Shares of Franklin Resources, Inc. (NYSE:BEN) have earned an average rating of “Hold” from the fifteen research firms that are currently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $31.09.
BEN has been the subject of a number of research reports. Citigroup lowered Apergy from a “buy” rating to a “neutral” rating and lowered their target price for the company from $41.00 to $34.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $33.00 in a research note on Monday, April 29th. JPMorgan Chase & Co. restated a “buy” rating and issued a $69.00 target price on shares of Daimler in a research note on Friday. Bank of America set a $180.00 target price on CME Group and gave the company a “hold” rating in a research note on Tuesday, April 9th. Finally, TheStreet upgraded Zimmer Biomet from a “c” rating to a “b-” rating in a research note on Friday, April 26th.
In related news, EVP Craig Steven Tyle sold 10,924 shares of Franklin Resources stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 23.90% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of BEN. Bank of America Corp DE boosted its holdings in Franklin Resources by 526.8% during the fourth quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after buying an additional 5,635,864 shares during the last quarter. London Co. of Virginia bought a new position in shares of Franklin Resources during the 4th quarter valued at about $107,975,000. Norges Bank bought a new position in shares of Franklin Resources during the 4th quarter valued at about $100,182,000. O Shaughnessy Asset Management LLC lifted its holdings in shares of Franklin Resources by 93.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock valued at $46,994,000 after purchasing an additional 686,589 shares in the last quarter. Finally, Investec Asset Management LTD bought a new position in shares of Franklin Resources during the 1st quarter valued at about $17,112,000. Hedge funds and other institutional investors own 48.38% of the company’s stock.
Shares of NYSE:BEN traded up $0.13 during midday trading on Tuesday, reaching $35.32. The company’s stock had a trading volume of 2,773,380 shares, compared to its average volume of 2,734,823. Franklin Resources has a fifty-two week low of $27.34 and a fifty-two week high of $35.82. The company has a market capitalization of $17.86 billion, a P/E ratio of 11.07, a P/E/G ratio of 1.94 and a beta of 1.19. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $34.02.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.08. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company posted $0.78 earnings per share. The firm’s quarterly revenue was down 11.4% compared to the same quarter last year. Equities analysts predict that Franklin Resources will post 2.59 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.26 dividend. The ex-dividend date was Thursday, June 27th. This represents a $1.04 dividend on an annualized basis and a yield of 2.94%. Franklin Resources’s payout ratio is 32.60%.
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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