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Franklin Resources (NYSE:BEN) gapped up prior to trading on Wednesday following a dividend announcement from the company, American Banking & Market News reports. The stock had previously closed at $55.96, but opened at $56.17. Franklin Resources shares last traded at $57.63, with a volume of 1,521,613 shares.

The newly announced dividend is scheduled for Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.83%.

A number of research firms have recently commented on BEN. Analysts at Goldman Sachs upgraded shares of Franklin Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday. They now have a $63.00 price target on the stock, up previously from $53.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Franklin Resources in a research note on Monday. They now have a $59.00 price target on the stock. Finally, analysts at Deutsche Bank initiated coverage on shares of Franklin Resources in a research note on Thursday, May 15th. They set a “hold” rating and a $58.00 price target on the stock. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $72.89.

The stock has a 50-day moving average of $54.86 and a 200-day moving average of $54.25. The company has a market cap of $36.506 billion and a P/E ratio of 16.01.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.89 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.89. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the prior year, the company posted $2.69 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. On average, analysts predict that Franklin Resources will post $3.73 earnings per share for the current fiscal year.

Franklin Resources, Inc (NYSE:BEN) is a holding company.

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