Franklin Resources, Inc. (NYSE:BEN) Receives Average Rating of “Hold” from Brokerages
Shares of Franklin Resources, Inc. (NYSE:BEN) have earned an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $42.50.
A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research report on Thursday, August 3rd. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Franklin Resources from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. UBS AG reaffirmed a “neutral” rating and issued a $45.00 target price (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Finally, Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research report on Monday, July 24th.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 21.60% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its position in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares in the last quarter. TrimTabs Asset Management LLC boosted its position in Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after buying an additional 1,408 shares in the last quarter. First Midwest Bank Trust Division bought a new position in Franklin Resources during the second quarter valued at about $204,000. Acadian Asset Management LLC bought a new position in Franklin Resources during the first quarter valued at about $193,000. Finally, NBT Bank N A NY bought a new position in Franklin Resources during the second quarter valued at about $206,000. Institutional investors and hedge funds own 45.80% of the company’s stock.
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Franklin Resources (NYSE BEN) traded up 0.14% on Tuesday, hitting $43.65. 2,163,977 shares of the company’s stock were exchanged. Franklin Resources has a 52-week low of $33.02 and a 52-week high of $47.65. The stock has a market cap of $24.34 billion, a P/E ratio of 14.20 and a beta of 1.73. The firm has a 50 day moving average price of $45.27 and a 200-day moving average price of $42.82.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.77 EPS. Analysts predict that Franklin Resources will post $2.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is currently 26.14%.
Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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