Franklin Resources, Inc. (NYSE:BEN) Receives $21.83 Average Target Price from Brokerages

Shares of Franklin Resources, Inc. (NYSE:BEN - Get Free Report) have earned a consensus recommendation of "Reduce" from the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $21.83.

Several research firms have weighed in on BEN. Wells Fargo & Company upped their price objective on shares of Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research note on Friday. Evercore ISI reduced their price target on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a report on Friday, April 11th. Cowen reissued a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. Barclays increased their target price on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Franklin Resources from $18.00 to $22.00 and gave the stock a "neutral" rating in a research report on Thursday.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Franklin Resources during the fourth quarter worth $53,676,000. Evergreen Quality Fund GP Ltd. increased its position in Franklin Resources by 99.1% in the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 5,237,650 shares of the closed-end fund's stock valued at $100,825,000 after buying an additional 2,607,460 shares in the last quarter. Two Sigma Advisers LP increased its position in Franklin Resources by 173.7% in the 4th quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund's stock valued at $71,658,000 after buying an additional 2,241,500 shares in the last quarter. Two Sigma Investments LP boosted its stake in Franklin Resources by 132.7% during the 4th quarter. Two Sigma Investments LP now owns 2,935,292 shares of the closed-end fund's stock valued at $59,557,000 after purchasing an additional 1,673,971 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Franklin Resources by 33.1% in the 4th quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund's stock worth $130,645,000 after buying an additional 1,599,849 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Down 0.0%

BEN stock traded down $0.01 during mid-day trading on Monday, hitting $24.87. 3,393,298 shares of the company were exchanged, compared to its average volume of 4,639,943. The company has a market capitalization of $13.07 billion, a PE ratio of 36.57, a price-to-earnings-growth ratio of 1.98 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.93. Franklin Resources has a twelve month low of $16.25 and a twelve month high of $25.36. The firm has a fifty day simple moving average of $22.50 and a 200 day simple moving average of $20.57.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its earnings results on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.47. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the previous year, the business posted $0.56 EPS. Franklin Resources's revenue was down 6.2% on a year-over-year basis. On average, research analysts forecast that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 5.15%. The ex-dividend date of this dividend was Friday, June 27th. Franklin Resources's payout ratio is 188.24%.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.