Franklin Resources, Inc. (BEN) Increases Dividend to $3.00 Per Share

Franklin Resources, Inc. (NYSE:BEN) declared a special dividend on Wednesday, February 14th, RTT News reports. Investors of record on Thursday, March 29th will be given a dividend of 3.00 per share by the closed-end fund on Thursday, April 12th. This is a boost from Franklin Resources’s previous special dividend of $0.50.

Franklin Resources has raised its dividend payment by an average of 18.6% per year over the last three years and has raised its dividend every year for the last 36 years. Franklin Resources has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Franklin Resources to earn $3.47 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 26.5%.

Franklin Resources (NYSE BEN) traded up $0.97 during midday trading on Wednesday, reaching $39.81. The company had a trading volume of 3,187,796 shares, compared to its average volume of 3,443,923. The company has a current ratio of 4.28, a quick ratio of 4.28 and a debt-to-equity ratio of 0.09. Franklin Resources has a one year low of $37.01 and a one year high of $47.65. The stock has a market cap of $21,480.00, a PE ratio of 33.74, a PEG ratio of 1.31 and a beta of 1.63.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.13. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 EPS. sell-side analysts predict that Franklin Resources will post 3.25 earnings per share for the current fiscal year.

In other Franklin Resources news, insider Jed A. Plafker sold 7,790 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $43.92, for a total value of $342,136.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Gregory E. Johnson sold 49,988 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total value of $2,178,477.04. Following the completion of the transaction, the chairman now directly owns 2,116,886 shares in the company, valued at approximately $92,253,891.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 457,778 shares of company stock worth $19,700,614. Corporate insiders own 22.20% of the company’s stock.

Several analysts have recently issued reports on BEN shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a report on Friday, December 22nd. Wells Fargo & Co cut their target price on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Thursday, January 11th. ValuEngine downgraded Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Finally, UBS Group boosted their target price on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and a consensus target price 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.

Dividend History for Franklin Resources (NYSE:BEN)

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