JPMorgan Chase & Co. downgraded shares of Franklin Resources (NYSE:BEN) from a neutral rating to an underweight rating in a research report released on Thursday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $29.00 price objective on the closed-end fund’s stock, down from their prior price objective of $32.00.

A number of other analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Franklin Resources from a hold rating to a strong sell rating in a research note on Monday, August 6th. Morgan Stanley reduced their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an underweight rating for the company in a research note on Thursday, August 2nd. Wells Fargo & Co reduced their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a market perform rating for the company in a research note on Monday, July 30th. Deutsche Bank reduced their price objective on shares of Franklin Resources from $33.00 to $32.00 and set a hold rating for the company in a research note on Thursday, August 16th. Finally, Jefferies Financial Group restated a hold rating and set a $33.00 price objective on shares of Franklin Resources in a research note on Friday, July 13th. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The stock has a consensus rating of Hold and a consensus price target of $37.25.

NYSE:BEN opened at $30.14 on Thursday. The stock has a market cap of $15.95 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.57 and a beta of 1.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.37 and a quick ratio of 3.37. Franklin Resources has a fifty-two week low of $29.95 and a fifty-two week high of $45.96.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.75. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. Franklin Resources’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the business earned $0.73 EPS. equities research analysts expect that Franklin Resources will post 3.14 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Thursday, September 27th. Franklin Resources’s payout ratio is presently 30.56%.

In other news, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total transaction of $350,022.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 22.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. LFA Lugano Financial Advisors SA purchased a new stake in shares of Franklin Resources during the 2nd quarter valued at about $192,000. Schroder Investment Management Group boosted its holdings in shares of Franklin Resources by 30.2% during the 2nd quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock valued at $120,537,000 after acquiring an additional 879,164 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Franklin Resources by 1,256.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 12,860 shares of the closed-end fund’s stock valued at $412,000 after acquiring an additional 11,912 shares during the last quarter. WINTON GROUP Ltd boosted its holdings in shares of Franklin Resources by 2,410.5% during the 2nd quarter. WINTON GROUP Ltd now owns 303,263 shares of the closed-end fund’s stock valued at $9,720,000 after acquiring an additional 291,183 shares during the last quarter. Finally, Global X Management Co LLC boosted its holdings in shares of Franklin Resources by 29.6% in the second quarter. Global X Management Co LLC now owns 7,586 shares of the closed-end fund’s stock worth $243,000 after buying an additional 1,733 shares during the last quarter. 46.98% of the stock is currently owned by hedge funds and other institutional investors.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.

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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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