Citigroup Inc. Cuts Franklin Resources Inc. (BEN) Price Target to $39.00
Franklin Resources Inc. (NYSE:BEN) had its price target lowered by Citigroup Inc. from $40.00 to $39.00 in a research note issued to investors on Tuesday morning. Citigroup Inc. currently has a neutral rating on the closed-end fund’s stock.
A number of other equities analysts have also recently issued reports on the stock. Barclays PLC reiterated an underweight rating on shares of Franklin Resources in a research report on Thursday, August 25th. Keefe, Bruyette & Woods boosted their target price on shares of Franklin Resources from $34.00 to $37.00 and gave the stock a market perform rating in a report on Friday, July 29th. Jefferies Group reduced their target price on shares of Franklin Resources from $38.00 to $34.00 and set a hold rating on the stock in a report on Monday, July 11th. Finally, Deutsche Bank AG reduced their target price on shares of Franklin Resources from $37.00 to $35.00 and set a hold rating on the stock in a report on Thursday, June 16th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a strong buy rating to the company’s stock. Franklin Resources has a consensus rating of Hold and a consensus price target of $37.74.
Shares of Franklin Resources (NYSE:BEN) opened at 36.06 on Tuesday. The firm has a market capitalization 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 has a 50-day moving average of $36.00 and a 200 day moving average of $36.21.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The firm’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS. On average, equities research analysts expect that Franklin Resources will post $2.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 2.00%. Franklin Resources’s payout ratio is currently 26.57%.
In other Franklin Resources news, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The disclosure for this sale can be found here. Corporate insiders own 20.41% of the company’s stock.
Institutional investors have recently modified their holdings of the company. First Manhattan Co. raised its position in shares of Franklin Resources by 1.1% in the second quarter. First Manhattan Co. now owns 1,322,714 shares of the closed-end fund’s stock worth $44,138,000 after buying an additional 14,745 shares in the last quarter. Legal & General Group Plc raised its position in shares of Franklin Resources by 3.5% in the first quarter. Legal & General Group Plc now owns 1,773,479 shares of the closed-end fund’s stock worth $69,255,000 after buying an additional 60,608 shares in the last quarter. Robecosam AG raised its position in shares of Franklin Resources by 5.9% in the first quarter. Robecosam AG now owns 10,600 shares of the closed-end fund’s stock worth $415,000 after buying an additional 586 shares in the last quarter. Williams Jones & Associates LLC acquired a new position in shares of Franklin Resources during the first quarter worth $220,000. Finally, LPL Financial LLC raised its position in shares of Franklin Resources by 33.0% in the first quarter. LPL Financial LLC now owns 32,959 shares of the closed-end fund’s stock worth $1,267,000 after buying an additional 8,169 shares in the last quarter. Hedge funds and other institutional investors own 48.39% of the company’s stock.
About Franklin Resources
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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