Franklin Resources Board Authorizes Repurchase Of Up To An Additional 27.2M Shares Of Its Common Stock For Total Of Up To 40M Shares Available For Repurchase
Portfolio Pulse from Benzinga Newsdesk
The board of Franklin Resources has authorized the repurchase of up to an additional 27.2 million shares of its common stock. This authorization is in addition to the existing repurchase program, bringing the total number of shares available for repurchase to 40 million.
December 12, 2023 | 10:32 pm
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POSITIVE IMPACT
Franklin Resources' increased share repurchase program could signal confidence by management in the company's value, potentially leading to a positive short term impact on the stock price.
Share repurchase programs often lead to a reduction in the number of shares outstanding, which can increase earnings per share and return on equity, potentially leading to a higher stock price. The announcement reflects management's belief that the stock is undervalued and represents a good investment for the company. This can be seen as a positive signal to the market, which may result in a short term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100