Franklin Resources (NYSE:BEN) had its target price reduced by Credit Suisse Group from $57.00 to $34.00 in a report released on Thursday. They currently have an underperform rating on the closed-end fund’s stock.
BEN has been the subject of several other reports. Zacks Investment Research cut Franklin Resources from a buy rating to a hold rating in a report on Monday, March 12th. Deutsche Bank reduced their price objective on Franklin Resources from $40.00 to $37.00 and set a hold rating for the company in a report on Tuesday, March 6th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $47.00 price objective on shares of Franklin Resources in a report on Friday, December 22nd. Finally, ValuEngine cut Franklin Resources from a buy rating to a hold rating in a report on Friday, February 2nd. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Franklin Resources currently has an average rating of Hold and a consensus target price of $42.80.
Shares of BEN stock opened at $33.22 on Thursday. The firm has a market cap of $18,327.61, a P/E ratio of 10.68, a PEG ratio of 1.12 and a beta of 1.60. Franklin Resources has a 1 year low of $32.91 and a 1 year high of $47.65. The company has a quick ratio of 4.28, a current ratio of 4.28 and a debt-to-equity ratio of 0.09.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.13. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. Franklin Resources’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 earnings per share. research analysts predict that Franklin Resources will post 3.25 earnings per share for the current year.
The business also recently declared a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be given a dividend of $3.00 per share. This is an increase from Franklin Resources’s previous special dividend of $0.50. The ex-dividend date is Wednesday, March 28th. This represents a yield of 2.35%. Franklin Resources’s dividend payout ratio (DPR) is presently 30.56%.
A number of institutional investors have recently added to or reduced their stakes in BEN. BlackRock Inc. increased its position in Franklin Resources by 6.0% during the fourth quarter. BlackRock Inc. now owns 22,211,494 shares of the closed-end fund’s stock worth $962,425,000 after buying an additional 1,258,796 shares in the last quarter. Renaissance Technologies LLC increased its position in Franklin Resources by 202.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,710,000 shares of the closed-end fund’s stock worth $74,094,000 after buying an additional 1,143,900 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in Franklin Resources by 99.3% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,503,557 shares of the closed-end fund’s stock worth $65,149,000 after buying an additional 749,038 shares in the last quarter. First Trust Advisors LP increased its position in Franklin Resources by 69.3% during the fourth quarter. First Trust Advisors LP now owns 1,119,645 shares of the closed-end fund’s stock worth $48,514,000 after buying an additional 458,381 shares in the last quarter. Finally, APG Asset Management N.V. increased its position in Franklin Resources by 10.6% during the fourth quarter. APG Asset Management N.V. now owns 4,318,827 shares of the closed-end fund’s stock worth $155,842,000 after buying an additional 412,200 shares in the last quarter. 46.96% of the stock is owned by institutional investors.
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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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