Franklin Resources (NYSE:BEN - Free Report) had its price objective increased by JPMorgan Chase & Co. from $18.00 to $22.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the closed-end fund's stock.
BEN has been the subject of several other reports. Morgan Stanley raised their target price on Franklin Resources from $14.00 to $19.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 2nd. Cowen reiterated a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. Evercore ISI decreased their price target on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a research note on Friday, April 11th. TD Cowen upgraded shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target for the company in a research note on Wednesday, May 14th. Finally, Wells Fargo & Company boosted their target price on shares of Franklin Resources from $20.00 to $21.50 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Franklin Resources has an average rating of "Hold" and a consensus target price of $21.83.
Check Out Our Latest Research Report on Franklin Resources
Franklin Resources Price Performance
BEN stock traded down $0.26 during midday trading on Thursday, reaching $24.88. The company had a trading volume of 3,107,428 shares, compared to its average volume of 4,517,913. The stock has a 50 day moving average price of $22.50 and a 200-day moving average price of $20.57. The company has a market capitalization of $13.07 billion, a price-to-earnings ratio of 36.59, a price-to-earnings-growth ratio of 2.03 and a beta of 1.45. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.95 and a quick ratio of 1.95. Franklin Resources has a 1-year low of $16.25 and a 1-year high of $25.36.
Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share for the quarter, hitting the consensus estimate of $0.47. The business had revenue of $2.11 billion during 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%. Franklin Resources's revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.56 EPS. Equities research analysts expect that Franklin Resources will post 2.16 earnings per share for the current year.
Franklin Resources Announces Dividend
The company 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 annualized dividend and a dividend yield of 5.14%. Franklin Resources's dividend payout ratio (DPR) is presently 188.24%.
Institutional Investors Weigh In On Franklin Resources
A number of large investors have recently added to or reduced their stakes in the company. Xponance Inc. lifted its position in Franklin Resources by 1.2% during the fourth quarter. Xponance Inc. now owns 43,687 shares of the closed-end fund's stock valued at $886,000 after buying an additional 497 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after buying an additional 505 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Franklin Resources by 6.2% during the 4th quarter. Bessemer Group Inc. now owns 8,789 shares of the closed-end fund's stock worth $177,000 after acquiring an additional 510 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of 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 worth $32,000 after acquiring an additional 555 shares during the last quarter. Finally, Whitener Capital Management Inc. boosted its stake in shares of Franklin Resources by 3.3% during the 1st quarter. Whitener Capital Management Inc. now owns 21,245 shares of the closed-end fund's stock worth $409,000 after acquiring an additional 688 shares during the last quarter. Institutional investors own 47.56% of the company's stock.
Franklin Resources Company Profile
(
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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