Franklin Resources Inc. (NYSE:BEN) had its price objective upped by Jefferies Group from $34.00 to $36.00 in a report published on Tuesday. They currently have a hold rating on the closed-end fund’s stock.
A number of other equities research analysts also recently issued reports on the stock. Barclays PLC reiterated an underweight rating on shares of Franklin Resources in a research note on Thursday, August 25th. Keefe, Bruyette & Woods increased their price objective on shares of Franklin Resources from $34.00 to $37.00 and gave the stock a market perform rating in a research note on Friday, July 29th. Deutsche Bank AG increased their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a hold rating in a research note on Wednesday, October 5th. Zacks Investment Research downgraded shares of Franklin Resources from a hold rating to a sell rating in a research note on Tuesday, October 4th. Finally, Citigroup Inc. reduced their price objective on shares of Franklin Resources from $40.00 to $39.00 and set a neutral rating on the stock in a research note on Tuesday, September 20th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a strong buy rating to the stock. Franklin Resources presently has a consensus rating of Hold and a consensus target price of $37.88.
Shares of Franklin Resources (NYSE:BEN) opened at 34.40 on Tuesday. The company’s 50 day moving average is $35.68 and its 200-day moving average is $35.93. The company has a market capitalization of $19.82 billion, a P/E ratio of 12.73 and a beta of 1.66. Franklin Resources has a 1-year low of $30.56 and a 1-year high of $42.23.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm earned $0.82 earnings per share. Franklin Resources’s revenue for the quarter was down 18.3% compared to the same quarter last year. On average, equities research analysts forecast that Franklin Resources will post $2.80 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.18 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.09%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
In related news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer M. Johnson sold 15,892 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services Inc raised its position in Franklin Resources by 7.3% in the first quarter. Commonwealth Equity Services Inc now owns 11,183 shares of the closed-end fund’s stock valued at $437,000 after buying an additional 756 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Franklin Resources during the first quarter valued at about $577,000. Ngam Advisors L.P. raised its position in Franklin Resources by 12.0% in the first quarter. Ngam Advisors L.P. now owns 91,560 shares of the closed-end fund’s stock valued at $3,575,000 after buying an additional 9,806 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Franklin Resources by 28.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,444,328 shares of the closed-end fund’s stock valued at $56,401,000 after buying an additional 319,469 shares during the last quarter. Finally, Teachers Advisors Inc. raised its position in Franklin Resources by 4.8% in the first quarter. Teachers Advisors Inc. now owns 673,010 shares of the closed-end fund’s stock valued at $26,281,000 after buying an additional 30,546 shares during the last quarter. Institutional investors and hedge funds own 48.39% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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