Franklin Resources, Inc. (NYSE:BEN - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $24.98 and last traded at $24.80, with a volume of 561093 shares changing hands. The stock had previously closed at $24.88.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price on the stock in a research report on Wednesday, May 14th. Bank of America lowered their price objective on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research report on Thursday, April 3rd. Wells Fargo & Company lifted their price target on shares of Franklin Resources from $20.00 to $21.50 and gave the company an "equal weight" rating in a research note on Monday, May 5th. 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. Finally, Morgan Stanley lifted their target price on Franklin Resources from $14.00 to $19.00 and gave the company an "underweight" rating in a research note on Wednesday, July 2nd. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Franklin Resources currently has an average rating of "Hold" and a consensus price target of $21.21.
Read Our Latest Analysis on Franklin Resources
Franklin Resources Trading Down 1.4%
The firm has a market cap of $12.90 billion, a PE ratio of 36.09, a P/E/G ratio of 3.37 and a beta of 1.45. The company has a 50 day simple moving average of $21.92 and a two-hundred day simple moving average of $20.43. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.95 and a current ratio of 1.95.
Franklin Resources (NYSE:BEN - Get Free Report) last issued 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. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.44 billion. Franklin Resources had a return on equity of 9.13% and a net margin of 4.65%. The company's revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 earnings per share. Analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.
Franklin Resources Announces Dividend
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 issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 5.22%. The ex-dividend date of this dividend is Friday, June 27th. Franklin Resources's dividend payout ratio (DPR) is 188.24%.
Institutional Investors Weigh In On Franklin Resources
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC raised its stake in Franklin Resources by 147.1% in the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after purchasing an additional 737 shares during the last quarter. GeoWealth Management LLC raised its position in shares of Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after buying an additional 981 shares during the last quarter. Manchester Capital Management LLC lifted its stake in shares of Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock worth $32,000 after buying an additional 555 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Franklin Resources by 44.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after acquiring an additional 505 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Franklin Resources during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 47.56% of the company's stock.
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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