Franklin Resources (NYSE:BEN) Hits New 12-Month Low - Here's Why

Franklin Resources, Inc. (NYSE:BEN - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $18.17 and last traded at $18.79, with a volume of 5809249 shares trading hands. The stock had previously closed at $18.75.

Analyst Upgrades and Downgrades

BEN has been the topic of several recent analyst reports. Evercore ISI lowered their target price on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. lowered their price target on Franklin Resources from $21.00 to $19.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Morgan Stanley reduced their price objective on Franklin Resources from $18.00 to $15.00 and set an "underweight" rating for the company in a report on Monday, April 7th. Barclays lowered their target price on Franklin Resources from $22.00 to $17.00 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group cut their price target on Franklin Resources from $21.50 to $19.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and an average target price of $18.96.

Franklin Resources Price Performance

The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 30.83, a PEG ratio of 2.31 and a beta of 1.39. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The company's 50 day simple moving average is $18.96 and its 200-day simple moving average is $20.20.

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

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 6.39%. Franklin Resources's payout ratio is currently 188.24%.

Institutional Trading of Franklin Resources

A number of hedge funds have recently added to or reduced their stakes in BEN. Envestnet Asset Management Inc. lifted its holdings in shares of Franklin Resources by 230.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 291,821 shares of the closed-end fund's stock worth $5,921,000 after acquiring an additional 203,414 shares during the period. Twelve Points Wealth Management LLC boosted its holdings in shares of Franklin Resources by 20.5% in the 4th quarter. Twelve Points Wealth Management LLC now owns 159,738 shares of the closed-end fund's stock valued at $3,241,000 after purchasing an additional 27,169 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Franklin Resources by 34.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 93,789 shares of the closed-end fund's stock valued at $1,903,000 after buying an additional 24,204 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Franklin Resources by 263.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,022,055 shares of the closed-end fund's stock valued at $40,744,000 after buying an additional 1,465,148 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in shares of Franklin Resources by 139.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 29,829 shares of the closed-end fund's stock worth $605,000 after buying an additional 17,376 shares during the last quarter. 47.56% of the stock is 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.