Franklin Resources, Inc. (BEN) Plans Dividend Increase – $0.23 Per Share
Franklin Resources, Inc. (NYSE:BEN) declared a quarterly dividend on Tuesday, December 12th, RTT News reports. Shareholders of record on Tuesday, December 26th will be given a dividend of 0.23 per share by the closed-end fund on Wednesday, January 10th. This represents a $0.92 annualized dividend and a yield of 2.09%. This is a boost from Franklin Resources’s previous quarterly dividend of $0.20.
Franklin Resources has increased its dividend by an average of 34.9% per year over the last three years and has increased its dividend annually for the last 35 consecutive years. Franklin Resources has a dividend payout ratio of 27.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Franklin Resources to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 26.1%.
Franklin Resources (NYSE BEN) traded down $0.57 on Tuesday, reaching $44.10. The company’s stock had a trading volume of 1,642,800 shares, compared to its average volume of 2,244,802. Franklin Resources has a 52 week low of $38.93 and a 52 week high of $47.65. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75. The stock has a market capitalization of $24,743.07, a price-to-earnings ratio of 14.89, a PEG ratio of 2.45 and a beta of 1.75.
In related news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of Franklin Resources stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Gregory E. Johnson sold 56,825 shares of Franklin Resources stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.83, for a total value of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares of the company’s stock, valued at approximately $87,684,702.59. The disclosure for this sale can be found here. Insiders own 21.60% of the company’s stock.
BEN has been the topic of several analyst reports. Barclays initiated coverage on Franklin Resources in a research note on Friday, September 8th. They issued an “underweight” rating and a $40.00 target price on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a report on Sunday, September 3rd. Wells Fargo & Company lowered their price target on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a report on Friday, October 27th. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, UBS raised their price target on Franklin Resources from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.45.
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About Franklin Resources
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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