Franklin Resources, Inc. (NYSE:BEN) declared a quarterly dividend on Tuesday, June 30th, RTT News reports. Shareholders of record on Wednesday, July 15th will be given a dividend of 0.27 per share by the closed-end fund on Monday, July 27th. This represents a $1.08 annualized dividend and a dividend yield of 5.15%.
Franklin Resources has raised its dividend payment by an average of 1,300.0% per year over the last three years and has increased its dividend every year for the last 38 years. Franklin Resources has a dividend payout ratio of 56.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Franklin Resources to earn $1.99 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 54.3%.
BEN traded up $0.54 during trading on Tuesday, hitting $20.98. The stock had a trading volume of 532,560 shares, compared to its average volume of 4,181,212. The company has a 50 day moving average price of $20.27 and a 200-day moving average price of $21.51. The firm has a market cap of $10.12 billion, a price-to-earnings ratio of 10.48 and a beta of 1.26. Franklin Resources has a one year low of $14.91 and a one year high of $35.77. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.90 and a quick ratio of 3.90.
Franklin Resources (NYSE:BEN) last released its earnings results on Thursday, April 30th. The closed-end fund reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.22. Franklin Resources had a return on equity of 12.36% and a net margin of 17.29%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the company posted $0.72 EPS. The company's revenue was down 6.7% compared to the same quarter last year. As a group, sell-side analysts predict that Franklin Resources will post 2.57 EPS for the current fiscal year.
BEN has been the subject of several recent research reports. UBS Group decreased their target price on Franklin Resources from $27.00 to $16.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Bank of America cut their price target on Franklin Resources from $20.00 to $16.00 and set an "underperform" rating on the stock in a report on Monday, March 23rd. Cfra cut their price target on Franklin Resources from $29.00 to $20.00 and set a "hold" rating on the stock in a report on Friday, May 1st. ValuEngine lowered Franklin Resources from a "hold" rating to a "sell" rating in a report on Thursday, April 2nd. Finally, Barclays restated a "sell" rating and issued a $15.00 target price on shares of Franklin Resources in a report on Thursday, April 16th. Seven analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Franklin Resources has a consensus rating of "Hold" and an average price target of $23.43.
Franklin Resources Company Profile
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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