Financials

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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MSCI Reports Financial Results for First Quarter 2024

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MSCI Reports Financial Results for First Quarter 2024 NEW YORK–(BUSINESS WIRE)–April 23, 2024– MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended March 31, 2024 (“first quarter 2024”). Financial and Operational Highlights for First Quarter 2024 (Note: Unless otherwise noted, percentage and other changes are relative to the three months ended March 31, 2023 (“first quarter 2023”) and Run Rate percentage changes are relative to March 31, 2023). — Operating revenues of $680.0 million, up 14.8%; Organic operating revenue growth of 10.3% — Recurring subscription revenues up 15.2%; Asset-based fees up 12.9% — Operating margin of 49.9%; Adjusted EBITDA margin of 56.4% — Diluted EPS of $3.22, up 8.4%; Adjusted EPS of $3.52, up 12.1% — Organic recurring subscription Run Rate growth of 8.7%; Retention Rate

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CFRA Keeps Hold Opinion On Shares Of Msci 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 target price by $165 to $465, 27.4x our 2025 EPS estimate, a discount to MSCI’s 10-year forward P/E average of 36.4x given reduced growth prospects and slowing sales. We lower our 2024 EPS view by $0.22 to $14.93 and cut 2025’s by $0.20 to $17.00. MSCI posted Q1 adjusted EPS of $3.52 vs. $3.14, a $0.05 consensus beat. All eyes were on MSCI’s retention rate as it fell 240 bps to an uncharacteristically low level of 92.8%. Although disappointing, we expect improvement in upcoming quarters as a large portion of the decline was out of MSCI’s control and related to the large Swiss bank merger. MSCI’s Index segment (55% of run-rate) continued to perform well as 12% growth was driven by market appreciation, while

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MSCI Inc(MSCI) Q1 2024 Earnings Conference

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The following is a summary of the MSCI Inc. (MSCI) Q1 2024 Earnings Call Transcript: Financial Performance: MSCI reported Q1 2024 revenue growth of 10%, adjusted EPS growth of 12%, and free cash flow growth of 14%. Asset-Based Fee (ABF) revenue saw a 13% increase due to record AUM balances in both ETFs and non-listed products linked to MSCI indices. Non-recurring sales were up by 16%, although changes in market volatility and interest rate expectations had a lingering impact on Q1 results. Revenue decline was partly due to fewer price increases within new subscription sales, offset slightly by increased cross-selling/upselling to existing clients. Business Progress: There was significant growth in analytics with high Q1 sales, particularly among hedge funds and asset owners. APAC and EMEA regions principally drove a 39% climate run-rate growth across product lines but ESG run-rate growth stabilized at 12% amid complications in the Americas. The acquisitions

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CFRA Keeps Hold Opinion On Shares Of Truist Financial 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 raise our 12-month target price by $1 to $38, 10.1x our 2025 EPS estimate, below TFC’s five-year forward P/E average of 10.8x, given modest growth expectations. We lower our 2024 EPS estimate by $0.08 to $3.49 and reduce 2025’s by $0.16 to $3.76. TFC posted adjusted Q1 EPS of $0.90 vs. $1.05 a year ago, $0.10 above consensus. It was a busy quarter for TFC as it agreed to sell the remaining 80% of its insurance business for $12.6 billion. Encouragingly, this should dramatically improve the banks CET1 ratio (10.1% in Q1) by 230 bps and thus allow the bank to play offense once again as the transaction should reduce the strain on TFC’s securities portfolio. Additionally, TFC saw a resurgence in investment banking and trading

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Truist Financial(TFC) Q1 2024 Earnings Conference

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The following is a summary of the Truist Financial Corporation (TFC) Q1 2024 Earnings Call Transcript: Financial Performance: Truist Financial Corporation reported an adjusted net income of $1.2 billion, equivalent to $0.90 per share in Q1 2024. Despite an increase in investment banking and trading revenue, loan demand remained muted. Adjusted expenses saw a marginal increase compared to the last quarter but showed a 4% year-on-year decline. The company plans to sell its remaining stake in Truist Insurance Holdings to strengthen its capital position. A 4.2% decrease in net interest income was reported compared to the last quarter due to reasons including higher rates paid on deposits. Business Progress: Truist added nearly 8,600 small business accounts and secured $700 million in deposits in Q1 2024. Over $252 million was committed to support community initiatives like affordable housing and new job creation. Significant progress was made on the digital front with

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Blackstone Earnings Rise as Value of Investments Climbs — WSJ

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By Miriam Gottfried Blackstone (BX) reported higher quarterly earnings as the value of investments rose across its major strategies. The private-equity giants infrastructure portfolio led the way, climbing 4.8% in the quarter thanks in large part to a big bet on data centers. Blackstones private-wealth business had its highest inflows since 2022, raking in $8 billion as resurgent public markets gave investors the renewed confidence and wherewithal to invest in private markets. Here are some key metrics from Blackstones first-quarter report: — Net income was $847.4 million, or $1.11 a share. That was nearly ten times the $85.8 million it earned in the first quarter of 2023. — Distributable earnings were $1.27 billion, or 98 cents a share. This item, representing cash that could be returned to shareholders, totaled $1.25 billion a year earlier. — Blackstone raised $34 billion. As in recent quarters, a large portion of thatsome 60%came from

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