Franklin Resources (NYSE:BEN) Sets New 52-Week High – Should You Buy?

Franklin Resources, Inc. (NYSE:BEN)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.29 and last traded at $28.17, with a volume of 5822050 shares changing hands. The stock had previously closed at $27.68.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BEN. Wall Street Zen upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Evercore increased their target price on shares of Franklin Resources from $26.00 to $28.00 and gave the company an “underperform” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. cut their price target on shares of Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Monday, November 10th. TD Cowen reiterated a “hold” rating on shares of Franklin Resources in a research note on Monday, February 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Franklin Resources in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $25.89.

Franklin Resources Trading Down 1.7%

The stock’s 50 day simple moving average is $25.15 and its two-hundred day simple moving average is $24.20. The stock has a market capitalization of $14.10 billion, a PE ratio of 25.07, a PEG ratio of 0.86 and a beta of 1.46. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.86 and a quick ratio of 1.86.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, January 30th. The closed-end fund reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. Franklin Resources had a net margin of 6.97% and a return on equity of 9.58%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. Franklin Resources’s revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Franklin Resources’s dividend payout ratio is currently 122.22%.

Institutional Investors Weigh In On Franklin Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Franklin Resources by 26.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund’s stock worth $2,850,000 after purchasing an additional 30,763 shares during the period. Jones Financial Companies Lllp boosted its holdings in Franklin Resources by 169.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund’s stock worth $152,000 after buying an additional 4,972 shares during the period. Woodline Partners LP grew its stake in Franklin Resources by 41.1% in the 1st quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund’s stock valued at $504,000 after buying an additional 7,634 shares in the last quarter. Truist Financial Corp raised its holdings in Franklin Resources by 14.9% during the 2nd quarter. Truist Financial Corp now owns 15,651 shares of the closed-end fund’s stock valued at $373,000 after acquiring an additional 2,026 shares during the period. Finally, Aberdeen Group plc raised its holdings in Franklin Resources by 1.3% during the 2nd quarter. Aberdeen Group plc now owns 210,744 shares of the closed-end fund’s stock valued at $5,026,000 after acquiring an additional 2,652 shares during the period. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Company Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.