Log in to your IBTimes Account

close
ID
Password
  • Set your IBTimes.com Edition

Franklin Resources shares rise on managed assets growth



By AP
09 May 2008 @ 02:25 pm ET

NEW YORK - Shares of Franklin Resources Inc. rose Friday, after the investment manager said its assets under management increased during April.

Related Topic

Get stories by e-mail on this topic.

E-mail:
Quotes
BEN 101.25 -0.67

Franklin Resources shares rose $2.56, or 2.7 percent, to $100.04 in afternoon trading. Shares have traded between $83.27 and $145.59 during the past year.

On Thursday evening, Franklin Resources said its assets under management rose to $617.5 billion at the end of April, from $591.1 billion at the end of March and from $601.1 billion at the end of April 2007.

"Based on our assumptions, we estimate about $3 billion of net inflows for the month of April, a sharp snapback following a weak start to the year," Sandler O'Neill & Partners LP analyst Michael Kim wrote in a research note.

With assets under management at $617.5 billion at the end of April, Franklin Resources' assets under management already eclipse what Kim expected for the end of the quarter in June.

Because of the better-than-expected data and improving global markets, Kim increased his fiscal 2008 earnings estimate to $7.13 per share from $7.08 per share. Kim raised his fiscal 2009 estimate to $7.88 per share from $7.73 per share.

He raised his price target $3 to $114.

Copyright 2009 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

    Click!
  • Rate this article:

Comments

Post Your Comment

*Name


advertisement
More Industries
Warren Buffett's Berkshire Hathaway Inc said it plans to limit the amount of business underwritten by its reinsurance operations, as it prepares to spend...
California was awarded $19.5 million in a settlement against Royal Dutch Shell Plc's U.S. unit for not storing fuel properly at filling stations in the s...
Citigroup Inc said on Friday that new accounting rules for securitization trusts may prevent the bank from funding some of its assets with a top debt rat...

advertisement
Advertisement
POS Magnetic Card Readers

Online distributor for point of sale equipment, TYSSO and Pegasus.

 
IBTimes.com Web
Partners
International Business Times© 2009 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives