Franklin Resources starts returning tax-cut-related cash to shareholders with a special dividend.
There was little in wide-moat Franklin Resources' fiscal first-quarter results that would alter our long-term view of the company. We are maintaining our $45 fair value estimate. The company closed out the December quarter with $753.8 billion in assets under management, up 0.1% sequentially and 4.7% year over year. Total net outflows of $2.3 billion during the first quarter represented the lowest level of outflows for the firm since the September quarter of fiscal 2014 (when Franklin posted $1.1...
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