Before the bell on Friday investment management company Franklin Resources Inc (BEN), doing business as Franklin Templeton Investments, reported an increase to its first quarter profit, helped by +12% higher revenue.
The San Mateo, California-based company said that its first quarter net income increased to $516.1 million, or $2.42 per share, from $480.8 million, or $2.20 per share, earned in the same period a year earlier. On average, analysts were expecting earnings to be $2.38 per share, according to Thomson Reuters.
Revenue was up +12% for the quarter, coming in at $1.90 billion from $1.70 billion a year earlier. Analysts were expecting revenue to be $1.90 billion.
The company’s total assets under management also increase in the quarter, up +4% from $749.9 billion last year to $781.8 billion.
Franklin Resources shares were down slightly during morning trading on Friday. The stock is up +21.75% over the past year.
The Bottom Line
Shares of Franklin Resources (BEN) have a dividend yield of 0.85% based on last night’s closing price of $136.88.
Franklin Resources, Inc. (BEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.