Financials

Robinhood Markets, Inc. (HOOD) Q1 2024 Earnings Call Transcript

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Robinhood Markets (HOOD)Q1 2024 Earnings CallMay 08, 2024, 5:00 p.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:   Operator Hello and welcome to Robinhood first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator instructions] I would now like to turn the call over to Chris Koegel, VP of corporate FP&A and investor relations. You may begin. Chris Koegel — Vice President, Investor Relations and Corporate Financial Planning and Analysis Thank you, Joanda, and thank you, everyone, for joining Robinhood’s Q1 earnings call. With us today are CEO and Co-Founder Vlad Tenev and CFO Jason Warnick. Before getting started, I want to remind you that today’s call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors […]

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CFRA Keeps Buy Recommendation On Shares Of Moody’s Corporation

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We maintain our target price at $460, on a forward P/E of 36.3x our 2025 earnings estimate, a premium to MCO’s three- and 10-year forward historical averages of 31.9x and 26.4x, respectively, given an improving margin profile and expectations for rapid earnings growth. We increase our 2024 EPS estimate by $0.28 to $11.42 and raise 2025’s by $0.05 to $12.68. MCO posted Q1 adjusted EPS of $3.37 versus $2.99, $0.35 above consensus on revenue of $1.79B (6% above consensus). Leading the outperformance was MIS (the ratings segment), which saw revenue surge 35% Y/Y to $987M, the second highest level on record. However, 8% growth in MA (the analytics segment) disappointed given weakness in Research & Insights. Still, MCO kept its operating expenses (+8%) in check; thus, the

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Moody’s Corporation (MCO) Q1 2024 Earnings Call Transcript

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Moody’s Corporation (NYSE:MCO) Q1 2024 Results Conference Call May 2, 2024 11:30 AM ET Company Participants Shivani Kak – Head of Investor Relations Rob Fauber – President and Chief Executive Officer Noemie Heuland – Senior Vice President & Chief Financial Officer Conference Call Participants Heather Balsky – Bank of America Manav Patnaik – Barclays Toni Kaplan – Morgan Stanley Ashish Sabadra – RBC Capital Markets Andrew Nicholas – William Blair Scott Wurtzel – Wolfe Research Faiza Alwy – Deutsche Bank Jeff Silber – BMO Capital Markets George Tong – Goldman Sachs Craig Huber – Huber Research Jeff Meuler – Baird Andrew Steinerman – JPMorgan Russell Quelch – Redburn Owen Lau – Oppenheimer Craig Huber – Huber Research Shlomo Rosenbaum – Stifel Operator Good day, everyone, and welcome to the Moody’s Corporation First Quarter 2024 Earnings Call. At this time, I would like to inform you that this conference is being

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MSCI Shares Already Price In Worst-Case Scenario, BofA Says in Upgrade

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MSCI (MSCI) is a quality business at a discount, with the recent stock pullback already pricing in an “unlikely worst-case scenario” and the company is likely to see upside support from buybacks, BofA Securities said in a note Tuesday. BofA said it expects multiple expansions as investors are likely to be attracted to a high-quality long-term growth story at a discount. The company’s shares derated after it reported heavy Q1 cancellations, which management “indicated was a one-off event and bad timing,” the note said. “We think the business is in better shape than valuation reflects, although slowing ESG sales and weak near-term Index subscription growth will cap upside,” BofA said, adding it expects $425 million of buybacks this year “with room for upside.” “At a 7% discount to peers, MSCI shares are likely to attract incremental investor interest, in our view,” the note said. “MSCI is a double-digits EPS compounder

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Franklin Resources, Inc. Announces Second Quarter Results

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Franklin Resources, Inc. Announces Second Quarter Results SAN MATEO, Calif.–(BUSINESS WIRE)–April 29, 2024– Franklin Resources, Inc. (the “Company”) (NYSE: BEN) today announced net income(1) of $124.2 million or $0.23 per diluted share for the quarter ended March 31, 2024, as compared to $251.3 million or $0.50 per diluted share for the previous quarter, and $194.2 million or $0.38 per diluted share for the quarter ended March 31, 2023. Operating income was $129.3 million for the quarter ended March 31, 2024, as compared to $206.5 million for the previous quarter and $255.1 million for the prior year. As supplemental information, the Company is providing certain adjusted performance measures which are based on methodologies other than generally accepted accounting principles. Adjusted net income(2) was $306.6 million and adjusted diluted earnings per share(2) was $0.56 for the quarter ended March 31, 2024, as compared to $328.5 million and $0.65 for the previous quarter,

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S&P 500 Companies’ Latest Quarterly Results Mixed so Far, Oppenheimer Says

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S&P 500 companies’ quarterly financial results have been mixed so far in the current reporting cycle, with signs of both “strength and softness,” Oppenheimer Asset Management said Monday. The brokerage said that 228 companies in the benchmark equity index have already reported results in the ongoing season, with earnings up 3.4% year over year overall on the back of a 3.9% increase in revenue. Eight of the 11 sectors have showed positive earnings growth, led by a 41% surge in communication services. Healthcare is leading the decliners, down 36%, followed by energy and materials posting double-digit declines, the firm said in a note. In terms of sales growth, 141 companies have reported positive results, while 75 have logged negative results. Technology and communication services sales are up more than 8% each on an annual basis, while utilities, energy and materials are down, according to the note. Microsoft (MSFT), Facebook parent

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Franklin Resources(BEN) Q1 2024 Earnings Conference

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The following is a summary of the Franklin Resources, Inc. (BEN) Q1 2024 Earnings Call Transcript: Financial Performance: Franklin ended the quarter with assets under management (AUM) of $1.64 trillion, a significant increase from both the previous quarter and same quarter last year. Investment performance remained strong across all measurement periods. Franklin reported long-term net flows of $6.9 billion in the quarter, with a large portion being from reinvested distributions. Adjusted operating income was $419.6 million, which is a slight increase from the prior quarter but a decrease from the prior year quarter. Increasing expenses and a slightly raised expense guidance were reported due to performance fee increases and compensation calendar resets. The company’s Effective Fee Rate was at 38.5 basis points for the quarter. Business Progress: Franklin saw positive net flows in non-US regions and high demand in private markets and alternative assets. The acquisition of Putnam contributed positively

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CFRA Keeps Hold Opinion On Shares Of Franklin Resources, Inc.

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We cut our 12-month target by $5 to $25, valuing BEN shares at 8.7x our FY 26 (Sep.) adjusted EPS estimate of $2.87 and 9.4x our FY 25 EPS estimate of $2.65, versus the three-year average forward multiple of 9.8x and a peer average of 12.1x. We cut our FY 24 EPS estimate by $0.10 to $2.40. Mar-Q EPS of $0.56 versus $0.65, was comparable to our $0.60 EPS estimate and the $0.57 consensus view, on 12% higher revenues (aided by the Putnam acquisition), offset by a 370-basis point operating margin contraction (to 25.2%) on a 21% rise in operating expenses. Assets under management rose 16% year-over-year to $1.64T, and fund flows improved (to $2.1B of inflows versus outflows of $8B a year ago), though core equities

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CFRA Keeps Hold Opinion On Shares Of Raymond James Financial, Inc.

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target price by $15 to $125 on a forward P/E of 13.0x our FY 2024 (Sep.) EPS estimate, a slight discount to RJF’s 10-year average (13.8x) as net interest income (NII) headwinds partially offset our expected investment banking (IB) recovery. We raise our FY 2024 EPS by $0.05 to $9.61 and FY 2025’s by $0.16 to $10.14. RJF reported FQ2 adjusted EPS of $2.31 vs. $2.03, in line with consensus. Revenues rose 9% Y/Y, driven by Asset Management (+17% Y/Y), Capital Markets (CM, +14% Y/Y), and Private Client Group (PCG, +9% Y/Y), partially offset by RJ Bank (RJB, -22% Y/Y). PCG benefited from equity market tailwinds with AUM rising to $1.39T vs. $1.17T Y/Y. CM results were a bit weaker than we expected, as

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S&P Global (SPGI) Q1 2024 Earnings Conference

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The following is a summary of the S&P Global Inc. (SPGI) Q1 2024 Earnings Call Transcript: Financial Performance: S&P Global reported an overall revenue increase of 14% to nearly $3.5 billion in Q1, setting an all-time quarterly revenue high. Adjusted earnings per share also experienced significant growth, up by 27% to $4.01. Subscription revenue saw an 8% YoY growth, contributing significantly to the total company revenue, and was driven by the transaction revenue from the Ratings Division. A high figure for billed issuance of almost $1 trillion was achieved in Q1, an increase of 45% YoY. Full-year revenue growth is predicted to fall within a 6% to 8% range. Business Progress: S&P Global is prioritizing advancements in artificial intelligence, launching customer interaction tools, and looking at improving productivity through new tools such as S&P SPARK Assist. The company reported substantial progress with financial synergies, already achieving $56 million in revenue

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Alert: CFRA Keeps Buy Recommendation On Shares Of S&p Global Inc.

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $20 to $510, a forward P/E of 31.2x our 2025 earnings estimate, a premium to the peer average of 23.3x given higher recurring revenue and expectations for outsized growth. We increase our 2024 EPS by $0.16 to $14.69 and reduce 2025’s by $0.18 to $16.35. SPGI posted Q1 adjusted EPS of $4.01 vs. $3.15 a year ago, a $0.35 earnings beat. It was an excellent quarter for SPGI as revenue growth accelerated to 10% from 7% in the previous quarter. Leading the way was the Ratings segment (+29% Y/Y) as favorable market conditions led to a 45% surge in billed issuance. Although management improved its 2024 Ratings guidance by 100 bps to 7%-9%, we continue to see an upside as

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Stifel Reports First Quarter 2024 Results

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Stifel Reports First Quarter 2024 Results ST. LOUIS, April 24, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended March 31, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $154.3 million, or $1.40 per diluted common share, compared with $148.2 million, or $1.28 per diluted common share for the first quarter of 2023. Non-GAAP net income available to common shareholders was $163.3 million, or $1.49 per diluted common share for the first quarter of 2024. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top

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