Investment management company, Franklin Resources, Inc. (BEN) reported an increase in second quarter earnings, which came in above analysts estimates on Tuesday.
The San Mateo, CA based company reported second quarter earnings of $572.8 million, or $2.69 per share, up 14% from $503.2 million, or $2.32 per share. Analysts expected to see earnings of $2.50 per share.
Revenue for the quarter rose 12% to $2.01 billion, from $1.8 billion last year. Analysts expected to see revenue of $1.99 billion.
During the quarter, the company’s investment management fees increased by 13% to $1.27 billion, while its sales and distribution fees rose by 10% to $642.7 million.
Franklin Resources shares were mostly flat during Tuesday morning trading. The stock has increased 24% in the past year.
The Bottom Line
Shares of Franklin Resources, Inc. (BEN) have a 0.75% yield, based on Tuesday morning’s price of $155.21.
Franklin Resources, Inc. (BEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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