Franklin Resources slides after qtrly EPS miss

Western Asset Mortgage Capital

27/10/2020 15:01

** Franklin Resources Inc  BEN.N  shares down 7.95% to
$21.03 after co's earnings fall short of consensus
    ** Stock biggest S&P 500  .SPX  loser on Tues and on track
for worst day since May 12
    ** Asset manager posts fiscal Q4 EPS of 56 cents vs avg
analysts' estimate of 69 cents, per Refinitiv IBES data
 urn:newsml:reuters.com:*:nBw7Y86zDa
    ** Results include two months of Legg Mason, which BEN
acquired on Jul 31
    ** Total assets under management were $1.42 trln at
end-Sept, up 128% during the qtr due to Legg Mason acquisition
    ** Avg analyst rating on BEN is 'hold' and breakdown is 2
'buy' or stronger recommendations, 7 are neutral and 5 say
'sell'; median PT is $22.50 (Refinitiv data)
    ** With decline on Tues, shares down ~19% YTD. That compares
to S&P 500 Financial index's  .SPSY  ~21% fall and SPX gain of
~5% in 2020

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))