Franklin Resources, Inc. (NYSE:BEN - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $20.00 to $21.00. Morgan Stanley currently has an underweight rating on the stock. Franklin Resources traded as high as $25.68 and last traded at $25.64, with a volume of 118055 shares changing hands. The stock had previously closed at $25.29.
Several other equities research analysts have also weighed in on the company. The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price objective on the stock in a research note on Friday, June 27th. Wells Fargo & Company upped their price objective on Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Cowen reiterated a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. Barclays reiterated an "underweight" rating and issued a $23.00 price objective (up from $20.00) on shares of Franklin Resources in a research note on Monday, August 4th. Finally, Evercore ISI upped their price objective on Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a research note on Monday, August 4th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $23.58.
View Our Latest Analysis on Franklin Resources
Institutional Investors Weigh In On Franklin Resources
Large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. boosted its position in Franklin Resources by 230.1% in the 4th quarter. Envestnet Asset Management Inc. now owns 291,821 shares of the closed-end fund's stock valued at $5,921,000 after buying an additional 203,414 shares during the last quarter. Renaissance Technologies LLC boosted its position in Franklin Resources by 262.5% in the 4th quarter. Renaissance Technologies LLC now owns 492,241 shares of the closed-end fund's stock valued at $9,988,000 after buying an additional 356,441 shares during the last quarter. Bessemer Group Inc. boosted its position in Franklin Resources by 6.2% in the 4th quarter. Bessemer Group Inc. now owns 8,789 shares of the closed-end fund's stock valued at $177,000 after buying an additional 510 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Franklin Resources by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 125,300 shares of the closed-end fund's stock valued at $2,542,000 after purchasing an additional 790 shares during the period. Finally, Sterling Capital Management LLC lifted its stake in shares of Franklin Resources by 56.7% in the 4th quarter. Sterling Capital Management LLC now owns 17,026 shares of the closed-end fund's stock valued at $345,000 after purchasing an additional 6,162 shares during the period. 47.56% of the stock is currently owned by institutional investors.
Franklin Resources Stock Performance
The stock has a 50 day moving average price of $24.16 and a two-hundred day moving average price of $21.41. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. The company has a market cap of $13.16 billion, a price-to-earnings ratio of 49.69, a P/E/G ratio of 1.73 and a beta of 1.46.
Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%. The firm's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.60 EPS. Analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current 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 paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.1%. Franklin Resources's dividend payout ratio is 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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