Franklin Resources, Inc. (NYSE:BEN) has received an average recommendation of “Hold” from the thirteen research firms that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $36.18.
A number of analysts have recently commented on BEN shares. Morgan Stanley cut their price objective on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a research report on Thursday, July 12th. Jefferies Financial Group reissued a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a research report on Friday, July 13th. Barclays cut their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research report on Monday, July 30th. Wells Fargo & Co cut their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Monday, July 30th. Finally, Zacks Investment Research lowered shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, August 6th.
In other Franklin Resources news, EVP Craig Steven Tyle sold 11,165 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 22.20% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in BEN. Captrust Financial Advisors grew its stake in shares of Franklin Resources by 605.1% in the second quarter. Captrust Financial Advisors now owns 3,187 shares of the closed-end fund’s stock valued at $103,000 after acquiring an additional 2,735 shares in the last quarter. Focused Wealth Management Inc acquired a new position in shares of Franklin Resources in the second quarter valued at about $131,000. Dupont Capital Management Corp grew its stake in shares of Franklin Resources by 61.2% in the second quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock valued at $134,000 after acquiring an additional 1,582 shares in the last quarter. IMS Capital Management acquired a new position in shares of Franklin Resources in the second quarter valued at about $161,000. Finally, Elmwood Wealth Management Inc. acquired a new position in shares of Franklin Resources in the first quarter valued at about $164,000. Hedge funds and other institutional investors own 46.84% of the company’s stock.
BEN traded down $0.04 during trading on Wednesday, reaching $31.88. The company had a trading volume of 68,168 shares, compared to its average volume of 3,093,419. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.37 and a current ratio of 3.37. Franklin Resources has a 12 month low of $29.95 and a 12 month high of $45.96. The firm has a market cap of $16.52 billion, a P/E ratio of 10.56, a PEG ratio of 1.63 and a beta of 1.52.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.75. The business had revenue of $1.56 billion for 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%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.73 earnings per share. sell-side analysts anticipate that Franklin Resources will post 3.14 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.92 annualized dividend and a dividend yield of 2.89%. Franklin Resources’s dividend payout ratio is currently 30.56%.
Franklin Resources Company Profile
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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