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In a recent 8K filing with the Securities and Exchange Commission, Franklin Resources Inc. announced the results of its annual stockholders meeting held on Monday.
The investment firm, which operates under the name Franklin Templeton Investments and manages over $8.7 billion in revenue, confirmed the election of its 11-member board of directors and the ratification of PricewaterhouseCoopers LLP as its independent auditor for the fiscal year ending September 30, 2025. According to InvestingPro data, the company maintains strong financial health with a current ratio of 5.36x, indicating robust liquidity.
At the meeting, each of the 11 director nominees was elected with a significant majority. The directors, whose terms will continue until the next annual meeting or until their successors are elected, include names like Mariann Byerwalter, Gregory E. Johnson, and Rupert H. Johnson, Jr. The re-election of the board signifies continuity in the company’s governance. Notably, under current leadership, the company has maintained dividend payments for 45 consecutive years, with a substantial current dividend yield of 6.2%.
The shareholders also approved the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm with an overwhelming majority of votes in favor. This decision reflects the trust the shareholders place in the auditing firm’s ability to review and validate the company’s financial statements.
Franklin Resources, based in San Mateo, California, is known for providing investment advice and is listed on the New York Stock Exchange under the ticker (NYSE:BEN). The company’s stockholders’ decisions, as detailed in the SEC filing, demonstrate their support for the current management and operational oversight. InvestingPro analysis suggests the stock is currently undervalued, with net income expected to grow this year. For detailed insights and additional ProTips about Franklin Resources, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
This news is based on the latest SEC filing and does not contain any speculative or forward-looking statements. Franklin Resources has not provided any commentary on the potential impact of these decisions on its future operations or performance.
In other recent news, Franklin Resources announced robust first-quarter earnings, surpassing analyst expectations with an adjusted earnings per share (EPS) of $0.59 and strong revenue of $2.25 billion. The company also disclosed an additional $200-250 million in cost savings, expected to be fully realized by the beginning of fiscal year 2027.
Franklin Resources’ proactive measures to streamline its cost structure were well-received by investors. However, TD Cowen and BofA Securities both maintained cautionary ratings on the stock, despite raising their price targets to $20, citing potential uncertainties in net impact and earnings growth. Goldman Sachs analyst Alexander Blostein revised the rating of Franklin Resources, raising it from Sell to Neutral, with a new price target set at $22.00. Despite a decrease in assets under management to $1.63 trillion, mainly due to significant long-term net outflows, the company continues to emphasize its mission of delivering superior investment management and technology solutions to its clients.
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