back to its glory days. But by combining with Legg Mason, it at least has more than a puncher’s chance to reclaim its place as a leader in active management. Traders certainly seem optimistic: Franklin’s shares rose as much as 13.3% on Tuesday to $27.60, the biggest intraday jump since November 2016.The onus is now on Franklin’s fund managers to live up to their reputations. If there were any malaise in the air over in San Mateo, Calfornia, about the company’s future, management has alleviated it for now. Franklin is back in the game.(Corrects the size of the combined entity in the third paragraph. )To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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