Citigroup Inc. Cuts Franklin Resources Inc. (BEN) Price Target to $39.00
Franklin Resources Inc. (NYSE:BEN) had its target price lowered by Citigroup Inc. from $40.00 to $39.00 in a research report report published on Tuesday morning. Citigroup Inc. currently has a neutral rating on the closed-end fund’s stock.
Several other equities analysts have also issued reports on BEN. Barclays PLC lowered their price target on Franklin Resources from $32.00 to $31.00 and set an underweight rating for the company in a research report on Thursday, June 9th. Deutsche Bank AG lowered their price target on Franklin Resources from $37.00 to $35.00 and set a hold rating for the company in a research report on Thursday, June 16th. Jefferies Group lowered their price target on Franklin Resources from $38.00 to $34.00 and set a hold rating for the company in a research report on Monday, July 11th. Finally, Keefe, Bruyette & Woods lifted their price target on Franklin Resources from $34.00 to $37.00 and gave the stock a market perform rating in a research report on Friday, July 29th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $37.74.
Franklin Resources (NYSE:BEN) opened at 36.06 on Tuesday. The company has a market cap of $20.77 billion, a price-to-earnings ratio of 13.34 and a beta of 1.75. Franklin Resources has a 12 month low of $30.56 and a 12 month high of $42.23. The firm’s 50-day moving average is $36.00 and its 200-day moving average is $36.21.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.10. The firm earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. Franklin Resources’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, analysts anticipate that Franklin Resources will post $2.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.18 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.00%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares of the company’s stock, valued at $53,041,414.18. The disclosure for this sale can be found here. Corporate insiders own 20.41% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Franklin Resources during the fourth quarter valued at $84,215,000. Chevy Chase Trust Holdings Inc. increased its position in Franklin Resources by 0.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 316,419 shares of the closed-end fund’s stock worth $12,356,000 after buying an additional 2,677 shares in the last quarter. DnB Asset Management AS increased its position in Franklin Resources by 166.8% in the first quarter. DnB Asset Management AS now owns 38,225 shares of the closed-end fund’s stock worth $1,493,000 after buying an additional 23,900 shares in the last quarter. Exxonmobil Investment Management Inc. TX increased its position in Franklin Resources by 7.0% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 90,906 shares of the closed-end fund’s stock worth $3,550,000 after buying an additional 5,970 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC increased its position in Franklin Resources by 315.7% in the first quarter. Quantitative Systematic Strategies LLC now owns 33,853 shares of the closed-end fund’s stock worth $1,325,000 after buying an additional 25,710 shares in the last quarter. Institutional investors and hedge funds own 48.39% of the company’s stock.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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