Brokerages Set Franklin Resources, Inc. (BEN) Price Target at $43.90
Franklin Resources, Inc. (NYSE:BEN) has earned an average recommendation of “Hold” from the fifteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $43.90.
BEN has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $46.00 price objective on shares of Franklin Resources in a research note on Wednesday, November 1st. ValuEngine upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Citigroup dropped their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a research note on Friday, October 27th. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Finally, UBS increased their price objective on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, October 27th.
In related news, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the completion of the transaction, the chairman now owns 2,047,273 shares of the company’s stock, valued at $87,684,702.59. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The disclosure for this sale can be found here. Insiders own 21.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC increased its holdings in Franklin Resources by 9.4% in the third quarter. Parametric Portfolio Associates LLC now owns 1,100,764 shares of the closed-end fund’s stock valued at $48,995,000 after buying an additional 94,508 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Franklin Resources by 0.8% in the third quarter. Public Employees Retirement System of Ohio now owns 243,379 shares of the closed-end fund’s stock valued at $10,833,000 after buying an additional 1,816 shares in the last quarter. Smith Shellnut Wilson LLC ADV purchased a new position in Franklin Resources in the third quarter valued at $250,000. Sterling Capital Management LLC increased its holdings in Franklin Resources by 5.6% in the third quarter. Sterling Capital Management LLC now owns 86,900 shares of the closed-end fund’s stock valued at $3,868,000 after buying an additional 4,600 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in Franklin Resources by 17.2% in the third quarter. Neuberger Berman Group LLC now owns 15,952 shares of the closed-end fund’s stock valued at $710,000 after buying an additional 2,345 shares in the last quarter. 44.77% of the stock is owned by hedge funds and other institutional investors.
Shares of Franklin Resources (BEN) traded down $0.62 during trading hours on Monday, hitting $43.07. 2,254,349 shares of the stock were exchanged, compared to its average volume of 2,244,544. The stock has a market capitalization of $23,860.00, a price-to-earnings ratio of 14.72, a PEG ratio of 2.42 and a beta of 1.75. Franklin Resources has a fifty-two week low of $38.93 and a fifty-two week high of $47.65. The company has a current ratio of 8.75, a quick ratio of 8.75 and a debt-to-equity ratio of 0.08.
Franklin Resources (NYSE:BEN) last issued its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.04. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company posted $0.82 earnings per share. sell-side analysts expect that Franklin Resources will post 2.92 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th will be paid a dividend of $0.23 per share. This is an increase from Franklin Resources’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, December 22nd. Franklin Resources’s payout ratio is presently 26.58%.
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About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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