Franklin Resources Inc. (BEN) Price Target Increased to $36.00 by Analysts at Jefferies Group
Franklin Resources Inc. (NYSE:BEN) had its price target raised by Jefferies Group from $34.00 to $36.00 in a report issued on Tuesday morning. They currently have a hold rating on the closed-end fund’s stock.
A number of other brokerages have also issued reports on BEN. Barclays PLC reissued an underweight rating and issued a $31.00 target price on shares of Franklin Resources in a research report on Friday, July 15th. Deutsche Bank AG reissued a hold rating on shares of Franklin Resources in a research report on Sunday, July 10th. Citigroup Inc. dropped their target price on Franklin Resources from $40.00 to $39.00 and set a neutral rating on the stock in a research report on Tuesday, September 20th. Keefe, Bruyette & Woods lifted their target price on Franklin Resources from $34.00 to $37.00 and gave the company a market perform rating in a research report on Friday, July 29th. Finally, Zacks Investment Research downgraded Franklin Resources from a hold rating to a sell rating in a research note on Tuesday, October 4th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a strong buy rating to the company. Franklin Resources has a consensus rating of Hold and a consensus target price of $37.88.
Franklin Resources (NYSE:BEN) opened at 34.09 on Tuesday. The stock’s 50 day moving average price is $35.62 and its 200-day moving average price is $35.90. Franklin Resources has a one year low of $30.56 and a one year high of $42.23. The firm has a market capitalization of $19.64 billion, a price-to-earnings ratio of 12.61 and a beta of 1.66.
Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned $0.82 EPS. Franklin Resources’s revenue for the quarter was down 18.3% compared to the same quarter last year. On average, equities research analysts expect that Franklin Resources will post $2.80 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 2.11%. Franklin Resources’s dividend payout ratio is presently 26.57%.
In other Franklin Resources news, insider Jennifer M. Johnson sold 15,892 shares of Franklin Resources stock in a transaction 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 directly owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Bingham Osborn & Scarborough LLC boosted its position in shares of Franklin Resources by 0.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 7,935 shares of the closed-end fund’s stock valued at $265,000 after buying an additional 47 shares in the last quarter. Sii Investments Inc. WI boosted its position in Franklin Resources by 0.4% in the second quarter. Sii Investments Inc. WI now owns 36,655 shares of the closed-end fund’s stock worth $1,227,000 after buying an additional 130 shares during the period. Essex Financial Services Inc. boosted its position in Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock worth $292,000 after buying an additional 140 shares during the period. Nuveen Asset Management LLC boosted its position in Franklin Resources by 0.6% in the second quarter. Nuveen Asset Management LLC now owns 25,302 shares of the closed-end fund’s stock worth $844,000 after buying an additional 148 shares during the period. Finally, Charter Trust Co. boosted its position in Franklin Resources by 2.2% in the third quarter. Charter Trust Co. now owns 7,791 shares of the closed-end fund’s stock worth $277,000 after buying an additional 168 shares during the period. 48.32% of the stock is owned by hedge funds and other institutional investors.
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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