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.
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.
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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