Citigroup Inc. Trims Franklin Resources Inc. (BEN) Target Price to $39.00
Franklin Resources Inc. (NYSE:BEN) had its target price reduced by equities research analysts at Citigroup Inc. from $40.00 to $39.00 in a research report issued on Tuesday. The firm presently has a “neutral” rating on the closed-end fund’s stock. Citigroup Inc.’s price target would indicate a potential upside of 10.70% from the company’s current price.
BEN has been the subject of a number of other reports. Deutsche Bank AG reiterated a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Keefe, Bruyette & Woods boosted their price objective on Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Barclays PLC cut their price objective on Franklin Resources from $32.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, June 9th. Finally, Jefferies Group cut their price objective on Franklin Resources from $38.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $37.74.
Franklin Resources (NYSE:BEN) opened at 35.23 on Tuesday. The firm’s 50 day moving average is $36.00 and its 200 day moving average is $36.24. The stock has a market capitalization of $20.30 billion, a P/E ratio of 13.03 and a beta of 1.75. Franklin Resources has a 1-year low of $30.56 and a 1-year high of $42.23.
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Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The business’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 EPS. On average, equities research analysts anticipate that Franklin Resources will post $2.79 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.04%. Franklin Resources’s payout ratio is 26.57%.
In other Franklin Resources news, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the sale, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Franklin Resources during the fourth quarter worth $84,215,000. Emerald Acquisition Ltd. purchased a new position in Franklin Resources during the second quarter worth about $31,205,000. Skandinaviska Enskilda Banken AB publ increased its position in Franklin Resources by 1,068.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 762,566 shares of the closed-end fund’s stock worth $25,447,000 after buying an additional 697,300 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Franklin Resources during the first quarter worth about $24,261,000. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in Franklin Resources during the second quarter worth about $20,369,000. Institutional investors and hedge funds own 48.39% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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