Franklin Resources, Inc. (BEN) To Go Ex-Dividend on December 22nd
Franklin Resources, Inc. (NYSE:BEN) announced a quarterly dividend on Tuesday, December 12th, RTT News reports. Shareholders of record on Tuesday, December 26th will be paid a dividend of 0.23 per share by the closed-end fund on Wednesday, January 10th. This represents a $0.92 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, December 22nd. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.20.
Franklin Resources has raised its dividend by an average of 34.9% per year over the last three years and has increased its dividend annually for the last 35 consecutive years. Franklin Resources has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Franklin Resources to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 30.0%.
Shares of Franklin Resources (BEN) opened at $43.46 on Friday. The stock has a market capitalization of $24,072.84, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 2.39 and a beta of 1.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75. Franklin Resources has a 12-month low of $38.93 and a 12-month high of $47.65.
Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. equities research analysts expect that Franklin Resources will post 2.92 EPS for the current year.
In related news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $42.95, for a total transaction of $17,180,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Gregory E. Johnson sold 56,825 shares of the business’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares of the company’s stock, valued at approximately $87,684,702.59. The disclosure for this sale can be found here. Insiders own 21.60% of the company’s stock.
A number of research firms have recently weighed in on BEN. ValuEngine lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Wells Fargo & Company cut their price objective on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, October 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, October 12th. Finally, Barclays began coverage on Franklin Resources in a research report on Friday, September 8th. They set an “underweight” rating and a $40.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $44.45.
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Franklin Resources Company Profile
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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