Franklin Resources’ (BEN) Sell Rating Reaffirmed at Barclays PLC
Franklin Resources Inc. (NYSE:BEN)‘s stock had its “sell” rating reissued by research analysts at Barclays PLC in a research note issued on Tuesday. They presently have a $31.00 target price on the closed-end fund’s stock. Barclays PLC’s price target would indicate a potential downside of 14.79% from the company’s previous close.
BEN has been the subject of several other reports. Citigroup Inc. dropped their target price on shares of Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, September 20th. Deutsche Bank AG lifted their target price on shares of Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, September 9th. Jefferies Group reiterated a “hold” rating on shares of Franklin Resources in a research report on Monday, August 1st. Zacks Investment Research lowered shares of Franklin Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, July 29th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a strong buy rating to the company’s stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $37.88.
Shares of Franklin Resources (NYSE:BEN) traded down 4.43% during trading on Tuesday, reaching $34.77. 3,459,273 shares of the company’s stock traded hands. The company’s 50-day moving average is $35.84 and its 200 day moving average is $35.96. Franklin Resources has a 52-week low of $30.56 and a 52-week high of $42.23. The company has a market cap of $20.03 billion, a price-to-earnings ratio of 12.86 and a beta of 1.66.
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Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the consensus estimate of $0.67 by $0.10. The company earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. Franklin Resources’s revenue for the quarter was down 18.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.82 earnings per share. Equities analysts forecast that Franklin Resources will post $2.80 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Wednesday, September 28th. Franklin Resources’s payout ratio is currently 26.57%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total transaction of $180,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $35.99, for a total transaction of $571,953.08. Following the transaction, the insider now directly owns 1,473,782 shares in the company, valued at $53,041,414.18. The disclosure for this sale can be found here. Company insiders own 20.41% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc increased its stake in Franklin Resources by 7.3% in the first quarter. Commonwealth Equity Services Inc now owns 11,183 shares of the closed-end fund’s stock worth $437,000 after buying an additional 756 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Franklin Resources during the first quarter worth $577,000. Ngam Advisors L.P. increased its stake in Franklin Resources by 12.0% in the first quarter. Ngam Advisors L.P. now owns 91,560 shares of the closed-end fund’s stock worth $3,575,000 after buying an additional 9,806 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Franklin Resources by 28.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,444,328 shares of the closed-end fund’s stock worth $56,401,000 after buying an additional 319,469 shares in the last quarter. Finally, Teachers Advisors Inc. increased its stake in Franklin Resources by 4.8% in the first quarter. Teachers Advisors Inc. now owns 673,010 shares of the closed-end fund’s stock worth $26,281,000 after buying an additional 30,546 shares in the last quarter. 48.39% of the stock is currently owned by hedge funds and other institutional investors.
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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