Franklin Resources Inc. (BEN) PT Raised to $36.00 at Jefferies Group
Franklin Resources Inc. (NYSE:BEN) had its price objective upped by stock analysts at Jefferies Group from $34.00 to $36.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has a “hold” rating on the closed-end fund’s stock. Jefferies Group’s target price would indicate a potential downside of 1.04% from the company’s previous close.
A number of other research firms have also recently issued reports on BEN. Barclays PLC restated an “underweight” rating and set a $31.00 price objective on shares of Franklin Resources in a report on Friday, July 15th. Deutsche Bank AG restated a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Citigroup Inc. dropped their price objective on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, September 20th. 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 report on Friday, July 29th. Finally, Zacks Investment Research cut Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a strong buy rating to the stock. Franklin Resources has an average rating of “Hold” and an average price target of $37.88.
Franklin Resources (NYSE:BEN) traded down 3.944% during midday trading on Tuesday, hitting $34.945. The stock had a trading volume of 2,184,964 shares. The stock has a market cap of $20.13 billion, a PE ratio of 12.928 and a beta of 1.66. Franklin Resources has a 52-week low of $30.56 and a 52-week high of $42.23. The company’s 50 day moving average price is $35.84 and its 200-day moving average price is $35.96.
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Franklin Resources (NYSE:BEN) last posted its quarterly earnings data 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. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The company earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business earned $0.82 EPS. Franklin Resources’s revenue was down 18.3% compared to the same quarter last year. Analysts forecast that Franklin Resources will post $2.80 EPS for the current fiscal 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 paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 1.98%. Franklin Resources’s payout ratio is presently 26.57%.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares in the company, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. Company insiders own 20.41% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC increased its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock worth $105,000 after buying an additional 2,965 shares during the last quarter. FTB Advisors Inc. increased its stake in shares of 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 last quarter. Van ECK Associates Corp increased its stake in shares of Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock worth $112,000 after buying an additional 583 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock worth $179,000 after buying an additional 4,335 shares during the last quarter. Finally, Alpha Windward LLC increased its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock worth $181,000 after buying an additional 1,071 shares during the last quarter. 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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