The Goldman Sachs Group upgraded shares of Franklin Resources (NYSE:BEN - Free Report) from a neutral rating to a buy rating in a research note published on Friday morning, MarketBeat Ratings reports. The brokerage currently has $29.00 price objective on the closed-end fund's stock.
Several other research firms also recently commented on BEN. Bank of America reduced their price objective on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. Wells Fargo & Company increased their price target on Franklin Resources from $20.00 to $21.50 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Evercore ISI dropped their price objective on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research note on Friday, April 11th. Morgan Stanley cut their price objective on shares of Franklin Resources from $18.00 to $15.00 and set an "underweight" rating for the company in a research report on Monday, April 7th. Finally, Barclays lifted their target price on shares of Franklin Resources from $17.00 to $19.00 and gave the company an "underweight" rating in a report on Monday, May 5th. Five 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. According to MarketBeat.com, Franklin Resources presently has a consensus rating of "Hold" and a consensus price target of $20.88.
Get Our Latest Analysis on BEN
Franklin Resources Stock Up 0.2%
BEN stock traded up $0.04 during trading on Friday, hitting $23.86. 3,780,402 shares of the company's stock were exchanged, compared to its average volume of 4,710,819. The business has a 50-day moving average price of $21.30 and a two-hundred day moving average price of $20.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 3.21 and a beta of 1.43. Franklin Resources has a 52-week low of $16.25 and a 52-week high of $24.36.
Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.44 billion. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. Franklin Resources's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. As a group, equities research analysts expect that Franklin Resources will post 2.16 EPS for the current year.
Franklin Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date of this dividend is Friday, June 27th. Franklin Resources's dividend payout ratio (DPR) is presently 188.24%.
Hedge Funds Weigh In On Franklin Resources
A number of large investors have recently modified their holdings of the company. CoreCap Advisors LLC increased its position in Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after purchasing an additional 737 shares in the last quarter. GeoWealth Management LLC grew its stake in Franklin Resources by 350.4% during the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after buying an additional 981 shares during the period. Smartleaf Asset Management LLC increased its position 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 acquiring an additional 505 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Franklin Resources in the 4th quarter valued at $34,000. Finally, Manchester Capital Management LLC lifted its holdings 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 valued at $32,000 after acquiring an additional 555 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.
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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