Franklin Resources, Inc. (NYSE:BEN) Given Consensus Recommendation of "Reduce" by Brokerages

Franklin Resources, Inc. (NYSE:BEN - Get Free Report) has been given an average recommendation of "Reduce" by the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $20.25.

Several analysts recently commented on the stock. TD Cowen raised shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price for the company in a report on Wednesday, May 14th. Barclays lifted their target price on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. BMO Capital Markets lifted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a report on Monday, February 3rd. The Goldman Sachs Group lifted their target price on shares of Franklin Resources from $19.00 to $21.50 and gave the stock a "neutral" rating in a report on Monday, May 5th. Finally, Bank of America reduced their target price on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a report on Thursday, April 3rd.

Franklin Resources Stock Performance

Franklin Resources stock traded up $0.14 during midday trading on Friday, reaching $21.79. 4,681,814 shares of the company's stock were exchanged, compared to its average volume of 4,387,854. Franklin Resources has a 52 week low of $16.25 and a 52 week high of $24.37. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $11.45 billion, a price-to-earnings ratio of 33.52, a P/E/G ratio of 2.31 and a beta of 1.39. The stock's 50-day simple moving average is $19.58 and its 200 day simple moving average is $20.30.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The closed-end fund reported $0.47 EPS for the quarter, hitting analysts' consensus estimates of $0.47. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. The business had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter last year, the company posted $0.56 earnings per share. Franklin Resources's quarterly revenue was down 6.2% on a year-over-year basis. On average, analysts expect that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 5.87%. The ex-dividend date is Friday, June 27th. Franklin Resources's payout ratio is presently 188.24%.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Franklin Resources in the 1st quarter valued at approximately $3,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Franklin Resources by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,077,880 shares of the closed-end fund's stock worth $39,999,000 after purchasing an additional 166,681 shares in the last quarter. Woodline Partners LP increased its position in Franklin Resources by 41.1% during the 1st quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund's stock worth $504,000 after purchasing an additional 7,634 shares in the last quarter. MBB Public Markets I LLC acquired a new position in Franklin Resources during the 1st quarter worth approximately $313,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its position in Franklin Resources by 66.6% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 822,244 shares of the closed-end fund's stock worth $15,828,000 after purchasing an additional 328,800 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.