Franklin Resources, Inc. (NYSE:BEN - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $22.00 to $29.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Franklin Resources traded as high as $25.38 and last traded at $24.98, with a volume of 398183 shares changing hands. The stock had previously closed at $25.13.
BEN has been the subject of a number of other research reports. Evercore ISI upped their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a research note on Monday, August 4th. Wells Fargo & Company increased their price target on shares of Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Morgan Stanley increased their price target on shares of Franklin Resources from $14.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group raised shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target for the company in a research report on Friday, June 27th. Finally, Barclays reissued an "underweight" rating and set a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $23.42.
Get Our Latest Stock Report on Franklin Resources
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC increased its stake in shares of Franklin Resources by 147.1% in the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after acquiring an additional 737 shares in the last quarter. GeoWealth Management LLC increased its stake in Franklin Resources by 350.4% during the 4th quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after purchasing an additional 981 shares in the last quarter. Manchester Capital Management LLC increased its stake in Franklin Resources by 49.9% during the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock valued at $32,000 after purchasing an additional 555 shares in the last quarter. Contravisory Investment Management Inc. bought a new stake in Franklin Resources during the 1st quarter valued at about $46,000. Finally, Signaturefd LLC increased its stake in Franklin Resources by 39.4% during the 1st quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock valued at $50,000 after purchasing an additional 732 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors.
Franklin Resources Stock Performance
The firm has a market capitalization of $12.97 billion, a P/E ratio of 49.00, a price-to-earnings-growth ratio of 1.68 and a beta of 1.46. The company has a current ratio of 1.55, a quick ratio of 1.95 and a debt-to-equity ratio of 0.94. The business's 50 day simple moving average is $23.75 and its two-hundred day simple moving average is $21.23.
Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The closed-end fund reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The business had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.38 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. Franklin Resources's revenue was down 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. Sell-side analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.
Franklin Resources Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend was Friday, June 27th. Franklin Resources's dividend payout ratio (DPR) is presently 250.98%.
About Franklin Resources
(
Get Free Report)
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.
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