In a challenging market environment, Franklin Resources Inc (NYSE:BEN).'s shares continued their downward trajectory for the fourth consecutive day on Monday. The asset management company's shares fell by 1.42%, closing at $22.24, which is $12.13 below its year-high of $34.37 achieved on February 2nd, 2023.
According to InvestingPro data, Franklin Resources has a market cap of $11.1 billion and a P/E ratio of 13.96. The company's revenue for the last twelve months stood at $7802.3 million but with a decline of -8.39%. The company's gross profit for the same period was $3127.7 million with a margin of 40.09%.
Alongside Franklin Resources' downturn, the broader market also experienced a decline. The S&P 500 Index and the Dow Jones Industrial Average dropped by 0.17% and 0.58% respectively.
In comparison to Franklin Resources' performance, competitors like BlackRock Inc (NYSE:BLK)., Goldman Sachs Group Inc (NYSE:GS)., and Bank of New York Mellon (NYSE:BK) Corp. demonstrated smaller declines. BlackRock saw a minor decrease of 0.02%, while Goldman Sachs and Bank of New York Mellon Corp.'s shares declined by 0.28% and 0.41% respectively.
Trading activity for Franklin Resources was also subdued with a volume of 2.5 million shares traded on Monday, remaining below its 50-day average volume of 2.6 million shares. This continues to reflect the company's disappointing performance in the current market scenario.
According to InvestingPro Tips, Franklin Resources has raised its dividend for three consecutive years and has maintained dividend payments for 43 consecutive years. The company's shares are currently trading near their 52-week low, and the price has fallen significantly over the last three months. This suggests that the stock is in oversold territory. However, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months.
For more insightful tips, readers can check out the InvestingPro platform, which offers additional tips and real-time metrics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.