SAN MATEO, Calif., Feb. 14, 2018 (GLOBE NEWSWIRE) — Franklin Resources, Inc. (the “Company”) (NYSE:BEN) announced a special cash dividend in the amount of $3.00 per share, along with a regular quarterly cash dividend in the amount of $0.23 per share.
The recently passed Tax Cuts and Jobs Act significantly increased the Company’s financial strength and capital flexibility.
“Given our strong balance sheet and projected financial performance, we believe it is appropriate to return capital in the form of a special cash dividend to our stockholders,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “This dividend is consistent with our long-term capital management policies and our commitment to our stockholders. We will continue to prudently invest in our business, actively pursue strategic and accretive acquisitions, buyback our stock when it makes economic sense, and distribute the rewards of those investments to our stockholders over time.”
As part of the capital management plan, today’s announcement of a $3.00 per share special dividend represents almost $1.7 billion based on 551.7 million shares outstanding as of January 23, 2018. The Company anticipates that remaining capital will be allocated to share repurchases, mergers and acquisitions, and retiring outstanding debt. In addition, the Company plans to make investments in people, research and development, and technology to enhance the performance of our core business of asset management. Management will have flexibility to thoughtfully execute the plan, and continue in the firm’s tradition of maximizing shareholder value.
The special and regular dividends are payable on April 12, 2018 to stockholders of record holding shares of common stock at the close of business on March 29, 2018. The quarterly dividend of $0.23 per share is equivalent to the dividend paid for the prior quarter and represents a 15% increase over the quarterly dividend paid for the same quarter last year.
Franklin Resources, Inc. (NYSE:BEN) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes—including equity, fixed income, alternative and custom solutions. The Company’s more than 650 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in more than 30 countries, the California–based company has over 70 years of investment experience and $771 billion in assets under management as of January 31, 2018. For more information, please visit investors.franklinresources.com.
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the Company assumes no obligation to update any information or forward-looking statement contained herein, except as required to be disclosed by law.
FROM: Franklin Resources, Inc.
Investor Relations: Brian Sevilla (650) 312-4091
Media Relations: Matt Walsh (650) 312-2245