Franklin Resources (NYSE:BEN) Sets New 12-Month High - Here's What Happened

Shares of Franklin Resources, Inc. (NYSE:BEN - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $24.53 and last traded at $24.40, with a volume of 1690188 shares. The stock had previously closed at $23.85.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Cowen reissued a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Wells Fargo & Company upped their price objective on Franklin Resources from $20.00 to $21.50 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Bank of America lowered their price target on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a report on Thursday, April 3rd. TD Cowen raised shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target on the stock in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price for the company in a research note on Friday, June 27th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of "Hold" and an average target price of $20.88.

Franklin Resources Stock Performance

The business's fifty day moving average is $21.56 and its 200-day moving average is $20.35. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.86 billion, a PE ratio of 35.98, a P/E/G ratio of 3.22 and a beta of 1.45.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its 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 9.13% and a net margin of 4.65%. The company had revenue of $2.11 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same period last year, the firm earned $0.56 EPS. Franklin Resources's revenue for the quarter was down 6.2% compared to the same quarter last year. As a group, research analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.23%. Franklin Resources's payout ratio is currently 188.24%.

Institutional Investors Weigh In On Franklin Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Franklin Resources by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 37,715,809 shares of the closed-end fund's stock valued at $765,254,000 after purchasing an additional 1,095,373 shares during the period. Invesco Ltd. raised its holdings in Franklin Resources by 2.2% during the first quarter. Invesco Ltd. now owns 11,985,065 shares of the closed-end fund's stock valued at $230,713,000 after acquiring an additional 263,619 shares during the period. ProShare Advisors LLC lifted its position in shares of Franklin Resources by 19.6% in the fourth quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund's stock valued at $190,805,000 after acquiring an additional 1,542,478 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Franklin Resources by 20.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,223,369 shares of the closed-end fund's stock worth $139,040,000 after acquiring an additional 1,220,419 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Franklin Resources by 33.1% during the fourth quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund's stock worth $130,645,000 after purchasing an additional 1,599,849 shares in the last quarter. Institutional investors own 47.56% of the company's stock.

Franklin Resources Company Profile

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.