Analysts Set Franklin Resources, Inc. (NYSE:BEN) Price Target at $33.00

Franklin Resources, Inc. (NYSE:BEN) has earned an average recommendation of “Hold” from the twelve research firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $33.00.

BEN has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $34.00 price objective on shares of Franklin Resources in a report on Monday, August 3rd. Zacks Research downgraded Franklin Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Morgan Stanley lifted their price target on shares of Franklin Resources from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, June 26th. Evercore restated an “underperform” rating and issued a $35.00 price objective on shares of Franklin Resources in a research note on Friday, July 10th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Franklin Resources in a report on Wednesday, September 9th. They set a “hold” rating and a $38.00 price target for the company.

Franklin Resources Trading Down 0.1%

NYSE:BEN opened at $33.05 on Friday. The company has a market capitalization of $16.79 billion, a P/E ratio of 22.48, a P/E/G ratio of 0.66 and a beta of 1.54. The stock’s 50 day moving average price is $33.71 and its 200 day moving average price is $30.65. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48. Franklin Resources has a 52 week low of $21.10 and a 52 week high of $36.28.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 31st. The closed-end fund reported $0.72 EPS for the quarter, topping the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm posted $0.49 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts forecast that Franklin Resources will post 2.88 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. Franklin Resources’s dividend payout ratio (DPR) is 89.80%.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Franklin Resources in the 2nd quarter valued at approximately $961,845,000. Azora Capital LP acquired a new position in shares of Franklin Resources in the 2nd quarter valued at $229,850,000. Geode Capital Management LLC lifted its holdings in shares of Franklin Resources by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 8,069,495 shares of the closed-end fund’s stock worth $192,774,000 after acquiring an additional 272,335 shares during the period. ProShare Advisors LLC boosted its position in shares of Franklin Resources by 3.6% during the 4th quarter. ProShare Advisors LLC now owns 7,083,168 shares of the closed-end fund’s stock valued at $169,217,000 after acquiring an additional 243,836 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Franklin Resources in the second quarter worth about $152,692,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton name, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement plans through a broad range of strategies and investment vehicles.

Its offerings include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investments. Franklin Templeton manages strategies across equities, fixed income, multi-asset portfolios, alternatives and other specialized areas, while also providing investment research, portfolio management and wealth-management services.

Founded in 1947 by Rupert H.