A month has gone by since the last earnings report for Invitation Home (INVH - Free Report) . Shares have added about 2.1% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Invitation Home due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Invitation Home before we dive into how investors and analysts have reacted as of late.
Invitation Homes’Q1 FFO Meets Estimates as Revenues Top on HomebuildingInvitation Homes reported first-quarter 2026 core FFO per share of $0.48, in line with the Zacks Consensus Estimate. Core FFO was unchanged from the year-ago quarter.
Total revenues climbed 8.8% year over year to $734.11 million and beat the consensus mark by 6.58%. The quarter reflected firm operating momentum, with higher blended rentals and leasing trends improving in April.
Invitation Homes’ Revenue Beat Comes From a Broader MixThe top-line outperformance was aided by growth in core property revenues and incremental contributions from homebuilding activities. Rental revenues increased to $597.70 million from $585.19 million a year ago, while other property income rose to $72.82 million from $67.88 million.
A notable change in the revenue mix was the addition of $43.75 million in homebuilding revenues, which was absent in the prior-year quarter. Management fee revenues declined year over year to $19.85 million from $21.41 million, but the combination of rental, other income and homebuilding supported overall revenue strength.
Invitation Homes Witnesses a Rise in ExpensesOn the cost side, property operating and maintenance expenses increased 5.8% year over year to $251.13 million. The company also reported a higher interest expense of $95.31 million, up 13.1% from the prior-year quarter, reflecting a heavier financing cost backdrop.
Invitation Homes’ Same-Store Results Show Rent ResilienceOperationally, the Same-Store portfolio posted a 1.6% year-over-year increase in core revenues, aided by a 2.2% rise in the average monthly rent and a 10.3% jump in other income, net of resident recoveries. Those gains were partially offset by a moderation in occupancy versus the year-ago period. Same-store occupancy declined to 96.3% from 97.2% in the prior year period.
Leasing spreads remained mixed. Same-Store renewal rent growth was 3.7%, while Same-Store new lease rent growth was (3%), resulting in blended rent growth of 1.6%. Management noted preliminary April Same-Store blended rent growth of about 2.3%, including a return to positive new lease rent growth for the month.
Invitation Homes Accelerates Capital Returns and SalesCapital allocation was active in the quarter. Invitation Homes repurchased 17.1 million shares for approximately $439 million under its share repurchase program.
The company also leaned into home sales. It was a net seller of 222 wholly owned homes, generating net proceeds of about $116 million.
Invitation Homes’ Balance SheetInvitation Homes exited the first quarter of 2026 with total liquidity of $1.3 billion, including unrestricted cash and undrawn capacity on its revolving credit facility.
Secured and unsecured debt aggregated $8.87 billion as of March 31, 2026, and its Net Debt/TTM adjusted EBITDAre was 5.6X.
Invitation Homes Maintains Its 2026 Outlook and Key AssumptionsInvitation Homes maintained its previously disclosed full-year 2026 outlook. It continues to expect core FFO per share of $1.90-$1.98.
Underlying assumptions call for Same-Store core revenues growth of 1.3%-2.5% alongside Same-Store core operating expenses growth of 3%-4%, implying Same-Store NOI growth of 0.3%-2%. The framework also includes planned capital recycling, with wholly owned dispositions projected at $450-$650 million and wholly owned acquisitions at $150-$350 million.
How Have Estimates Been Moving Since Then?Fresh estimates followed a upward path over the past two months.
VGM ScoresCurrently, Invitation Home has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook Invitation Home has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerInvitation Home belongs to the Zacks REIT and Equity Trust - Residential industry. Another stock from the same industry, Equity Residential (EQR - Free Report) , has gained 1.4% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Equity Residential reported revenues of $779.85 million in the last reported quarter, representing a year-over-year change of +2.5%. EPS of $0.24 for the same period compares with $0.95 a year ago.
Equity Residential is expected to post earnings of $1.01 per share for the current quarter, representing a year-over-year change of +2%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.8%.
Equity Residential has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the “Company”) today announced that members of the Company’s management team will participate in a roundtable discussion during Nareit’s REITweek 2026 Investor Conference on Tuesday, June 2, at 3:15 p.m. Eastern Time. A live audio webcast of the presentation will be available on the Investor Relations section of the Company's website at www.invh.com. A replay of the webcast will be available through August 2, 2026.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes,” the “Company,” or “our”), the nation’s premier single-family home leasing and management company, announced today that it has declared a quarterly cash dividend of $0.30 per share payable on shares of its common stock. The dividend will be paid on or before July 17, 2026, to stockholders of record of the Company’s common stock as of the close of business on June 25, 2026.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Our purpose, Unlock the Power of Home™, reflects our commitment to address America’s housing needs by delivering high-quality living solutions and Genuine CARE™ to those who choose the flexibility and value of leasing.
SummaryCompaniesDeforestation a concern for investorsEU rules on sustainability are more robust than in the U.S.Unilever's 10% stake, board seats could drive ESG agendaMcCormick says cannot comment on future targets, but sustainability programme analysis is underwayLONDON, May 8 (Reuters) - Some Unilever (ULVR.L), opens new tab investors are pressing for the giant food entity created by a $65 billion deal with U.S. peer McCormick (MKC.N), opens new tab to adopt the standards on forestry and sustainabilty more broadly that the UK consumer products company has promoted.
The second largest food transaction to date that was announced in March will combine the Unilever division with McCormick's into one company that includes brands such as Hellmann's mayonnaise and Cholula hot sauce.
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McCormick will take on oversight of a business nearly twice its current size and with a more complex global supply chain that will bring challenges linked to agriculture, commodities and small-scale farming.
Given Unilever's historically leading position on sustainability, some investors are keen for reassurance its standards will be maintained.
"We will be seeking assurances about the intention of the combined company to uphold and build upon best practice with regard to deforestation-free sourcing of commodities," said Vemund Olsen, senior analyst at Norwegian asset manager Storebrand, a top-100 investor in Unilever and a McCormick shareholder according to LSEG data.
CAREFUL SOURCING AND COMPLAINT SYSTEMThose practices include not sourcing from deforested or converted land along the supply chain, having a public system for complaints, and ensuring full traceability of commodities to plantations, he added.
A spokesperson for Frankfurt-based Union Investment, a top-40 investor in both companies, according to LSEG data, said it would seek transparency "about how it integrates sustainable practices moving forward".
Unilever share priceUnder U.S. rules, Hunt Valley, Maryland-based McCormick is not required to disclose the same detailed sustainability information that UK-based Unilever faces in Europe.
Companies with significant European operations are expected to comply with EU‑level sustainability reporting rules. But that compliance may take years, leaving a transition period where disclosure standards depend largely on company commitments.
"If Unilever-McCormick decide to turn their backs (on sustainability), this could create significant risk for shareholders and the new entity," said Cailin Dendas, environmental health program senior coordinator at shareholder group As You Sow.
"We saw this happen when Kellanova separated from Kellogg in 2023 and dropped its pesticide commitments, among other sustainability goals."
Mars, which acquired Kellanova last year, said environmental impact is assessed alongside business performance when making acquisitions.
"As integration progresses, Kellanova will be incorporated into Mars broader sustainability commitments, including our Net Zero Roadmap and sustainability governance frameworks,” a Mars spokesperson said.
Unilever will be the biggest investor in the new company with a near 10% stake and four board directors. But smaller shareholders will have limited ability to directly influence the board.
Asked whether Unilever would leverage its shareholding in McCormick to push the spice maker into living up to Unilever's standards, a company spokesperson told Reuters: "We are working closely with McCormick ahead of the completion of the transaction to support the transition of our Foods‑related sustainability programmes and commitments."
McCormick share priceMCCORMICK CLASSIFIED AS 'MEDIUM RISK'Hannah Schalk, an analyst at ESG ratings firm Sustainalytics, classifies McCormick as "medium-risk" in terms of sustainability. The company's sustainability report does not include an explicit company-wide no-deforestation commitment, and provides less detail on traceability, auditing and certification, she said.
She also noted that McCormick faces the challenge of scaling its sustainability capabilities as its supply chain expands.
McCormick has acknowledged in reporting that meeting its indirect emissions and sourcing targets depends in part on improving data and engagement across its supplier base.
"While we cannot comment on future targets at this time, we are already well underway on a comprehensive strategic update process for our sustainability programme, and we'll share more details on our approach as the process unfolds," McCormick said in written comments.
Reporting by Simon Jessop, Alexander Marrow and Richa Naidu; editing by David Gaffen and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Simon leads a team tracking how the financial system and companies more broadly are responding to the challenges posed by climate change, nature loss and other environmental, social and governance (ESG) issues including diversity and inclusion.
Alexander covers European consumer goods from London, focusing on the corporate strategies of companies including Nestle, Unilever, Danone and Reckitt, as well as on how their products impact consumers’ daily lives. Alexander previously covered Russia’s economy and companies from Moscow, reporting on the fallout from Russia’s 2022 invasion of Ukraine and the Western corporate exodus that followed.
Richa is a London-based reporter covering consumer goods companies, including their supply chains, advertising strategies, corporate governance structures, sustainability goals, and the political issues that impact them. She previously wrote about U.S. based retailers and consumer firms, major financial institutions and the Tokyo 2020 Olympic Games.
INDIANA COUNTY, Pa.--(BUSINESS WIRE)--Homer City Generation, L.P. today announced that its leadership team met with U.S. Senator Dave McCormick in Pittsburgh on May 7, 2026, to provide an update on the current site redevelopment progress and to discuss the importance of driving federal permitting reform through the Senator’s Unlock American Energy and Jobs Act.
During the meeting, Corey Hessen, Chief Executive Officer of Homer City Generation, L.P., provided an overview of the progress made over the past year in transforming the former Homer City Generating Station in Indiana County into the largest natural gas-powered energy facility currently under construction in the United States.
Hessen discussed the role that a smooth, efficient and transparent permitting process played in enabling Homer City Generation to reach key milestones, including:
Nearly 1,300 skilled workers on site today, including electricians, carpenters and boilermakers Completion of demolition anticipated in Q2 2026 Extensive underground foundation work underway Approximately 3 million cubic yards of earth moved as part of site readiness Vertical construction started with the Gas Insulated Switchgear (GIS) building 14 of 18 material DEP permits issued 6 of 8 building permits issued First of seven turbines from GE Vernova expected to be delivered this year Zero-OSHA-recordable-incident record maintained Corey Hessen, CEO of Homer City Generation, L.P., commented:
“Homer City is proof that permitting can work efficiently – and when it does, our communities win. In just over a year, we’ve moved from site preparation to demolition to construction because state, local and federal permitting agencies created a process built on transparency, clear timelines and real partnership. That efficiency means more workers on site sooner, more local businesses engaged and a more immediate economic impact across the region. We thank Senator McCormick for his leadership on permitting reform, and we hope that Homer City, Pennsylvania, can serve as a national model for how critical energy infrastructure can be built when permitting works the way it should.”
U.S. Senator Dave McCormick commented:
“What is happening in Indiana County is something special. The Homer City Generation project is now the largest natural gas-powered energy facility under construction in the United States. When it is finished, it will be one of the largest energy and infrastructure campuses in North America. This project is creating thousands of great-paying jobs for Pennsylvanians and will add gigawatts of power to the grid, beyond what the campus itself needs, to help lower prices for consumers. Through projects like Homer City, Pennsylvania is making America more competitive and energy dominant.”
Byron Stauffer, Executive Director, Indiana County Development Corporation, commented:
“The Homer City Energy Campus is already a game changer for our community – and we’re only one year in. From the massive workforce already engaged on the site to the ripple effect of indirect jobs and new economic activity across the region, the impact of this project is undeniable. For Indiana County, this is about much more than a single power plant, it is about bringing back family-sustaining jobs, investing in the future of our community and reinforcing Pennsylvania’s role in building America’s most critical energy infrastructure.”
Mike Keith, Indiana County Commissioner, commented:
“Homer City Generation is creating real momentum for our community – not just through the scale of investment, but through the opportunities it is creating for local workers, businesses and families. We’re seeing skilled union labor and tradespeople from across the region return to work on a project that reflects the strength of our workforce and our proud energy heritage. Just as important, it is creating pathways for the next generation of our workforce to build lasting, career-defining skills right here at home.”
About Homer City Generation
Homer City Generation is focused on transforming legacy energy infrastructure into state-of-the-art digital and energy assets. Located in Indiana County, PA, the Homer City Energy Campus will be the largest of its kind in North America upon completion.
For more information, visit: www.homercityredevelopment.com or email [email protected].
Two $40,000 Charles Perry McCormick Scholarships Awarded to Tempris Harrison from Frederick Douglass High School and Avery Ray from Franklin High School
, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, announced Tempris Harrison from Frederick Douglass High School and Avery Ray from Franklin High School as the 95th and 96th recipients of its Charles Perry McCormick scholarships, worth $40,000 each over four years.
Brendan Foley, Liz McCormick, Avery Ray, Tempris Harrison, Justin Forsett and Jason McCormick The in-person event held Monday, May 11 at the M&T Bank Exchange, located in downtown Baltimore's France-Merrick Performing Arts Center recognized Ms. Harrison and Mr. Ray from more than 100 student-athletes honored as Unsung Heroes for their commitment to unselfish team play. The full list of this year's McCormick Unsung Heroes nominees can be found HERE. McCormick is proud to recognize each of these student-athletes.
Four other students were recognized with additional scholarships at this year's Unsung Heroes event. Kate Cabrera from Loch Raven High School and Tavon Brown from Reginald F. Lewis High School were awarded $7,500 scholarships, while Bianca Crainiceanu from Baltimore Polytechnic Institute and Donte Harrison from Benjamin Franklin High School both received $5,000 scholarships. McCormick congratulates all of the 2026 Unsung Heroes.
During the ceremony, keynote speaker Justin Forsett, Former Baltimore Ravens Running Back; 9-Year NFL Pro Bowl Veteran; CEO & Co-Founder of Hustle Clean, shared his powerful "unsung hero" story. He spoke candidly about pushing through adversity and learning to navigate change with resilience, even in the face of repeated setbacks.
"Greatness grows best in the shadows," he said to the students as he reminded them to trust the process and remember that "there is greatness inside you."
Justin's remarks were followed by a Q&A session moderated by emcee Scott Garceau, sports radio personality and broadcaster.
Tempris Harrison is a senior middle-distance runner and Team Captain who found in track more than medals — she found confidence, resilience, and a second family. After navigating family challenges and changing schools, running became her anchor and a source of strength. Competing in the 400m, 800m, and relays, she consistently puts team success first, stepping into relays on short notice and mentoring younger athletes. Her quiet leadership, discipline, and selfless commitment embody the spirit of the McCormick Unsung Hero Award and the Charles Perry McCormick Scholarship.
Avery Ray exemplifies resilience, leadership, and service. Despite personal challenges preventing contact sports, he thrived in the Allied program, competing in soccer, bocce, and softball. A four-year leader and 2023 State Champion in bocce, he also volunteers as a football and basketball manager. Balancing a 4.2 GPA, part-time work, tutoring, and hosting a podcast, he consistently elevates his school community through dedication and selflessness.
The Unsung Heroes program recognizes unselfish student-athletes and honors those who substantially contribute to the success of their school without receiving acclaim. Originally established in 1940 by former McCormick & Company Chairman Charles P. McCormick Sr., the program is reflective of McCormick & Company's core belief in the Power of People.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
For information contact:
Global Communications:
Jill Marvin - [email protected]
, McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, will be participating in Deutsche Bank's annual dbAccess Global Consumer Conference at 4:30 PM CEST/10:30 AM ET, on Tuesday, June 2, 2026. Representing McCormick will be Brendan Foley, Chairman, President & CEO, and Marcos Gabriel, Executive Vice President & CFO. A live audio webcast of the session will be available via the McCormick website ir.mccormick.com. A replay will be available following the event through the same website.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
For information contact:
Investor Relations:
Faten Freiha - [email protected]
Global Communications:
Jill Marvin – [email protected]
McCormick & Company is rated 'Buy' due to resilient brands, margin expansion, and a compelling 4% dividend yield at depressed valuations. MKC's planned $45B merger with Unilever's food business is expected to drive 3–5% revenue growth and $600M in run-rate synergies. Despite near-term volume pressures, MKC's pricing power and alignment with health trends support durable growth and expanding operating margins.
McCormick & Company is upgraded to Buy as valuation now offers a solid margin of safety and long-term re-rating potential. Q1 results showed a double-beat, with 16.7% YoY revenue growth driven by the McCormick de Mexico acquisition and positive organic performance. The Unilever food unit deal solidifies MKC's industry leadership, $600M in synergies by year 3, and improved global presence despite near-term leverage.
, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today announced that Cindy Hoots, former Chief Digital Officer & CIO, AstraZeneca PLC, has been appointed to the Board of Directors of McCormick effective June 1, 2026.
Cindy Green Headshot Ms. Hoots is a seasoned technology and business leader with deep expertise in digital transformation, technology strategy, and enterprise modernization across global, multibillion-dollar organizations. She brings significant experience advising on and overseeing strategies related to business growth, risk management, organizational effectiveness, cybersecurity, AI, and other emerging technologies.
Additionally, Ms. Hoots has broad experience across the consumer packaged goods (CPG) sector, with a focus on driving consumer-led innovation. Prior to her role at AstraZeneca, Ms. Hoots was Global Vice President, Technology at Unilever, and has held several IT and business leadership roles at BAT p.l.c., SABMiller, ITT Inc. and Mars Incorporated. Ms. Hoots is a member of the Board of Directors of Zoom Communications, Inc., advises startups, and serves on the Digital Advisory Council at BP. She holds a Bachelor of Science degree from DeVry Institute of Technology.
"We are pleased to welcome Cindy to McCormick's Board of Directors," said Brendan M. Foley, Chairman, President and CEO of McCormick. "Cindy's experience delivering technology strategies that drive growth and seamlessly connect employees, customers, and partners while supporting data-driven consumer innovation will bring important perspective to our Board as we continue to leverage technology to advance our business."
This appointment reflects McCormick's ongoing board refreshment process, which ensures the Company maintains a balanced mix of skills, experiences, and perspectives aligned with its strategic priorities and governance practices. With this appointment, the Board of Directors of McCormick will be comprised of 12 directors, 11 of which are independent.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
For information contact:
Global Communications:
Jill Marvin - [email protected]
McCormick brand spices at a grocery store in Medford, Massachusetts, U.S., March 31, 2026. REUTERS/Brian Snyder Purchase Licensing Rights, opens new tab
SummaryCompaniesStake was built after Unilever deal was announcedSize of Toms Capital stake not clearDeal has raised concerns about long closing timeNEW YORK, May 29 (Reuters) - Toms Capital Investment Management, an activist U.S. hedge fund, has built a significant stake in McCormick & Co (MKC.N), opens new tab, according to sources familiar with the matter, at a time the U.S. food company is working on a prominent takeover deal.
Run by Benjamin Pass, Toms Capital invested in McCormick during the second quarter after the spice company announced its planned acquisition of Unilever's (ULVR.L), opens new tab food business, said the sources who were not permitted to discuss the matter publicly.
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The size of its stake and what Toms Capital intends to push for at McCormick could not immediately be determined.
Unlike some activist investors, Toms Capital prefers to stay in the background and push for changes out of the limelight, rather than launching public and noisy campaigns.
A successful takeover of Unilever's food business would create a $65 billion sauce-and-spice giant, home to brands including Hellmann's mayonnaise and French's yellow mustard. It would help Hunt Valley, Maryland-based McCormick tap London-headquartered Unilever's global scale and expertise, company executives told investors after the plans were announced in late March.
A representative for Toms Capital declined to comment, while a representative for McCormick could not be reached for comment.
On Friday, McCormick's share price traded mostly unchanged early in the session at $46.58 a share.
Both companies' share prices have been under pressure since the deal was announced. McCormick has underperformed the State Street Consumer Staples Index (XLP.P), opens new tab by 15% and Unilever has underperformed the MSCI Europe Consumer Staples Index by 8%.
In the past five years, however, McCormick has traded at a premium to the index because consumers continue to buy spices and flavors at a time other companies are scrambling to readjust their offerings to fit customers' healthier eating habits. This year, though, the deal has weighed on McCormick's stock price as investors expressed some concern about the time it will take to close.
The deal is expected to close by mid-2027, subject to regulatory and McCormick shareholder approval. Unilever shareholder approval is not required, the companies said.
McCormick has been engaging with institutional investors who have told the company they see the merits of the deal but are pushing for it to close more quickly, a separate source familiar with the discussions said.
In the past, Toms Capital has owned a stake in Kenvue and pushed for a merger. The Band-Aid and Tylenol maker sold itself to Kimberly-Clark for nearly $48.7 billion last year.
More recently, the hedge fund has pressed Voya Financial, which oversees some $1.1 trillion in assets under management, to sell the entire company or sell its health insurer unit.
Reporting by Svea Herbst-Bayliss and Abigail Summerville. Editing by Edwina Gibbs and Mark Potter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.
, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, is scheduled to conduct a conference call and webcast of its second quarter 2026 financial results on Thursday June 25, 2026, at 8:00 a.m. Eastern Time. Brendan Foley, Chairman, President & CEO; Marcos Gabriel, Executive Vice President & CFO; and Faten Freiha, Vice President of Investor Relations will be hosting the call. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website ir.mccormick.com.
If you are unable to attend the live webcast, the presentation will be archived on the same website. To listen to an audio replay, call 877-660-6853 in the United States or 201-612-7415 internationally. When prompted, enter the conference ID number 13760756. The replay will be available until 12:00 midnight Eastern Time on July 16, 2026.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2025 Purpose-led Performance (PLP) Report, demonstrating how sustainability investments are strengthening supply continuity, operational efficiency, and long-term growth. The report marks the completion of its 2025 commitments and highlights measurable progress across responsible sourcing, climate action, operational resilience, and employee wellbeing.
As McCormick completes its 2025 PLP goals, the Company continues to demonstrate leadership in the global flavor industry. Achieving 100% sustainably sourced volumes for its top five branded iconic ingredients enhances supply reliability and quality consistency, while investments in farming communities build resilience and secure long-term access to ingredients. At the same time, reducing environmental impact across its operations and value chain drive efficiency.
"In a year marked by continued change and global complexity, I am proud of the meaningful progress we have made in advancing our Purpose-led Performance commitments," said Brendan M. Foley, Chairman, President & Chief Executive Officer of McCormick & Company. "Our teams have remained focused and resilient, strengthening how we operate while delivering lasting value for our people, communities, and the planet."
Since 1889, McCormick has grown from a small Baltimore spice company into the global leader in flavor, guided by its purpose to make life more flavorful and its vision to be the world's most trusted source of flavor. Sustainability is increasingly embedded into its strategy and operations, reinforcing accountability, protecting brand trust, and supporting long-term growth.
"As I've stepped into the role of Chief Sustainability Officer, I am proud to build on the strong foundation we have established," said Kathy Rostkowski, Chief Sustainability Officer. "We are closing out our 2025 PLP commitments with encouraging progress and a clear view of where to go next. We are demonstrating that trust is earned when sustainability is practiced, not promised."
Key highlights from McCormick's 2025 PLP Report include:
Achieved 100% sustainably sourced volumes for its top five branded iconic ingredients: black pepper, cinnamon, oregano, red pepper, and vanilla. Positively impacted more than 57,000 farmers across 11 countries since 2017, strengthening livelihoods and resilience in key sourcing regions. Reduced Scope 1 and 2 greenhouse gas emissions by 40% and lowered Scope 3 emissions by 9%, reinforcing climate readiness and operational resilience. Diverted 80% of facility waste from landfill across global operations. Advanced its Power of People commitment, with 96% of employees completing Individual Development Plans and 100% of employees having access to high-quality wellness programs globally. Through the progress highlighted in the report, McCormick continues to align sustainability with its business strategy to help secure the future of flavor. Looking ahead, the Company will focus on areas where it can make the greatest impact: advancing climate readiness, strengthening farmer resilience, and delivering healthy and sustainable choices that drive long-term value creation.
To learn more, read McCormick's 2025 Purpose-led Performance Report or visit the Responsibility section of the Company's corporate website.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
For information contact:
Global Communications:
Jill Marvin – [email protected]
, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2025 Purpose-led Performance (PLP) Report, demonstrating how sustainability investments are strengthening supply continuity, operational efficiency, and long-term growth. The report marks the completion of its 2025 commitments and highlights measurable progress across responsible sourcing, climate action, operational resilience, and employee wellbeing.
As McCormick completes its 2025 PLP goals, the Company continues to demonstrate leadership in the global flavor industry. Achieving 100% sustainably sourced volumes for its top five branded iconic ingredients enhances supply reliability and quality consistency, while investments in farming communities build resilience and secure long-term access to ingredients. At the same time, reducing environmental impact across its operations and value chain drive efficiency.
"In a year marked by continued change and global complexity, I am proud of the meaningful progress we have made in advancing our Purpose-led Performance commitments," said Brendan M. Foley, Chairman, President & Chief Executive Officer of McCormick & Company. "Our teams have remained focused and resilient, strengthening how we operate while delivering lasting value for our people, communities, and the planet."
Since 1889, McCormick has grown from a small Baltimore spice company into the global leader in flavor, guided by its purpose to make life more flavorful and its vision to be the world's most trusted source of flavor. Sustainability is increasingly embedded into its strategy and operations, reinforcing accountability, protecting brand trust, and supporting long-term growth.
"As I've stepped into the role of Chief Sustainability Officer, I am proud to build on the strong foundation we have established," said Kathy Rostkowski, Chief Sustainability Officer. "We are closing out our 2025 PLP commitments with encouraging progress and a clear view of where to go next. We are demonstrating that trust is earned when sustainability is practiced, not promised."
Key highlights from McCormick's 2025 PLP Report include:
Achieved 100% sustainably sourced volumes for its top five branded iconic ingredients: black pepper, cinnamon, oregano, red pepper, and vanilla.Positively impacted more than 57,000 farmers across 11 countries since 2017, strengthening livelihoods and resilience in key sourcing regions.Reduced Scope 1 and 2 greenhouse gas emissions by 40% and lowered Scope 3 emissions by 9%, reinforcing climate readiness and operational resilience.Diverted 80% of facility waste from landfill across global operations.Advanced its Power of People commitment, with 96% of employees completing Individual Development Plans and 100% of employees having access to high-quality wellness programs globally.Through the progress highlighted in the report, McCormick continues to align sustainability with its business strategy to help secure the future of flavor. Looking ahead, the Company will focus on areas where it can make the greatest impact: advancing climate readiness, strengthening farmer resilience, and delivering healthy and sustainable choices that drive long-term value creation.
To learn more, read McCormick's 2025 Purpose-led Performance Report or visit the Responsibility section of the Company's corporate website.
About McCormick
McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.
Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.
To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.
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CHICAGO, June 08, 2026 (GLOBE NEWSWIRE) -- McCormick Place, the largest convention center in North America, has become the first facility to achieve Cleaning Industry Management Standard (CIMS) Green Building + Sustainability Certification with Honors from ISSA, The Association for Cleaning and Facility Solutions, marking a major milestone for sustainability leadership in the meetings and events industry.
The designation recognizes McCormick Place’s commitment to measurable, third-party-verified sustainable cleaning and facility management practices, including environmental stewardship, sustainable operations, and continuous improvement. CIMS Sustainability Certification provides an independent framework that validates how organizations manage sustainable cleaning operations across people, processes, and performance, while meeting the five core pillars of the CIMS standard—Quality Systems; Service Delivery; Human Resources; Health, Safety and Environmental Stewardship; and Management Commitment—plus CIMS-Green Building (GB) criteria for green cleaning practices.
"Earning CIMS Sustainability Certification demonstrates that MPEA | McCormick Place prioritizes sustainable cleaning and facility management practices and reflects our deep responsibility not only to our clients and partners, but to the broader industry,” said Larita Clark, Chief Executive Officer at MPEA. “As the first facility team to achieve this certification, McCormick Place is proud to help set the standard for what responsible, accountable, and sustainable cleaning practices look like at scale."
Unlike self-reported claims, CIMS Sustainability Certification is independently audited, providing confidence to visitors, exhibitors, event organizers, and stakeholders that sustainable and effective cleaning and facility management practices are backed up by credible systems and documented results.
“McCormick Place’s achievement represents a defining moment for the meetings and events industry,” said ISSA Executive Director Kim Althoff. “As the first facility team to earn CIMS Sustainability Certification, McCormick Place demonstrates that sustainable cleaning and facility management is built on verified practices—not promises—and a model that other facilities can follow.”
As expectations for sustainability and healthy indoor environments continue to increase, major venues and facilities are looking for ways to demonstrate accountability, transparency, and performance. CIMS Sustainability Certification provides organizations with a trusted framework to document progress, support reporting requirements, and signal leadership to clients and partners.
“This achievement would not have been possible without our strong collaboration with the Aramark team,” said Cullyn Doerfler, Senior Sustainability Manager at McCormick Place. “This certification reflects our campus-wide commitment to sustainability, from implementing green cleaning practices and environmentally responsible products to prioritizing the health, safety, and well-being of both frontline staff and campus visitors.”
“The Aramark/Globetrotters team was proud to be part of this process,” said Daniel Martinez, Aramark District Manager. “Our training programs, rigorous safety protocols, and meticulous chemical and equipment tracking reflect industry-leading best practices. We were honored to work closely with the accreditors, showcasing the procedures that help ensure an environmentally responsible campus environment.”
“ISSA has hosted our ISSA Show North America Show at McCormick Place and experienced firsthand their commitment to best practices, sustainability, operational excellence, and accountability” Althoff added. “This certification reinforces the role of CIMS as a credible standard for organizations serious about sustainable cleaning and facilities management. ISSA is excited to be bringing the ISSA Show North America back to McCormick Place in 2028.”
For more information about CIMS Sustainability Certification, visit https://cims.issa.com/cims-sustainability.
About ISSA
ISSA is The Association for the Cleaning and Facility Solutions, representing more than 11,000 member organizations and professionals worldwide—including manufacturers, manufacturer representatives, wholesalers, distributors building service contractors, in-house service providers, residential cleaners, and associate service members. The association is committed to elevating the built environment by providing its members with the business tools they need to promote cleaning as an investment in human health, the environment, and an improved bottom line. Headquartered in Rosemont, Ill., USA, the association has regional offices in Milan, Italy; Toronto, Canada; Sydney, Australia; Seoul, South Korea; and Shanghai, China. For more information about ISSA, visit www.issa.com or call 800-225-4772 (North America) or 847-982-0800. Follow us on LinkedIn, Facebook, Instagram, and YouTube.
About McCormick Place
McCormick Place is the premier convention facility in North America. Located minutes from downtown Chicago, the venue welcomes approximately 3 million visitors each year and hosts some of the world’s largest and most attended conventions, meetings and trade shows. Designed as one of the first purpose-built convention centers in the United States, the McCormick Place campus includes the North Building, South Building, East Building (Lakeside Center), West Building and the 10,000-seat Wintrust Arena. For more information, visit mccormickplace.com.
About the Metropolitan Pier and Exposition Authority
The Metropolitan Pier and Exposition Authority (MPEA) owns and operates McCormick Place, the largest exhibition and meeting facility in North America; Wintrust Arena; and the Hyatt Regency McCormick Place and Marriott Marquis Chicago hotels. Together, the North, South and West buildings and Lakeside Center offer 2.6 million square feet of exhibition space. Located along Chicago’s lakefront, McCormick Place features 173 meeting rooms, the 4,249-seat Arie Crown Theater and one of the largest ballrooms in the world.
Sen. Dave McCormick, R-Pa., says the Trump administration should prioritize nuclear enrichment and the opening of the Strait of Hormuz in any deal with Iran on ‘Kudlow.
Franklin Resources has reignited growth through diversification, strong alternatives inflows, and improved operational leverage, following years of outflows and mixed M&A results. Fiscal Q2 2026 saw positive long-term net inflows of $16.9 billion, with alternatives contributing a record $14.3 billion and ex-Western flows gaining momentum. Operating margins are expanding, with management targeting high-29% exiting FY Q4 and >30% by 2027, supported by conservative assumptions and ongoing cost discipline.
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Resources, Inc. (Franklin Templeton) (NYSE: BEN) today reported preliminary month-end assets under management (AUM) of $1.74 trillion at April 30, 2026, compared to $1.68 trillion at March 31, 2026. This month’s increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management1. Excluding Western Asset Management, preliminary long-term net inflows were $5 billion.
By Asset Class:
(In USD billions)
Preliminary
30-Apr-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Apr-25
Equity
$724.0
$669.7
$697.2
$686.2
$596.6
Fixed Income
437.2
434.3
437.7
438.7
440.3
Alternative
286.0
282.8
273.8
263.9
253.6
Multi-Asset
217.4
207.5
198.8
193.9
173.7
Long Term:
1,664.6
1,594.3
1,607.5
1,582.7
1,464.2
Cash Management
79.9
87.8
76.5
78.5
70.8
Total Ending AUM
$1,744.5
$1,682.1
$1,684.0
$1,661.2
$1,535.0
1 As of April 30, 2026, Western Asset Management had preliminary AUM of $216 billion, compared to $224 billion at March 31, 2026. This month’s preliminary AUM reflected cash management net outflows of $9 billion and the aforementioned preliminary long-term net outflows of $1 billion, partially offset by the positive impact of markets.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
Forward-Looking Statements
The financial results in this press release are preliminary. Some of the statements herein may include forward-looking statements that reflect our current views with respect to future events, financial performance and market conditions. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and generally can be identified by words or phrases written in the future tense and/or preceded by words such as “anticipate,” “believe,” “could,” “depends,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “preliminary,” “seek,” “should,” “will,” “would,” or other - similar words or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that may cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements, including market and volatility risks, investment performance and reputational risks, global operational risks, competition and distribution risks, third-party risks, technology and security risks, human capital risks, cash management risks, and legal and regulatory risks. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other possible future conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
These and other risks, uncertainties and other important factors are described in more detail in our recent filings with the U.S. Securities and Exchange Commission, including, without limitation, in Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and our subsequent Quarterly Reports on Form 10-Q. If a circumstance occurs after the date of this press release that causes any of our forward-looking statements to be inaccurate, whether as a result of new information, future developments or otherwise, we undertake no obligation to announce publicly the change to our expectations, or to make any revision to our forward-looking statements, to reflect any change in assumptions, beliefs or expectations, or any change in events, conditions or circumstances upon which any forward-looking statement is based, unless required by law.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Five 'safer' S&P 500 dividend dogs—VICI, VZ, F, BEN, T—offer free cash flow coverage and attractive yields, meeting the dogcatcher ideal. Analyst forecasts project 22.68% to 38.34% net gains for top-ten S&P 500 dividend dogs by May 2027, with average risk 26% below the market. A 27% market correction could make all top 'safer' dividend dogs fair-priced, with annual dividends from $1K invested exceeding single share prices.
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Templeton, a global investment leader, today announced the launch of its Private Markets Model Portfolios, developed in collaboration with Corastone, a digital infrastructure platform and permissioned blockchain network designed to streamline, automate, and scale private market investments. The Private Markets Model Portfolios are designed to help financial advisors more efficiently incorporate private market investments within a professionally managed portfolio framework.
“This launch reflects the evolution of private markets in client portfolios and the need for structures that allow advisors to implement those allocations efficiently,” said George Stephan, Chief Operating Officer, Global Wealth Management Private Markets at Franklin Templeton. “By supporting a single-ticket, SMA-style structure, these model portfolios are designed to help reduce operational complexity and improve scalability, while enabling advisors to implement diversified private market exposure within a professionally managed portfolio framework.”
Franklin Templeton’s Private Markets Model Portfolios are designed to extend the model portfolio framework to private markets, offering diversified, multi-asset exposure within an SMA-style, single-subscription structure that lowers the minimum investment per fund and helps deliver a diversified exposure to private markets.
The model portfolio framework combines Franklin Templeton’s global investment capabilities across public and private markets with technology enabled by Corastone’s infrastructure. The integrated solution is designed to streamline key operational aspects of private market investing — including subscription processing, rebalancing, portfolio administration, and ongoing management — while maintaining transparency and direct ownership of the underlying funds. Through the model portfolios, clients gain direct exposure to underlying private market funds rather than accessing them through pooled fund-of-funds structures, supporting enhanced transparency, more frequent rebalancing cycles, and flexibility within client portfolios, subject to applicable fund terms, liquidity provisions, and suitability considerations.
“Private markets have historically been difficult to scale across advisor-managed model portfolios due to operational complexity and fragmented workflows,” said Rashad Kurbanov, Co-Founder and CEO of Corastone. “This solution combines Franklin Templeton’s investment capabilities with Corastone’s infrastructure, making it easier for advisors to implement and manage diversified private market allocations within client portfolios.”
Franklin Templeton offers a diversified private markets platform that brings together a range of specialized investment managers. This includes Lexington Partners, focused on private equity secondaries and co-investments; Clarion Partners, specializing in private real estate; and Benefit Street Partners, a leader in private credit. The platform is further complemented by Franklin Ventures, hedged strategies, and digital asset capabilities, providing investors with broad access across alternative asset classes.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With more than $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]
About Corastone
Corastone is the hyperscaler for private market investing, providing the modern infrastructure that enables straight-through processing for GPs, wealth managers and fund administrators. Through a single integration, participants gain access to a vast ecosystem of investment opportunities and counterparties, helping them grow their business with confidence. Solely focused on infrastructure, Corastone enables consistent, repeatable processes throughout the investment lifecycle, fostering visibility, control and seamless operations. Built on a permissioned blockchain, Corastone is purpose-built to support new workflows, innovative products and the rapidly evolving private markets. For more information, visit corastone.us.
This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.
The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.
Investment strategies involving Private Markets (including investments in private companies and/or securities) are complex and speculative, entail significant risk, should not be considered a complete investment program, and are suitable only for persons who can afford to lose their entire investment. Such strategies may have limited liquidity in both the investment products and their underlying investments. Underlying investments may never list on a securities exchange and lack available information due to their private nature. These factors may negatively impact such investments’ market value and a manager’s ability to dispose of them at a favorable time or price.
Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other Franklin Templeton affiliates and/or their distributors as local laws and regulation permits. Please consult your own financial professional or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.
Key Takeaways BEN hit a 52-week high of $32.24 before closing at $32.04 amid strong momentum.BEN expansion includes crypto acquisition, Binance deal and AI partnerships boosting digital push.BEN AUM growth trend and improving revenue outlook are supported by distribution strength and inflows. Franklin Resources, Inc. (BEN - Free Report) shares touched a new 52-week high of $32.24 during yesterday's trading session. However, the stock closed the session a little lower at $32.04.
Over the past six months, shares of BEN have rallied 44.5% against the industry’s decline of 4.1%. Additionally, its close peers, such as Federated Hermes, Inc. (FHI - Free Report) and T. Rowe Price Group, Inc. (TROW - Free Report) , gained 13.6% and 1.2%, respectively, over the same period.
Price Performance
Image Source: Zacks Investment Research
Does BEN stock have more upside left despite showing recent strength in share price? Let us find out.
Factors Aiding BEN StockAcquisitions and Strategic Partnerships to Drive Expansion: Franklin has been actively expanding its business through acquisitions and partnerships to strengthen its investment capabilities and diversify its offerings. In April 2026, the company agreed to acquire 250 Digital, a crypto investment firm spun out of CoinFund, and launched the Franklin Crypto unit to enhance its digital asset capabilities and institutional reach. Earlier, in February 2026, Franklin partnered with Binance to introduce an off-exchange institutional collateral program aimed at improving the safety and capital efficiency of digital asset trading.
The company has also been focusing on strengthening its alternatives and technology platforms. In November 2025, Franklin partnered with Wand AI to scale agentic AI across research and operations as part of its digital transformation initiatives. In October 2025, it acquired Apera Asset Management, which increased its global alternative credit AUM to more than $90 billion and expanded its overall alternatives platform to nearly $270 billion. These initiatives are expected to support long-term growth and strengthen its alternatives platform.
Consistent AUM Expansion: The company has witnessed solid growth in its assets under management (AUM) balance over the years, recording a CAGR of 3.1% over the last five fiscal years (ending fiscal 2025), despite declines in fiscal 2022 and 2025. The growth trend continued in the first six months of fiscal 2026.
AUM Growth Trend
Image Source: Franklin Resources, Inc.
Franklin’s efforts to diversify into asset classes witnessing rising client demand, particularly alternative investments, are expected to support AUM growth in the coming period. Further, its regionally focused distribution model has strengthened the non-U.S. business and supported favorable net flows.
Improving Revenue Base: Franklin has benefited from organic growth over the years. Though revenues declined in fiscal 2023, the company recorded a CAGR of 1.9% over the last three fiscal years ending fiscal 2025. The growth momentum continued in the first six months of fiscal 2026.
The company’s strong distribution platform has supported diversified inflows across funds, vehicles and asset classes, driving business growth. Further, its early presence in several international markets has provided a first-mover advantage. Its efforts to diversify revenue streams, supported by a solid fixed-income pipeline, are expected to aid revenue growth going forward. The Zacks Consensus Estimate for sales is pegged at 3.6% and 1% year-over-year growth for fiscal 2026 and 2027, respectively.
Sales Estimates
Image Source: Zacks Investment Research
Strong Liquidity Position Supports Capital Distribution Activities: The company enjoys a solid balance sheet position. As of March 31, 2026, the company had no short-term debt. Further, its liquidity position, comprising cash and cash equivalents, receivables and investments, was $6.6 billion. Thus, Franklin’s strong liquidity position provides ample financial flexibility to support capital distribution activities while meeting operational and growth needs. In December 2025, its board authorized the repurchase of an additional 20.8 million shares, taking the total authorization to 40 million shares. As of March 31, 2026, shares worth $35.9 million remained available under the authorization.
Apart from the share repurchase program, the company pays regular dividends. In December 2025, BEN raised its cash dividend by 3.1% to 33 cents per share. Over the past five years, the company has raised its dividend five times. Its current dividend yield stands at 4.12%, above the industry average of 2.49%. Meanwhile, Federated Hermes and T. Rowe Price offer dividend yields of 2.72% and 5.05%, respectively.
Dividend Yield
Image Source: Zacks Investment Research
These capital distribution activities, combined with a strong liquidity profile, will likely stoke investors’ confidence in the stock.
Concerns Prevailing for Franklin ResourcesVolatile Investment Management Fees: Franklin’s investment management fees, which accounted for 79.3% of total revenues as of March 31, 2026, have witnessed a volatile trend over the years. The metric largely depends on the level and mix of AUM, making it vulnerable to market fluctuations, foreign exchange movements and regulatory changes.
While investment management fees declined in fiscal 2020 and fiscal 2023, the metric improved in fiscal 2021, fiscal 2022, fiscal 2024 and fiscal 2025. The uptrend continued in the first six months of fiscal 2026. Nevertheless, unfavorable changes in AUM and market conditions may hurt fee revenues going forward.
Rising Expense Base Remains a Concern: Franklin’s escalating expense base continues to be a headwind. Though expenses declined in 2022 due to lower sales and marketing costs and synergy benefits from the Legg Mason acquisition, the metric witnessed a CAGR of 7.9% over the last three years ended fiscal 2025. The uptrend continued in the first six months of fiscal 2026.
Further, the Apera acquisition is expected to add nearly $30 million in expenses in fiscal 2026. Ongoing technology investments, higher fundraising-related costs and integration expenses are likely to keep costs elevated and pressure bottom-line growth.
BEN's Earnings Estimates and Valuation AnalysisAnalysts are optimistic regarding Franklin’s earnings growth potential. Over the past week, the Zacks Consensus Estimate for the company’s fiscal 2026 and 2027 earnings has been revised upward. The estimated figures reflect respective year-over-year growth rates of 22.1% and 8.5%.
Earnings Estimate
Image Source: Zacks Investment Research
In terms of valuation, BEN stock appears inexpensive relative to the industry. The company is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.23X, which is below the industry’s P/E of 13.95X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
Meanwhile, Federated Hermes holds a P/E ratio of 10.56X, while T. Rowe Price’s P/E ratio stands at 10.74X.
Parting Thoughts on Franklin ResourcesFranklin’s strategic acquisitions and partnerships, expanding alternatives platform, and growing focus on customized portfolio solutions are expected to support long-term AUM and revenue growth. Further, strong liquidity and consistent capital distribution activities underscore the company’s financial stability and shareholder-friendly approach.
The company’s improving earnings performance, diversified investment offerings and strengthening global distribution platform also position it well for long-term growth. Additionally, BEN stock appears attractively valued relative to the industry.
However, volatility in investment management fees due to market fluctuations and a rising expense base remains a concern. Higher technology investments, integration costs and fundraising-related expenses are likely to pressure margins in the near term.
Hence, it may not be the ideal time to buy the stock. However, long-term investors with existing holdings may find value in maintaining their stake, given its solid fundamentals.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Resources, Inc. (the “Company”) [NYSE:BEN] announced a quarterly cash dividend in the amount of $0.33 per share payable on July 10, 2026 to stockholders of record holding shares of common stock at the close of business on June 29, 2026. The quarterly dividend of $0.33 per share is equivalent to the dividend paid for the prior quarter and represents a 3.1% increase over the quarterly dividend paid for the same quarter last year.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
A month has gone by since the last earnings report for Franklin Resources (BEN - Free Report) . Shares have added about 7.5% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Franklin Resources due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Franklin Resources, Inc. before we dive into how investors and analysts have reacted as of late.
Franklin Q2 Earnings Beat Estimates, Revenues Rise Y/YFranklin reported second-quarter fiscal 2026 (ended March 31, 2026) adjusted earnings of 71 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents per share. Also, the bottom line compared favorably with 47 cents reported in the year-ago quarter.
Results benefited from higher revenues. However, a slight decline in assets under management and elevated expenses remained headwinds.
The results include certain items. After considering those, net income (GAAP basis) was $268.2 million, up 77.1% year over year.
Revenues & Expenses Increase Y/Y
Total operating revenues increased 8.7% year over year to $2.29 billion in the fiscal second quarter. The rise was due to an increase in all the components except other revenues. Further, the reported figure outpaced the Zacks Consensus Estimate of $2.18 billion.
Investment management fees rose 8.7% year over year to $1.82 billion. Sales and distribution fees increased 8.7% year over year to $396.6 million. Shareholder-servicing fees rose 11.4% on a year-over-year basis to $69 million. Other revenues decreased 9% year over year to $10 million.
Total operating expenses increased marginally year over year to $1.97 billion. The rise was due to an increase in compensation and benefits costs, sales, distribution and marketing costs, and general, administrative and other costs.
Franklin reported an operating margin of 14.1% compared with 6.9% in the year-ago quarter.
AUM Rises
As of March 31, 2026, total AUM was $1.68 trillion, down marginally on a sequential basis.
Franklin’s long-term net inflows were $16.9 billion in the reported quarter compared with $28 billion in the prior quarter.
The average AUM was $1.70 trillion, which increased 1.5% on a sequential basis.
Capital Position
As of March 31, 2026, cash and cash equivalents and investments were $6.2 billion, while total stockholders' equity was $13.1 billion.
Capital Distribution
In the reported quarter, Franklin repurchased 2.3 million shares for $57.1 million.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
VGM ScoresAt this time, Franklin Resources has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Franklin Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerFranklin Resources is part of the Zacks Financial - Investment Management industry. Over the past month, MSCI (MSCI - Free Report) , a stock from the same industry, has gained 0.9%. The company reported its results for the quarter ended March 2026 more than a month ago.
MSCI reported revenues of $850.8 million in the last reported quarter, representing a year-over-year change of +14.1%. EPS of $4.55 for the same period compares with $4.00 a year ago.
MSCI is expected to post earnings of $4.82 per share for the current quarter, representing a year-over-year change of +15.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for MSCI. Also, the stock has a VGM Score of D.
Key Takeaways Franklin plans to acquire 250 Digital and launch Franklin Crypto to expand capabilities.Franklin partnered with Binance on an institutional collateral program for digital asset trading.BEN sees digital assets and alternatives as potential drivers of revenue diversification. Franklin Resources (BEN - Free Report) is sharpening its focus on digital assets at a time when institutional interest in crypto-linked investment products is steadily maturing. The planned acquisition of 250 Digital, a cryptocurrency investment firm spun out of CoinFund, marks a strategic step by BEN toward expanding its capabilities and strengthening its presence in active digital asset management.
Alongside the deal, Franklin is launching Franklin Crypto, a dedicated unit aimed at expanding its institutional-grade crypto capabilities. In February 2026, the company partnered with Binance to launch an off-exchange institutional collateral program designed to improve capital efficiency and reduce counterparty risks in digital asset trading.
The initiative aligns with Franklin's long-term strategy of expanding beyond traditional mutual funds and actively diversifying its revenue streams. Past acquisitions, including Putnam Investments and Apera Asset Management, have strengthened its alternatives platform, which now oversees approximately $270 billion in alternative assets.
Digital assets represent a natural extension of this diversification strategy. As institutional investors seek regulated exposure to cryptocurrencies, tokenized assets, blockchain infrastructure and decentralized finance, Franklin is positioning itself as an early mover among traditional asset managers. According to the April 2026 announcement, with $1.8 billion in digital asset asset under management (AUM) as of late 2025, the company already has a meaningful foundation on which to build.
From a financial standpoint, Franklin’s expanding digital asset platform has the potential to become a meaningful long-term growth catalyst. The company continues to contend with industry headwinds, such as fee compression in traditional asset management, ongoing net outflows in certain segments and intensifying competition from low-cost passive investment products. By increasing its exposure to digital assets and alternative investments, areas that typically generate higher fee margins than traditional index strategies, Franklin could strengthen revenue growth, enhance profitability and diversify its earnings base over time.
Other Firms Push Into Digital AssetsMajor finance firms, including BlackRock, Inc. (BLK - Free Report) and Interactive Brokers Group, Inc. (IBKR - Free Report) , have also been expanding into digital assets.
Since the approval of spot Bitcoin ETFs in January 2024, BlackRock’s flagship product, the iShares Bitcoin Trust (IBIT), has surged ahead to become the company’s leading revenue generator, outperforming several of its long-established equity and fixed-income funds. As of March 31, 2026, BlackRock’s AUM under digital assets was $60.7 billion, signaling a broader acceptance of cryptocurrencies within diversified portfolios.
In March 2026, Interactive Brokers launched a unified crypto trading platform for eligible individual investors in the European Economic Area through its regulated Ireland-based entity, Interactive Brokers Ireland Limited. The platform enables clients to trade digital assets and traditional securities within a single interface.
BEN’s Price Performance & Zacks RankThe company’s shares have gained 38.4% in the past six months against the industry’s 6.5% decline.
Image Source: Zacks Investment Research
Currently, Franklin carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Partnership connects Franklin Templeton’s Benji Technology Platform with MoonPay Trade’s institutional infrastructure to support stablecoin and tokenized money market fund exposure
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Templeton and MoonPay today announced a strategic partnership to make tokenized financial products more accessible and usable across the onchain financial ecosystem. The initial integration connects Franklin Templeton’s Benji Technology Platform with MoonPay Trade’s institutional trading infrastructure, allowing eligible institutional users to move between supported stablecoins and Franklin Templeton tokenized money market fund exposure through a fully onchain execution experience. Adding BENJI to MoonPay Trade serves as one of MoonPay’s first expansions beyond crypto, fiat, and stablecoins, introducing a new use case at the intersection of stablecoins, tokenized funds, and onchain capital markets.
By using MoonPay Trade’s existing quote, routing, execution, and network, the partnership is designed to make Franklin Templeton’s tokenized money market fund suite easier to use across institutional onchain workflows. For existing holders, it creates another pathway back into stablecoin liquidity, supporting greater flexibility across onchain treasury, liquidity management, portfolio rebalancing, and collateral-adjacent use cases.
“Tokenized money market funds only become more useful when they can move with the speed and programmability of the broader digital asset ecosystem,” said Sandy Kaul, Head of Innovation and Digital Assets at Franklin Templeton. “For us, leadership in this space means doing the work to make that unlock possible, and teaming up with MoonPay creates another trusted gateway for institutions to move between stablecoin liquidity and tokenized fund exposure.”
The partnership also builds on Franklin Templeton’s long-standing commitment to developing regulated, blockchain-enabled investment solutions and expanding their utility within institutional workflows, while marking an important step in MoonPay Trade’s expansion into tokenized finance and real-world asset infrastructure.
"Digital assets like tokenized money market funds provide benefits like improved liquidity and capital efficiency, but only if institutions have access to the onchain financial ecosystem," said Caroline D. Pham, CEO of MoonPay Institutional. "MoonPay’s strategic partnership with Franklin Templeton on liquidity and collateral solutions showcases the latest innovations driving institutional adoption of digital assets."
This partnership is expected to serve as the foundation for a broader strategic relationship between Franklin Templeton and MoonPay, focused on expanding trusted access to onchain financial markets.
Franklin Templeton is a pioneer in digital asset investing and blockchain innovation, combining tokenomics research, data science, and technical expertise to deliver cutting-edge solutions since 2018. The Benji Technology Platform is Franklin Templeton’s proprietary blockchain-enabled recordkeeping and transfer agency infrastructure that supports tokenized investment products across retail and institutional channels. Using this platform, Franklin Templeton launched the world’s first U.S.-registered mutual fund to use blockchain technology for transaction processing. In 2024 the firm leveraged the Platform to launch the first fully tokenized UCITS fund in Luxembourg, and launched the first retail tokenized fund in Singapore in 2025. In April 2026, Frankin Templeton announced the incorporation of BENJI tokens as payment consideration in the planned acquisition of 250 Digital, marking an important and innovative step toward conducting M&A transactions on chain. In the U.S., BENJI is available to retail investors through the Benji Investments mobile application on iOS and Android. Global institutions can access the platform through the Benji Institutional web portal.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]
About MoonPay
Founded in 2019, MoonPay is a global financial technology company that helps businesses and consumers move value across fiat and digital assets. MoonPay has more than 30 million customers across 180 countries and supports more than 500 enterprise customers spanning crypto and fintech. Through a single integration, MoonPay powers on- and off-ramps, trading, crypto payments, and stablecoin infrastructure, connecting traditional payment rails with blockchains. MoonPay maintains a broad regulatory footprint, including a New York BitLicense, a New York Limited Purpose Trust Charter, and money transmitter licenses across the United States, as well as MiCA authorization in the EU. MoonPay is how the world moves value.
MoonPay Institutional provides integrated technology solutions that are natively on-chain and interoperable across multiple protocol networks, with KYC and compliance tools for the entire digital asset transaction flow from wallet infrastructure, custody, on-chain order routing and trade execution, and collateral operations to stablecoin settlement.
There are risks associated with the issuance, redemption, transfer, custody, and record keeping of shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain technology would be subject to risks (including the following: blockchain is a rapidly-evolving regulatory landscape in the United States and in other countries, which might result in security, privacy or other regulatory concerns that could require changes to the way transactions in the shares are recorded.
Some statements may be forward-looking and reflect our current views about future events, financial performance and market conditions. These statements are provided under the safe harbor protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those not related solely to historical or current facts and can often be identified by words or phrases written in the future tense and/or preceded by words such as “anticipate,” “believe,” “could,” “depends,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “preliminary,” “seek,” “should,” “will,” “would” or similar terms, though these are not the only ways such statements may appear.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause actual results to differ materially from outcomes expressed or implied by the statements. These factors include market and volatility risks, investment performance and reputational risks, global operational risks, competition and distribution risks, third-party risks, technology and security risks, human capital risks, cash management risks, and legal and regulatory risks. Although forward-looking statements reflect our expectations, at the time made, about our business, the economy and possible future conditions, you should not rely on them. They are not guarantees of performance, and new factors may arise that we cannot foresee. These risks and other important factors are described in our recent filings with the U.S. Securities and Exchange Commission, including Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025, and subsequent Quarterly Reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect new information, future developments or other changes unless required by law.
Jenny Johnson, CEO of Franklin Templeton, and Adam Back, co-founder and CEO of Blockstream, talk about the recent drop in Bitcoin prices, institutional demand for crypto and how Franklin Templeton is moving more business functions onto the blockchain. They spoke with Scarlet Fu and Tim Stenovec on "Bloomberg Crypto."
Key Takeaways Franklin Templeton partnered with MoonPay to expand distribution of its tokenized money market funds.Franklin Templeton will integrate Benji with MoonPay's trading infrastructure for stablecoin-to-fund access.BEN digital asset push includes 250 Digital, Franklin Crypto and a Binance collaboration. Franklin Resources Inc.’s (BEN - Free Report) latest digital asset initiative, announced through its Franklin Templeton brand, reflects a continued effort to strengthen its position in the emerging market for tokenized assets. The company announced a partnership with MoonPay aimed at expanding distribution, deepening institutional adoption and strengthening Franklin Templeton's presence within the rapidly evolving digital asset ecosystem.
The partnership will integrate Franklin Templeton’s Benji Technology Platform with MoonPay’s institutional-grade trading infrastructure. This integration is expected to allow eligible institutions to move more efficiently between stablecoins and Franklin Templeton’s tokenized money market funds.
For Franklin Templeton, the partnership provides access to MoonPay’s established network of crypto-native firms, institutional traders, fintech companies and on-chain treasury managers. This could broaden the potential investor base for BEN’s tokenized funds and enhance the company’s ability to capture flows from institutions seeking regulated, yield-generating products within the digital asset markets.
The move also strengthens Franklin Templeton’s competitive positioning in tokenized finance. While several traditional asset managers are still testing blockchain-based applications, Franklin Templeton has already invested in infrastructure and launched tokenized investment products. By integrating those products with a major digital asset platform, the company is moving beyond product creation and toward ecosystem participation, wherein distribution, liquidity access and user experience are increasingly important competitive factors.
From a long-term perspective, the collaboration supports BEN's broader strategy of participating in the evolution of capital markets infrastructure. Tokenized money market funds are emerging as a key bridge between traditional finance and on-chain finance, offering institutions a way to access familiar investment products through blockchain-based rails. Embedding Franklin Templeton’s products within this infrastructure could help the company benefit if tokenized assets become a larger part of institutional portfolio management and treasury operations.
BEN’s Broader Digital Asset PushThe MoonPay partnership is the latest in a series of initiatives highlighting BEN’s expanding digital asset ambitions. In April 2026, the company agreed to acquire 250 Digital, a cryptocurrency investment firm spun out of CoinFund, expanding its capabilities and strengthening its presence in active digital asset management. The company is also launching Franklin Crypto, a dedicated unit aimed at expanding its institutional-grade crypto capabilities. In February 2026, the company partnered with Binance to launch an off-exchange institutional collateral program designed to improve capital efficiency and reduce counterparty risks in digital asset trading. The initiative aligns with BEN's long-term strategy of expanding beyond traditional mutual funds and actively diversifying its revenue streams.
Overall, BEN’s series of partnerships and efforts will strengthen the company’s distribution network, expand access to its tokenized funds and reinforce its position as a leading traditional asset manager in the growing blockchain-enabled capital markets ecosystem.
Other Firms Push Into Digital AssetsMajor finance firms, including Robinhood Markets, Inc. (HOOD - Free Report) and Interactive Brokers Group, Inc. (IBKR - Free Report) , have also been expanding into digital assets.
Robinhood introduced U.S. stock and exchange-traded fund (ETF) tokens for European Union (EU) investors. This will enable eligible HOOD clients to gain exposure to U.S. equities with zero commissions, dividend support and 24/5 access. This aligns with Robinhood’s strategy to grow in the cryptocurrency space through increased tokenization, enhanced capabilities and expansion into the EU markets.
Interactive Brokers has launched a unified crypto trading platform for eligible individual investors in the European Economic Area through its regulated Ireland-based entity, Interactive Brokers Ireland Limited. The platform enables clients to trade digital assets and traditional securities within a single interface.
BEN’s Price Performance & Zacks RankThe company’s shares have gained 34.5% in the past six months against the industry’s 10.4% decline.
Image Source: Zacks Investment Research
Currently, BEN carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Resources, Inc. (Franklin Templeton) (NYSE: BEN) today reported preliminary month-end assets under management (AUM) of $1.78 trillion at May 31, 2026, compared to $1.75 trillion at April 30, 2026. This month’s increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net inflows at Western Asset Management1.
By Asset Class:
(In USD billions)
Preliminary
31-May-26
30-Apr-26
31-Mar-26
31-Dec-25
31-May-25
Equity
$751.5
$724.3
$669.7
$697.2
$630.8
Fixed Income
440.7
437.5
434.3
437.7
438.9
Alternative
289.5
287.5
282.8
273.8
254.4
Multi-Asset
219.1
217.2
207.5
198.8
178.3
Long Term:
1,700.8
1,666.5
1,594.3
1,607.5
1,502.4
Cash Management
78.8
79.9
87.8
76.5
71.0
Total Ending AUM
$1,779.6
$1,746.4
$1,682.1
$1,684.0
$1,573.4
1 As of May 31, 2026, Western Asset Management had preliminary AUM of $216 billion, compared to $216 billion at April 30, 2026. This month’s preliminary AUM reflected the positive impact of markets and the aforementioned preliminary long-term net inflows of $1 billion, partially offset by preliminary cash management net outflows of $2 billion.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
Forward-Looking Statements
The financial results in this press release are preliminary. Some of the statements herein may include forward-looking statements that reflect our current views with respect to future events, financial performance and market conditions. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and generally can be identified by words or phrases written in the future tense and/or preceded by words such as “anticipate,” “believe,” “could,” “depends,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “preliminary,” “seek,” “should,” “will,” “would,” or other - similar words or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that may cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements, including market and volatility risks, investment performance and reputational risks, global operational risks, competition and distribution risks, third-party risks, technology and security risks, human capital risks, cash management risks, and legal and regulatory risks. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other possible future conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
These and other risks, uncertainties and other important factors are described in more detail in our recent filings with the U.S. Securities and Exchange Commission, including, without limitation, in Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and our subsequent Quarterly Reports on Form 10-Q. If a circumstance occurs after the date of this press release that causes any of our forward-looking statements to be inaccurate, whether as a result of new information, future developments or otherwise, we undertake no obligation to announce publicly the change to our expectations, or to make any revision to our forward-looking statements, to reflect any change in assumptions, beliefs or expectations, or any change in events, conditions or circumstances upon which any forward-looking statement is based, unless required by law.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
NEW YORK--(BUSINESS WIRE)--Fiduciary Trust International, a global wealth manager and wholly owned subsidiary of Franklin Templeton, announces that Harrison Laing has joined the firm as a wealth director based in its headquarters in New York, NY.
“Harrison shares our commitment to delivering financial clarity and peace of mind which strengthens client relationships from generation to generation. He is an ideal addition to our firm as we continue to expand the expertise we can offer.”
Share Mr. Laing joins Fiduciary Trust International from Bessemer Trust in New York, where he was vice president of business development and helped identify, source, and execute opportunities to grow firm assets under management. He previously worked in investment banking focused on mergers and acquisitions and activism defense at Bank of America. Earlier in his career, Mr. Laing was an associate in the private wealth management division at Merrill Lynch, where he led client engagement and portfolio strategy for ultra-high-net-worth individuals and families within The Kelley Group.
“Our high-net-worth and ultra-high-net-worth clients in the Greater New York region have come to expect fiduciary wealth management services that provide better alignment, greater tax efficiency, and more informed decisions across their financial lives,” said Anne Fitzpatrick Donahue, regional managing director for Fiduciary Trust International’s New York office. “Harrison shares our commitment to delivering financial clarity and peace of mind which strengthens client relationships from generation to generation. He is an ideal addition to our firm as we continue to expand the expertise we can offer.”
Mr. Laing graduated from the College of Charleston in Charleston, SC with a Bachelor of Science in business administration and a minor in finance. He holds licenses for FINRA Series 7, 63, 66, and 79.
“Fiduciary Trust International has established an impressive track record of providing holistic wealth and investment management advice, enabling clients to better understand how their decisions shape their overall financial picture,” said Mr. Laing. “I was particularly drawn to the strength of Fiduciary and Franklin Templeton’s investment platform, as well as the depth of its resources and capabilities and look forward to working with my new colleagues to empower clients and their families to improve their financial outcomes.”
Fiduciary Trust International remains committed to expanding its roster of experienced and talented wealth management professionals across the country, including its headquarters in New York. In April 2026, Tim Herpertz, CFA joined the firm as a portfolio manager in the New York office. In addition, Kevin F. Flood, CFP®, SE-AWMA™ began as a senior relationship manager in the firm’s New York office in August 2024, while Erica B. Landeros joined as a New York-based trust counsel in June 2024.
About Fiduciary Trust International
Fiduciary Trust International, a global wealth management firm headquartered in New York, NY, has served individuals, families, endowments and foundations since 1931. With over $108 billion in assets under management and administration as of March 31, 2026, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The New York-based firm and its subsidiaries maintain offices in Coral Gables, FL, Boca Raton, FL, Fort Lauderdale, FL, West Palm Beach, FL, St. Petersburg, FL, Radnor, PA, Lincoln, MA, Los Angeles, CA, San Mateo, CA, Washington, DC, Wilmington, DE, Reston, VA, and Atlanta, GA. For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust International on LinkedIn and X: @FiduciaryTrust.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With more than $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Actively managed ETF invests predominantly in investment grade CLO debt tranches across U.S. and European markets
SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Templeton, a global investment leader, today announced the launch of the Franklin BSP CLO ETF (YCLO or the Fund), an actively managed CLO ETF designed to seek capital preservation and current income by investing predominantly in investment grade collateralized loan obligation (CLO) debt tranches across U.S. and European markets.
The Fund is managed by Franklin Advisers, Inc., with sub-advisory services provided by Benefit Street Partners (BSP), Franklin Templeton’s alternative credit specialist investment manager.
The Fund draws on the scale and depth of BSP’s Structured Credit platform, which was founded in 2009 and manages over $9 billion of AUM. The strategy is led by Cathy Bevan and Brandon Chao, who each have more than 20 years of industry experience and have worked together for nearly a decade. The team invests using rigorous credit underwriting, portfolio construction, and active risk management.
“YCLO provides access to a compelling institutional asset class that offers floating-rate income, structural protections, and diversification potential within traditional fixed income portfolios,” said Cathy Bevan, Global Head of BSP Structured Credit. “What differentiates YCLO is the ability to invest dynamically across both U.S. and European CLO markets. We believe our global presence gives us a broader opportunity set and a deeper relative value perspective.”
“The CLO market and its investor base have continued to grow, while performance across CLO securities has become more differentiated in today’s market environment,” said Brandon Chao, CFA, Portfolio Manager, BSP Structured Credit. “This creates opportunities for BSP to apply its global relative value approach and active risk management within an ETF structure.”
“We are proud to bring BSP’s first ETF to market and expand Franklin Templeton’s ETF platform into CLOs,” said Jeff Masom, Head of U.S. Distribution and Global Wealth Management Private Markets at Franklin Templeton. “YCLO combines BSP’s deep CLO expertise with Franklin Templeton’s scale, distribution reach and ETF capabilities, giving advisors and investors access to an actively managed approach to CLO debt. As market conditions continue to evolve, we believe strategies like YCLO can play an important role in helping clients access differentiated sources of income through a familiar and efficient ETF structure.”
For more information, please visit Franklin Templeton ETFs and ETPs.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]
About Benefit Street Partners L.L.C.
Benefit Street Partners L.L.C. (“BSP”) is an alternative credit pioneer with $93 billion1 in assets under management (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit bspcredit.com.
BSP’s $93 billion AUM is an estimate as of 3/31/2026 and includes Apera Asset Management. Important Information
ETFs and ETPs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs/ETPs net asset value. Brokerage commissions and ETF/ETP expenses will reduce returns.
ETF/ETP shares may be bought or sold throughout the day at their market price, not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs/ETPs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market.
All investments involve risks, including possible loss of principal. Collateralized Loan Obligations (CLOs) are complex investments and not suitable for all investors. CLOs carry risks largely dependent on the type of collateral held by the special purpose entity (SPE) and the tranche of the CLO in which the Fund invests. Although the Fund will invest primarily in investment grade-rated tranches, ratings may be downgraded, and even highly rated tranches can face defaults in stressed markets. CLOs are managed by independent entities responsible for selecting and managing the underlying loan collateral, adding another layer of risk. An investment in a CLO can lose value. Floating-rate loans and debt securities are typically rated below investment grade and are subject to greater risk of default, which could result in loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The portfolio is, or could become, non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. The fund is newly organized, with a limited history of operations. These and other risks are discussed in the fund’s prospectus.
Fiduciary Trust International Welcomes Harrison Laing as New York-Based Wealth Director Fiduciary Trust International, a global wealth manager and wholly owned subsidiary of Franklin Templeton, announces that Harrison Laing has joined the firm as a wealth director based in its headquarters in New York, NY.
Mr. Laing joins Fiduciary Trust International from Bessemer Trust in New York, where he was vice president of business development and helped identify, source, and execute opportunities to grow firm assets under management. He previously worked in investment banking focused on mergers and acquisitions and activism defense at Bank of America. Earlier in his career, Mr. Laing was an associate in the private wealth management division at Merrill Lynch, where he led client engagement and portfolio strategy for ultra-high-net-worth individuals and families within The Kelley Group.
“Our high-net-worth and ultra-high-net-worth clients in the Greater New York region have come to expect fiduciary wealth management services that provide better alignment, greater tax efficiency, and more informed decisions across their financial lives,” said Anne Fitzpatrick Donahue, regional managing director for Fiduciary Trust International’s New York office. “Harrison shares our commitment to delivering financial clarity and peace of mind which strengthens client relationships from generation to generation. He is an ideal addition to our firm as we continue to expand the expertise we can offer.”
Mr. Laing graduated from the College of Charleston in Charleston, SC with a Bachelor of Science in business administration and a minor in finance. He holds licenses for FINRA Series 7, 63, 66, and 79.
“Fiduciary Trust International has established an impressive track record of providing holistic wealth and investment management advice, enabling clients to better understand how their decisions shape their overall financial picture,” said Mr. Laing. “I was particularly drawn to the strength of Fiduciary and Franklin Templeton’s investment platform, as well as the depth of its resources and capabilities and look forward to working with my new colleagues to empower clients and their families to improve their financial outcomes.”
Fiduciary Trust International remains committed to expanding its roster of experienced and talented wealth management professionals across the country, including its headquarters in New York. In April 2026, Tim Herpertz, CFA joined the firm as a portfolio manager in the New York office. In addition, Kevin F. Flood, CFP®, SE-AWMA™ began as a senior relationship manager in the firm’s New York office in August 2024, while Erica B. Landeros joined as a New York-based trust counsel in June 2024.
About Fiduciary Trust International
Fiduciary Trust International, a global wealth management firm headquartered in New York, NY, has served individuals, families, endowments and foundations since 1931. With over $108 billion in assets under management and administration as of March 31, 2026, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The New York-based firm and its subsidiaries maintain offices in Coral Gables, FL, Boca Raton, FL, Fort Lauderdale, FL, West Palm Beach, FL, St. Petersburg, FL, Radnor, PA, Lincoln, MA, Los Angeles, CA, San Mateo, CA, Washington, DC, Wilmington, DE, Reston, VA, and Atlanta, GA.For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust International on LinkedIn and X: @FiduciaryTrust.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With more than $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Key Takeaways BEN reported May 2026 AUM of $1.78 trillion, up 1.9% from the prior month.BEN benefited from positive markets and $4 billion of preliminary long-term net inflows.BEN saw gains across equity, fixed income, alternative and multi-asset AUM in May. Franklin Resources, Inc. (BEN - Free Report) reported its preliminary assets under management (AUM) of $1.78 trillion as of May 31, 2026, which increased 1.9% from the prior month.
Growth in the AUM balance was driven by the positive impact of markets and preliminary long-term net inflows of $4 billion, including $1 billion of long-term net inflows at Western Asset Management.
Breakdown of BEN's May AUM Based on Asset ClassFranklin recorded equity assets of $751.5 billion, which increased 3.7% from the previous month. The fixed income AUM of $440.7 billion at the end of May 2026 also increased nearly 1% from the prior month. Alternative AUM rose nearly 1% from the prior month to $289.5 billion.
Multi-asset AUM was $219.1 billion, up nearly 1% from April 2026. However, the cash management balance was $78.8 billion, down 1.4% from the previous month.
Our Viewpoint on FranklinMay reflected an increase for BEN, with total AUM supported by favorable markets performance and net inflows. Equity, fixed income and alternative assets recorded gains, while multi-asset AUM also edged higher. The company’s efforts to expand into asset classes with strong client demand, along with its regional distribution model and continued strategic acquisitions, are likely to support AUM growth over time.
BEN's Price Performance and Zacks RankOver the past year, BEN shares have gained 39.7% against the industry’s decline of 7.3%.
Image Source: Zacks Investment Research
Franklin currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer ReleasesTwo stocks, T. Rowe Price Group, Inc. (TROW - Free Report) and Victory Capital Holdings, Inc. (VCTR - Free Report) , will announce their monthly performances in the upcoming days.
Over the past year, shares of TROW and VCTR have risen 11.6% and 34.4%, respectively.
Key Takeaways BEN's Western Asset agreed to pay a $100 million civil penalty to settle SEC charges.The settlement resolves investigations by the SEC and the Department of Justice.BEN said the agreement allows Western Asset to avoid prolonged litigation and focus on clients. Franklin Resources, Inc.'s (BEN - Free Report) subsidiary, Western Asset Management Company ("Western Asset"), has agreed to pay a $100 million civil penalty to settle Securities and Exchange Commission ("SEC") charges related to its former co-chief investment officer Kenneth Leech's alleged cherry-picking scheme.
The SEC said Western Asset failed to properly supervise Leech and maintain adequate controls to detect his alleged trade-allocation misconduct. To resolve the matter, the firm agreed to pay a $100 million civil penalty, which will be distributed to affected investors through a Fair Fund, while neither admitting nor denying the regulator's findings.
In a regulatory filing, Franklin stated that Western Asset agreed to the settlement as a business decision to avoid prolonged litigation and focus on serving clients. The company also noted that the resolution concludes investigations by the SEC and the Department of Justice ("DOJ").
History of Western Asset's Trade-Allocation InvestigationThe matter stems from allegations that Leech engaged in a cherry-picking scheme involving U.S. Treasury derivative trades between January 2021 and October 2023. According to the SEC, Leech delayed allocating trades among client accounts until after observing market movements, allowing profitable trades to be allocated to certain favored portfolios, while less favorable trades were assigned to others.
In November 2024, the SEC charged Leech with fraud, alleging that he allocated hundreds of millions of dollars of net first-day gains to favored portfolios and a similar amount of net first-day losses to disfavored portfolios.
As part of its broader investigation, the SEC also examined Western Asset's supervisory controls. The regulator concluded that the firm knew or should have known that Leech's trading and allocation practices differed from those of other portfolio managers and failed to adequately oversee his activities. The SEC further found that Western Asset did not properly implement its trade-reallocation policies and failed to reasonably supervise its former co-CIO.
In December 2025, Franklin disclosed that the DOJ was prepared to resolve its investigation against Western Asset. The development signaled progress toward resolving the regulatory probes surrounding the firm.
How the Settlement Benefits FranklinThe settlement removes a major regulatory overhang tied to one of Western Asset's most significant legal matters in recent years. While the $100 million penalty represents a notable cost, the resolution concludes investigations by the SEC and DOJ and eliminates the uncertainty associated with prolonged regulatory proceedings.
With the matter largely behind it, Franklin can focus on strengthening Western Asset's compliance framework, retaining client assets and rebuilding investor confidence following a period of heightened scrutiny over the firm's trading practices.
BEN’s Zacks Rank & Price PerformanceOver the past six months, Franklin’s shares have risen 34.6% against the industry’s 16% decline.
Image Source: Zacks Investment Research
Franklin currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Financial Firms’ Progress to Fix Regulatory IssuesIn May 2026, the Federal Reserve officially terminated its 2023 enforcement actions against UBS Group AG (UBS - Free Report) tied to the collapse of Archegos Capital Management in 2021. The move marks the closure of one of the major enforcement matters inherited by UBS following its emergency acquisition of Credit Suisse in 2023.
The termination of the Fed’s Archegos-related enforcement action represents another milestone in UBS’ broader remediation efforts. The removal of this regulatory overhang could support UBS’ long-term integration efforts, profitability and operational efficiency.
In April 2026, Goldman Sachs Group (GS - Free Report) cleared a key regulatory overhang as the Federal Reserve Board terminated its 2018 enforcement action tied to the bank’s foreign exchange (FX) trading operations. The case originated in May 2018, when the Fed imposed a $54.75-million fine on Goldman Sachs for unsafe and unsound practices in its forex business.
For GS, the development marks the resolution of a legacy issue tied to industry-wide FX scrutiny. While the case underscored past control deficiencies, its closure highlights the bank’s progress in strengthening compliance and restoring regulatory confidence, allowing it to move forward without the burden of an outstanding enforcement action.
Lennar (NYSE:LEN) Updates Q3 2026 Earnings GuidanceLennar (NYSE:LEN) updated its third quarter 2026 earnings guidance. The company provided EPS guidance of 1.200-1.400 for the period, compared to the consensus estimate of 1.710.
MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat
MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NYSE:MSA
Read MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in Stock
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Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of StockMarketBeat
NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
NASDAQ:NBTB
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Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) StockMarketBeat
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TSE:IGM
Read Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) Stock
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced April month-end assets under management of $1.83 trillion. Net outflows for April 2026 were $10.6 billion driven by a few large redemptions with net flow activity expected to moderate through the remainder of the quarter.
The below table shows the firm's assets under management as of April 30, 2026, and for the prior quarter- and year-end by asset class and in the firm's target date retirement portfolios.
As of
(in billions)
4/30/2026
3/31/2026
12/31/2025
Equity
$ 882
$ 810
$ 879
Fixed income, including money market
218
215
212
Multi-asset
665
625
627
Alternatives
60
60
58
Total assets under management
$ 1,825
$ 1,710
$ 1,776
Target date retirement portfolios
$ 599
$ 561
$ 561
OTHER MATTERS
Certain statements in this release may represent "forward-looking information," including information relating to anticipated changes in the amount or composition of assets under management, flows into our investment funds, and other market conditions. For a discussion concerning risks and other factors that could affect future results, see the firm's 2025 Annual Report on Form 10-K.
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its long-standing expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Key Takeaways Invesco's April AUM climbed 8.3% from March to $2.34 trillion.Favorable market returns added $151 billion, while FX increased AUM by $8.2 billion.ETFs & Index Strategies AUM rose 9.9% to $701.4 billion, and QQQ AUM jumped 18.2%. Invesco (IVZ - Free Report) announced preliminary assets under management (AUM) of $2.34 trillion for April 2026, representing an 8.3% increase from the previous month.
In the reported month, Invesco’s net long-term inflows were $18.2 billion. Money market net inflows were $2.2 billion.
AUM was positively impacted by favorable market returns, which increased the AUM by $151 billion. FX increased the AUM by $8.2 billion.
Invesco’s preliminary average total AUM for the quarter through April 30, 2026, was $2.26 trillion, while preliminary average active AUM for the same period was $1.16 trillion.
Breakdown of Invesco’s AUM Performance by Asset ClassAt the end of April 2026, Invesco reported ETFs & Index Strategies AUM of $701.4 billion, up 9.9% from the previous month. Fundamental Fixed Income AUM of $315.8 billion increased 1% from March 2026.
AUM under China JV increased 8.7% from March to $154.3 billion. AUM under Multi-Asset/Other was $77.7 billion, up 4.9% from the prior month’s end. QQQ’s AUM was $440.3 billion, up 18.2%. Private Market’s AUM was $134.1 billion, which increased 2.1% from March 2026.
Fundamental Equities AUM was up 8.5% from March to $312.2 billion. Global Liquidity AUM was $203.6 billion, up 1.2% from the prior month.
Our View on InvescoStrategic expansion initiatives, a strong global presence, diversified offerings, balance sheet recapitalization, improved operating efficiency and solid AUM are likely to keep supporting IVZ’s financial performance.
IVZ’s Price Performance & Zacks RankOver the past six months, Invesco's shares have gained 16.7% against the industry’s 4% fall.
Image Source: Zacks Investment Research
At present, IVZ carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Invesco’s Peer Performance in April 2026Franklin Resources, Inc. (BEN - Free Report) reported preliminary AUM of $1.74 trillion as of April 30, 2026, which increased 3.6% from the prior month.
The increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management. Excluding Western Asset Management, BEN’s preliminary long-term net inflows were $5 billion.
Upcoming AUM Release of Another Invesco PeerT. Rowe Price Group, Inc. (TROW - Free Report) will announce its monthly performance in the upcoming days. TROW shares have gained 1% in the past six months.
Key Takeaways TROW's April AUM rose 6.7% sequentially to $1.83T despite $10.6B in net outflows.T. Rowe Price's equity AUM jumped 8.9% to $882B, while multi-asset products rose 6.4%.TROW's target date retirement portfolios increased 6.8% sequentially to $599B in April 2026. T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.83 trillion for April 2026. The figure reflected an increase of 6.7% from the prior month. The company experienced net outflows of $10.6 billion in April 2026, primarily driven by a few large redemptions.
Breakdown of TROW’s AUM PerformanceAt the end of April, T. Rowe Price’s equity products totaled $882 billion, an increase of 8.9% from the previous month. Fixed income (including money market) grew 1.4% to $218 billion. Furthermore, multi-asset products totaled $665 billion, an increase of 6.4% from the previous month.
Alternative products, valued at $60 billion, remained stable from the prior month.
T. Rowe Price registered $599 billion in target date retirement portfolios in April 2026, which rose 6.8% from the prior month.
Our Take on TROWT. Rowe Price continues to benefit from favorable market performance and strength across equity and multi-asset products, which supported AUM growth in April 2026. The company’s strong investment track record, diversified product portfolio and retirement-focused offerings are expected to support long-term asset growth. However, significant client redemptions and continued reliance on advisory fees remain concerns amid volatile market conditions.
T. Rowe Price’s Zacks Rank & Price PerformanceOver the past six months, TROW shares have risen 1.1% against the industry’s 4.4% decline.
Image Source: Zacks Investment Research
Currently, T. Rowe Price carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset ManagersFranklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM of $1.74 trillion as of April 30, 2026, which increased 3.6% from the prior month.
The increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management. Excluding Western Asset Management, BEN’s preliminary long-term net inflows were $5 billion.
Invesco (IVZ - Free Report) announced preliminary AUM of $2.34 trillion for April 2026, representing an 8.3% increase from the previous month.
In the reported month, IVZ’s net long-term inflows were $18.2 billion. Money market net inflows were $2.2 billion. AUM was positively impacted by favorable market returns, which increased the AUM by $151 billion. FX increased the AUM by $8.2 billion.
New leadership structure will enable strategy, enhance innovation, and deepen focus on client outcomes
, /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced leadership appointments designed to advance the firm's strategy, enhance its pace of innovation, and deepen its focus on driving successful client outcomes.
Rob Sharps will continue to lead the firm as chair and chief executive officer, setting the overall vision and strategy for T. Rowe Price. Eric Veiel, currently head of Global Investments, has been named president, effective June 1. As president, Veiel will help drive strategy at the enterprise level—grounded in the firm's long-term, client-first approach—with an emphasis on adoption of innovative technologies to enhance operational efficiency and effectiveness. He will also retain a key leadership role in Investments as co-head of Global Investments and chief investment officer.
As part of the transition, Sébastien Page, currently head of Global Multi-Asset and chief investment officer, will become co-head of Global Investments and chief investment officer, also effective June 1, working alongside Veiel to oversee T. Rowe Price's investment research, portfolio management, and investment teams. Page will remain acting head of Global Multi-Asset through September 30.
Effective October 1, Wyatt Lee, currently head of Target Date Strategies and co-portfolio manager of the firm's target date portfolios, will become head of Global Multi-Asset. In addition to directing the firm's multi-asset strategies and solutions, he will continue to serve as head of Target Date Strategies and co-portfolio manager of the target date portfolios, providing continuity for one of the firm's most important franchises.
Veiel and Page will report to Sharps and remain members of the firm's Management Committee; Lee will be appointed to the committee effective January 1, 2027.
"Eric, Sébastien, and Wyatt are proven leaders with deep investments and market experience and a steadfast commitment to clients," said Sharps. "They have helped to shape the strategic direction of our firm, and I am confident that in their expanded roles they will position T. Rowe Price for continued success in the years ahead."
Leadership Appointments
Eric Veiel—President, Co-head of Global Investments and Chief Investment Officer
Veiel has been with T. Rowe Price for more than 20 years and is a senior investment leader. Prior to being named president, he served in key leadership roles across the firm's Investments organization.
"I am energized by what we can achieve as we bring the firm's capabilities together even more deliberately," said Veiel. "We will stay true to what has long differentiated T. Rowe Price—independent research, active management, and a focus on clients—while continuing to modernize how we operate and innovate across the enterprise."
Sébastien Page—Co-head of Global Investments and Chief Investment Officer
Page is a respected investor and leader with 25 years of deep experience across multi-asset investing and solutions. He has led the firm's Global Multi-Asset organization through significant growth and product innovation.
"I am excited to partner with Eric and investment leaders around the world as we embed a more connected, outcome-oriented focus throughout the organization," said Page. "We are committed to delivering investment excellence and to creating solutions that meet clients' needs in any environment."
Wyatt Lee—Head of Global Multi-Asset (Effective October 1)
Lee has over 30 years of investment experience and has been with T. Rowe Price since 1999. In addition to leading Global Multi-Asset, he will continue as co-portfolio manager and head of Target Date Strategies.
"Multi-asset and target date strategies are central to how we help clients pursue their long-term goals," said Lee. "I am honored to step into this role and focus on creating more compelling solutions and building deeper, more enduring client relationships."
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Newest episode of "The Angle" from T. Rowe Price features a conversation on leadership under pressure, institutional culture, and the outlook for business and markets
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced the latest episode of "The Angle from T. Rowe Price," an investment-themed podcast focused on the forces shaping financial markets and the leaders navigating them.
David Solomon, Chairman & CEO of Goldman Sachs In the newest episode, host Eric Veiel, Head of Global Investments and Chief Investment Officer for T. Rowe Price, speaks with David Solomon, Chairman and CEO of Goldman Sachs, a global investment banking, securities, and investment management firm offering a wide array of services to clients ranging from corporations, governments, and individuals.
Veiel and Solomon discuss his path to leading Goldman Sachs, the importance of building a resilient culture inside a global institution, and how leaders make decisions in periods of uncertainty and rapid change. Their conversation also explores the evolving role of capital markets, how businesses adapt to shifting economic conditions, and what long-term leadership requires in an environment defined by complexity and constant reinvention.
"David brought a candid and experienced perspective to an important conversation that touched on leadership, adaptability, and the role major institutions play in navigating change," said Veiel. "What stood out was his focus on culture, decisiveness, and the need to keep evolving in response to shifting markets and client needs. It's a timely discussion for investors and business leaders thinking about what durable leadership looks like in a more dynamic environment."
ABOUT "THE ANGLE"
"The Angle" podcast brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle from T. Rowe Price" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes.
Launched in 2024, "The Angle" has explored a range of topics, including the artificial intelligence, health care innovation, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, and more recently taking a closer look at the future of the energy sector, speaking with experts across T. Rowe Price about the key themes shaping tomorrow's energy landscape.
This is the fourteenth episode of T. Rowe Price's C-suite podcast series. The first ten episodes, also available now, featured H. Lawrence Culp, Jr., chairman and CEO of GE Aerospace; Meredith Kopit Levien, president and CEO of The New York Times Company; Gary Guthart, CEO of Intuitive Surgical; Jensen Huang, founder and CEO of NVIDIA Corporation; Darren Woods, chairman and CEO of ExxonMobil; Harvey Schwartz, Chief Executive Officer and Director, and David Rubenstein, Co-Founder and Co-Chairman of the Board of Carlyle; Jane Fraser, CEO of Citi; Sarah Friar, CFO of OpenAI; Dave Ricks, CEO of Eli Lilly; Srini Gopalan, CEO of T-Mobile, Jim Farley, President and CEO of Ford Motor Company; and Kathy Warden, Chair, CEO, & President of Northrop Grumman. "The Angle from T. Rowe Price" is available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
"The Angle from T. Rowe Price" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
T. Rowe Price is a Dividend Aristocrat with a 39-year streak, strong balance sheet, and a ~5% yield, but faces persistent net outflows and fee compression. I view TROW as a long-term 'hold' due to structural AUM headwinds, recent equity fund underperformance, and ongoing fee pressure despite attractive valuation. TROW's expansion into alternative assets and active ETFs offers growth potential, yet these segments remain a small portion of total AUM.
A conversation on investing skill and the behaviors that shape investment outcomes
, /PRNewswire/ -- What can investors learn from stronger decision-making habits, including the role of discipline, self-awareness, and maintaining an explicit process?
In the latest episode of "The Angle from T. Rowe Price" titled "The Loser's Game: Lawrence Evans on Skill, Bias, and Better Decisions," Justin Thomson, head of the T. Rowe Price Investment Institute, speaks with Lawrence Evans, founder of Salomon Partners and an investment coach who works with professional investors and investment teams to develop better decision-making.
Lawrence Evans, Founder of Salomon Partners & Investment Coach "Lawrence offers a thoughtful perspective on what may separate stronger investors from the rest; not short-term results, but the discipline of process, the ability to recognize bias, and the commitment to continuous practice," says Thomson. "For investors, this episode highlights how better decision-making can be developed over time, and what it really means to be a skilled investor."
Key topics covered in this episode include:
How Evans defines investment skill and why near-term returns may be an incomplete measure of it. Why self-awareness, explicit discipline, and process may be more important than innate talent in investing. Which behavioral biases most often affect investment decisions, particularly when exiting positions. How AI may improve knowledge acquisition and pattern recognition, but human judgment and competence remain essential. Episodes of "The Angle" are available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
ABOUT "THE ANGLE"
"The Angle" podcast brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes.
Launched in 2024, "The Angle" has explored a range of investment-themed topics, including the blue economy, artificial intelligence, the 2024 U.S. presidential election, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the challenges and opportunities facing global energy markets, the power of financial history, and the future of AI.
"The Angle" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
A conversation on investing skill and the behaviors that shape investment outcomes
, /PRNewswire/ -- What can investors learn from stronger decision-making habits, including the role of discipline, self-awareness, and maintaining an explicit process?
In the latest episode of "The Angle from T. Rowe Price" titled "The Loser's Game: Lawrence Evans on Skill, Bias, and Better Decisions," Justin Thomson, head of the T. Rowe Price Investment Institute, speaks with Lawrence Evans, founder of Salomon Partners and an investment coach who works with professional investors and investment teams to develop better decision-making.
"Lawrence offers a thoughtful perspective on what may separate stronger investors from the rest; not short-term results, but the discipline of process, the ability to recognize bias, and the commitment to continuous practice," says Thomson. "For investors, this episode highlights how better decision-making can be developed over time, and what it really means to be a skilled investor."
Key topics covered in this episode include:
How Evans defines investment skill and why near-term returns may be an incomplete measure of it.Why self-awareness, explicit discipline, and process may be more important than innate talent in investing.Which behavioral biases most often affect investment decisions, particularly when exiting positions.How AI may improve knowledge acquisition and pattern recognition, but human judgment and competence remain essential.Episodes of "The Angle" are available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
ABOUT "THE ANGLE"
"The Angle" podcast brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes.
Launched in 2024, "The Angle" has explored a range of investment-themed topics, including the blue economy, artificial intelligence, the 2024 U.S. presidential election, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the challenges and opportunities facing global energy markets, the power of financial history, and the future of AI.
"The Angle" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-podcast-episode-highlights-key-lessons-for-investors-on-process-discipline-and-better-decisions-302791884.html
Established in 1976, Government Money Fund and Tax-Free Income Fund continue to deliver on investors' needs to manage liquidity, taxes, and uncertainty amid heightened market volatility
, /PRNewswire/ -- T. Rowe Price, a premier global investment management firm and a leader in retirement, is marking 2026 with the 50th anniversaries for two mutual funds: T. Rowe Price Government Money Fund (Ticker: PRRXX) and T. Rowe Price Tax-Free Income Fund (Ticker: PRTAX). The anniversaries come at a time of heightened market volatility, underscoring investors' needs for liquidity management, tax-efficiency, and portfolio resilience. These were the first T. Rowe Price mutual funds in each category, and they join six other firm funds with track records of 50 years or more. *
From Cash on the Sidelines to Cash as a Strategy
In the mid-1970s, savers faced a dilemma. Inflation was surging and interest rates were rising, but bank regulations limited their ability to earn competitive yields on deposits. Leveraging what was then a recent innovation, the investment industry attracted savers with money market mutual funds, which invested in short-term securities such as Treasury bills, commercial paper, and repurchase agreements.
This shift helped define cash as an asset class. As a response to growing client demand, T. Rowe Price launched the Government Money Fund in January 1976, then known as T. Rowe Price Prime Reserve Fund. The rise of money market mutual funds through the Seventies reshaped how investors used cash, as assets in the category grew from $2 billion to $74 billion during the last six years of the decade. By 1982, assets reached $200 billion; today, they stand at approximately $8 trillion1, according to the Investment Company Institute.
"Cash plays a critical role in investors' portfolios, especially during periods of uncertainty," said Alex Obaza, money market fund portfolio manager at T. Rowe Price. "We have seen many interest rate and market cycles over the last 50 years. All the while, money market funds have been anchors for investors, helping them manage volatility and maintain liquidity while earning competitive levels of income. Our commitment to rigorous research and disciplined liquidity management have served investors well."
As of March 31, 2026, T. Rowe Price manages approximately $69 billion in liquidity-focused strategies2, including approximately $34 billion in money market mutual funds.
Tax Reform Puts Tax-Exempt Bond Funds on Center Stage
Tax-free municipal bond funds were largely a creation of the Tax Reform Act of 1976, though the legacy of the federal tax exemption for interest on state and local bonds dates to the Revenue Act of 1913, which gave birth to the modern federal income tax. As Congress worked to expand the use of tax-exempt bonds as an economic development tool, T. Rowe Price launched the Tax-Free Income Fund in October 1976. Municipal bond funds gave investors a way to generate income that would not be subject to federal taxes while supporting essential infrastructure projects such as highways, bridges, water and sewage treatment plants, schools, electric and gas utilities, parks, mass transit, and more.
"Saving on taxes has long been a primary focus for many investors," said Jim Murphy, head of tax-exempt investing at T. Rowe Price. "Beyond that, tax-exempt bonds have been an effective diversifier as a complement in stock-heavy portfolios. As the municipal bond market has grown over the decades, it has become increasingly complex, making strong credit research and disciplined portfolio construction more important than ever in serving investors."
While markets, interest rate environments, and regulations have evolved significantly over the past 50 years, the role of cash and tax-free income remains constant. T. Rowe Price's money market and tax-free bond fund portfolio managers continue their research-driven approach to help investors effectively navigate change.
As of March 31, 2026, T. Rowe Price manages approximately $31 billion in tax-exempt portfolios, including approximately $21 billion in tax-exempt mutual funds.
*T. Rowe Price Mutual Funds With 50 or More Years of History
T. Rowe Price Balanced Fund (1939) T. Rowe Price Growth Stock Fund (1950) T. Rowe Price Small-Cap Stock Fund (1956) T. Rowe Price New Horizons Fund (1960) T. Rowe Price New Era Fund (1969) T. Rowe Price New Income Fund (1973) T. Rowe Price Government Money Fund (1976) T. Rowe Price Tax-Free Income Fund (1976) 1 $7.78 trillion for the week ended May 27, 2026.
2 Comprises money market mutual funds, money market trusts, money market separately managed accounts, and short-term investment funds, including stable value portfolios.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
IMPORTANT INFORMATION
T. Rowe Price Government Money Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates, Inc., will provide financial support to the fund at any time, including during periods of market stress.
T. Rowe Price Tax-Free Income Fund: Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Municipal securities: The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies. Taxes: Some income may be subject to the federal alternative minimum tax. Capital gains, if any, are generally taxable.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, visit troweprice.com/prospectus. Read it carefully.
All investments are subject to market risk, including the possible loss of principal. See each fund's prospectus for more detail on the fund's Principal Risks.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds
All T. Rowe Price data as of March 31, 2026, and data from the Investment Company Institute as of May 27, 2026.
Established in 1976, Government Money Fund and Tax-Free Income Fund continue to deliver on investors' needs to manage liquidity, taxes, and uncertainty amid heightened market volatility
, /PRNewswire/ -- T. Rowe Price, a premier global investment management firm and a leader in retirement, is marking 2026 with the 50th anniversaries for two mutual funds: T. Rowe Price Government Money Fund (Ticker: PRRXX) and T. Rowe Price Tax-Free Income Fund (Ticker: PRTAX). The anniversaries come at a time of heightened market volatility, underscoring investors' needs for liquidity management, tax-efficiency, and portfolio resilience. These were the first T. Rowe Price mutual funds in each category, and they join six other firm funds with track records of 50 years or more. *
From Cash on the Sidelines to Cash as a Strategy
In the mid-1970s, savers faced a dilemma. Inflation was surging and interest rates were rising, but bank regulations limited their ability to earn competitive yields on deposits. Leveraging what was then a recent innovation, the investment industry attracted savers with money market mutual funds, which invested in short-term securities such as Treasury bills, commercial paper, and repurchase agreements.
This shift helped define cash as an asset class. As a response to growing client demand, T. Rowe Price launched the Government Money Fund in January 1976, then known as T. Rowe Price Prime Reserve Fund. The rise of money market mutual funds through the Seventies reshaped how investors used cash, as assets in the category grew from $2 billion to $74 billion during the last six years of the decade. By 1982, assets reached $200 billion; today, they stand at approximately $8 trillion1, according to the Investment Company Institute.
"Cash plays a critical role in investors' portfolios, especially during periods of uncertainty," said Alex Obaza, money market fund portfolio manager at T. Rowe Price. "We have seen many interest rate and market cycles over the last 50 years. All the while, money market funds have been anchors for investors, helping them manage volatility and maintain liquidity while earning competitive levels of income. Our commitment to rigorous research and disciplined liquidity management have served investors well."
As of March 31, 2026, T. Rowe Price manages approximately $69 billion in liquidity-focused strategies2, including approximately $34 billion in money market mutual funds.
Tax Reform Puts Tax-Exempt Bond Funds on Center Stage
Tax-free municipal bond funds were largely a creation of the Tax Reform Act of 1976, though the legacy of the federal tax exemption for interest on state and local bonds dates to the Revenue Act of 1913, which gave birth to the modern federal income tax. As Congress worked to expand the use of tax-exempt bonds as an economic development tool, T. Rowe Price launched the Tax-Free Income Fund in October 1976. Municipal bond funds gave investors a way to generate income that would not be subject to federal taxes while supporting essential infrastructure projects such as highways, bridges, water and sewage treatment plants, schools, electric and gas utilities, parks, mass transit, and more.
"Saving on taxes has long been a primary focus for many investors," said Jim Murphy, head of tax-exempt investing at T. Rowe Price. "Beyond that, tax-exempt bonds have been an effective diversifier as a complement in stock-heavy portfolios. As the municipal bond market has grown over the decades, it has become increasingly complex, making strong credit research and disciplined portfolio construction more important than ever in serving investors."
While markets, interest rate environments, and regulations have evolved significantly over the past 50 years, the role of cash and tax-free income remains constant. T. Rowe Price's money market and tax-free bond fund portfolio managers continue their research-driven approach to help investors effectively navigate change.
As of March 31, 2026, T. Rowe Price manages approximately $31 billion in tax-exempt portfolios, including approximately $21 billion in tax-exempt mutual funds.
*T. Rowe Price Mutual Funds With 50 or More Years of History
T. Rowe Price Balanced Fund (1939)T. Rowe Price Growth Stock Fund (1950)T. Rowe Price Small-Cap Stock Fund (1956)T. Rowe Price New Horizons Fund (1960)T. Rowe Price New Era Fund (1969)T. Rowe Price New Income Fund (1973)T. Rowe Price Government Money Fund (1976)T. Rowe Price Tax-Free Income Fund (1976)1 $7.78 trillion for the week ended May 27, 2026.
2 Comprises money market mutual funds, money market trusts, money market separately managed accounts, and short-term investment funds, including stable value portfolios.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
IMPORTANT INFORMATION
T. Rowe Price Government Money Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates, Inc., will provide financial support to the fund at any time, including during periods of market stress.
T. Rowe Price Tax-Free Income Fund: Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Municipal securities: The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies. Taxes: Some income may be subject to the federal alternative minimum tax. Capital gains, if any, are generally taxable.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, visit troweprice.com/prospectus. Read it carefully.
All investments are subject to market risk, including the possible loss of principal. See each fund's prospectus for more detail on the fund's Principal Risks.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds
All T. Rowe Price data as of March 31, 2026, and data from the Investment Company Institute as of May 27, 2026.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-marks-50-years-of-money-market-and-tax-free-mutual-funds-302794090.html
Key Takeaways TROW and LAZ are diversified asset managers with global reach and multiple revenue streams.TROW is expanding via partnerships and alternatives while strengthening its retirement platform.LAZ is growing through acquisitions and building its private capital and advisory businesses. T. Rowe Price Group, Inc. (TROW - Free Report) and Lazard, Inc. (LAZ - Free Report) are well-established investment management firms with broad capabilities across equities, fixed income, multi-asset and alternative investments. While T. Rowe Price primarily focuses on investment management services for individual and institutional clients, Lazard complements its asset-management operations with a leading financial-advisory business. Both firms benefit from diversified client bases and global operating platforms, though differences in their business mix, growth strategies and revenue drivers could influence their future performance.
The asset management industry has been facing pressure from rising technology and artificial intelligence (AI)-related expenses, which may weigh on near-term profitability despite long-term efficiency gains. The ongoing shift toward low-cost passive products continues to compress fees and intensify competition, prompting firms to pursue mergers and partnerships to gain scale. In addition, recent private credit concerns could moderate near-term flows into higher-fee alternative strategies. Nevertheless, steady inflows are supporting growth in assets under management (AUM).
Against this backdrop, investors naturally ask: Which firm, TROW or LAZ, has better potential? To answer that, we need to examine their fundamentals more closely.
The Case for TROWT. Rowe Price has been strengthening its platform through strategic partnerships and acquisitions. In September 2025, the company partnered with Goldman Sachs (GS - Free Report) to develop public and private market solutions tailored for retirement and wealth investors, with additional retirement-focused offerings expected to launch later in 2026. Earlier in 2025, it partnered with Aspida to manage public and private assets, expanding the company’s presence in insurance asset management. Together, these initiatives have strengthened the company's investment platform and diversified its revenue streams, supporting long-term growth prospects.
Meanwhile, T. Rowe Price’s diversified AUM across various asset classes, client bases and geographies provides stability and supports sustainable earnings. The company's efforts to expand its retirement, insurance and alternative investment capabilities have contributed to favorable asset flows and asset growth over the years. Market appreciation and continued strength in multi-asset and fixed-income products have further supported this trend. A strong brand, consistent investment track record and solid business volumes are expected to keep supporting AUM growth in the upcoming period.
At T. Rowe Price, organic growth remains a key contributor to revenue momentum. The company's efforts to enhance investment capabilities, broaden distribution reach and introduce new products are expected to support client engagement and asset gathering. As TROW continues to expand its alternative investment and retirement offerings, its revenue base is likely to remain supported by a diversified mix of fee-generating assets.
Further, T. Rowe Price exhibits a strong liquidity position. As of March 31, 2026, the company held $6.89 billion in liquid assets, including cash and cash equivalents as well as investments, compared with total liabilities of $2.52 billion. The company's solid liquidity profile is expected to support strategic investments and business growth initiatives going forward.
The Case for LAZLazard has also been expanding its platform through acquisitions and partnerships. In May 2026, the company announced the acquisition of Campbell Lutyens, strengthening its private capital advisory capabilities and expanding its reach across institutional investors and financial sponsors. Earlier in 2025, Lazard formed an alliance with Arini Capital Management, enhancing its private credit capabilities.
Building on these initiatives, Lazard has witnessed steady growth in its AUM balance over the years. The company's efforts to expand its asset-management platform through acquisitions and private-market initiatives have supported asset growth, while strong client engagement and demand across investment strategies have remained encouraging. Driven by these factors and favorable industry dynamics, the company's AUM balance is expected to continue growing in the coming quarters.
Organic growth also remains a key strength at Lazard, as reflected in its revenue growth trend. The company's diversified asset-management and advisory businesses provide multiple avenues for revenue generation. Continued strength in asset management, supported by a growing AUM base, and a recovery in deal-making activity are expected to drive top-line growth. Further, management's ongoing efforts to expand its private capital and advisory businesses are expected to support revenue momentum and long-term earnings growth.
However, despite benefiting from investment-grade credit ratings and a well-laddered debt maturity profile that provides access to funding at favorable rates, Lazard's liquidity position appears relatively constrained. As of March 31, 2026, the company held cash and cash equivalents of $1.02 billion against senior debt of $1.69 billion.
How Do Estimates Compare for TROW & LAZ?The Zacks Consensus Estimate for TROW’s 2026 and 2027 revenue suggests year-over-year increases of 3.2% and 2.2%, respectively. Meanwhile, the consensus estimate for earnings suggests declines of 0.9% in 2026 and 0.3% in 2027. Over the past month, earnings estimates for both 2026 and 2027 have been revised upward.
Estimates Revision Trend
Image Source: Zacks Investment Research
The consensus mark for LAZ’s 2026 and 2027 sales suggests year-over-year increases of 11.7% and 22.2%, respectively. Also, the consensus estimate for earnings indicates a 16.8% and 67.8% rise for 2026 and 2027, respectively. Earnings estimates for both years have remained unchanged over the past 30 days.
Estimates Revision Trend
Image Source: Zacks Investment Research
TROW & LAZ: Price Performance & ValuationOver the past three months, TROW and LAZ shares gained 17.1% and 7.4%, respectively, compared with the S&P 500 Index’s growth of 9.1%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, TROW is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.02X, while LAZ is currently trading at a forward 12-month P/E multiple of 12.57X. Here, TROW stock is cheaper than LAZ.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
TROW or LAZ: Which Stock Has Better Potential?Both T. Rowe Price and Lazard are established asset managers with diversified business models, growing alternative-investment capabilities and expanding private-market franchises. Each company benefits from solid asset-management operations, broad client relationships and strategic initiatives aimed at supporting long-term growth across traditional and alternative asset classes.
However, TROW benefits from a stronger liquidity profile and a more diversified and steadily growing AUM base. The company's expansion across retirement, insurance and alternative-investment solutions, coupled with its strong investment performance and disciplined capital-return strategy, positions it well for sustainable growth.
Although Lazard's earnings and revenue growth estimates appear stronger on paper, much of that growth depends on the successful execution of acquisitions and a sustained recovery in advisory activity, which can be more cyclical and market-dependent.
Additionally, T. Rowe Price trades at a discount to Lazard, offering investors a more attractive valuation while maintaining a stronger balance sheet and established organic-growth drivers. Given its financial strength, diversified business model, expanding retirement and alternatives platform, and compelling valuation, T. Rowe Price appears better positioned to deliver sustainable long-term shareholder value.
At present, T. Rowe Price carries a Zacks Rank #3 (Hold), while Lazard has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced May month-end assets under management of $1.89 trillion. Net inflows for May 2026 were $3.3 billion, including a large defined contribution target date inflow.
The below table shows the firm's assets under management as of May 31, 2026, and for the prior month-, quarter- and year-end by asset class and in the firm's target date retirement portfolios.
As of
(in billions)
5/31/2026
4/30/2026
3/31/2026
12/31/2025
Equity
$ 919
$ 882
$ 810
$ 879
Fixed income, including money market
221
218
215
212
Multi-asset
691
665
625
627
Alternatives
61
60
60
58
Total assets under management
$ 1,892
$ 1,825
$ 1,710
$ 1,776
Target date retirement portfolios
$ 623
$ 599
$ 561
$ 561
OTHER MATTERS
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of May 31, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its long-standing expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Oil prices may normalize some but are likely to remain structurally higher
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, released its midyear outlook for global financial markets for the remainder of 2026. Fiscal expansion and AI investment have underpinned stronger-than-expected U.S. growth, but leadership in stocks has begun to broaden beyond mega-cap technology companies. In fixed income, while government bond yields have stayed under pressure from deficits and issuance, credit markets have been resilient. The risk for investors is mistaking resilience for calm, as the market regime is changing.
Key points from the 2026 Midyear Market Outlook include:
Markets have remained relatively sturdy, but rising geopolitical tensions are prompting a reassessment of long-standing security assumptions, with greater emphasis on cyber capabilities and localized defense capacity. This is creating central bank policy dispersion, creating opportunities in rates and currency markets.Manufacturing is recovering after a multi-year downturn, adding a new source of inflation pressure just as markets had hoped central banks could continue cutting interest rates. This is likely to make inflation broader and more durable than markets expect.Supply shocks have sparked a global push for energy security. The Middle East conflict has exposed how fragile global energy supply chains have become. This has sharpened investor focus on industries positioned to benefit from a world of scarcer supply.AI-related upside is broadening beyond the most obvious beneficiaries to industrial and hardware technology companies enabling the infrastructure build-out. The focus is shifting from the size of hyperscaler spending to where that spending flows, such as power, data centers, electrical equipment, cooling, connectivity, construction, and services.The long-running dynamic of stock market returns being dominated by a small group of mega-cap, asset-light platforms is shifting. These companies are being pulled into a capital-intensive investment race, which can pressure free cash flow and alter return profiles. For investors and active managers, the implications are significant.QUOTES
Chris Kushlis, chief emerging market macro strategist
"Geopolitical tensions are accelerating the fragmentation of the global economy as governments prioritize energy security, domestic industrial capacity, and diversified supply chains. This is likely to prove structurally inflationary, increasing costs through reshoring, tariffs, supply-chain duplication, higher defense spending, and more volatile central bank policy paths."
Razan Nasser, credit analyst
"Credit markets have absorbed the year's geopolitical shocks better than might have been expected. But repeated shocks could test resilience if higher energy prices and more volatile inflation expectations begin to weigh on financial conditions and risk appetite. Central banks are coming under pressure to compromise their inflation targets."
Adam Marden, portfolio manager, Fixed Income
"Markets have not priced in the possibility of more persistent inflation tied to the upturn in global manufacturing and more expensive raw materials. Markets are trying to look through short-term pressures, but investors may be disappointed by the structural inflation that remains after the immediate energy supply crunch."
Rick de los Reyes, head of commodities and sector portfolio manager
"Declining oil productivity and elevated geopolitical risk are likely to keep prices structurally higher than before the current Middle East conflict. We see opportunities in businesses tied to energy scarcity, such as oil field services firms and producers in developed countries of critical minerals such as tungsten and uranium."
Jason Adams, sector portfolio manager, Equity
"AI is no longer just a technology story. It is increasingly becoming a broader industrial and infrastructure investment cycle. The most attractive opportunities sit with companies that can monetize complexity, power intensity, connectivity, and execution, rather than simply benefiting from backlog growth or AI enthusiasm."
David Eiswert, portfolio manager, Equity
"Market leadership is broadening across sectors and geographies, widening the gap between companies that can translate higher investment into stronger returns on capital and those that cannot. This creates a richer opportunity set for active investors who can distinguish between capital spending that enhances returns and spending that dilutes them. This is more than market rotation. It's a shift from concentration to dispersion, and from passive exposure to active selection."
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.89 trillion in assets under management as of May 31, 2026, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
IMPORTANT INFORMATION
This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial, and tax advice before making any investment decision. The T. Rowe Price group of companies, including T. Rowe Price Associates, Inc., and/or its affiliates, receives revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives.
T. Rowe Price Investment Services, Inc., distributor. T. Rowe Price Associates, Inc., investment adviser.
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