Franklin Resources Inc. (BEN) PT Lowered to $39.00
Franklin Resources Inc. (NYSE:BEN) had its target price cut by equities researchers at Citigroup Inc. from $40.00 to $39.00 in a note issued to investors on Tuesday. The brokerage currently has a “neutral” rating on the closed-end fund’s stock. Citigroup Inc.’s price objective suggests a potential upside of 11.46% from the stock’s current price.
Several other research analysts also recently commented on BEN. Deutsche Bank AG reiterated a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Jefferies Group reiterated a “neutral” rating on shares of Franklin Resources in a report on Tuesday, August 9th. Finally, Barclays PLC dropped their target price on shares of Franklin Resources from $31.00 to $30.00 and set an “underweight” rating on the stock in a report on Friday, July 29th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $37.74.
Shares of Franklin Resources (NYSE:BEN) traded down 0.68% during trading on Tuesday, reaching $34.99. 2,039,652 shares of the company’s stock were exchanged. The company has a market capitalization of $20.16 billion, a PE ratio of 12.94 and a beta of 1.75. The company has a 50 day moving average price of $36.00 and a 200-day moving average price of $36.24. Franklin Resources has a 52-week low of $30.56 and a 52-week high of $42.23.
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Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The business earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.82 EPS. Franklin Resources’s quarterly revenue was down 18.3% compared to the same quarter last year. On average, equities analysts forecast that Franklin Resources will post $2.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.06%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jennifer M. Johnson sold 15,892 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Bingham Osborn & Scarborough LLC raised its position in Franklin Resources by 0.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 7,935 shares of the closed-end fund’s stock worth $265,000 after buying an additional 47 shares during the period. Sii Investments Inc. WI raised its position in Franklin Resources by 0.4% in the second quarter. Sii Investments Inc. WI now owns 36,655 shares of the closed-end fund’s stock worth $1,227,000 after buying an additional 130 shares during the period. Essex Financial Services Inc. raised its position in Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock worth $292,000 after buying an additional 140 shares during the period. Nuveen Asset Management LLC raised its position in Franklin Resources by 0.6% in the second quarter. Nuveen Asset Management LLC now owns 25,302 shares of the closed-end fund’s stock worth $844,000 after buying an additional 148 shares during the period. Finally, FTB Advisors Inc. raised its position in Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares during the period. Hedge funds and other institutional investors own 48.39% of the company’s stock.
Franklin Resources Company Profile
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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