Franklin Resources, Inc. (NYSE:BEN) announced a quarterly dividend on Wednesday, June 12th, RTT News reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.26 per share by the closed-end fund on Friday, July 12th. This represents a $1.04 annualized dividend and a dividend yield of 3.13%.
Franklin Resources has increased its dividend payment by an average of 15.3% annually over the last three years and has increased its dividend annually for the last 37 consecutive years. Franklin Resources has a dividend payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Franklin Resources to earn $2.84 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 36.6%.
Shares of Franklin Resources stock traded down $0.09 during trading hours on Wednesday, reaching $33.28. The company’s stock had a trading volume of 1,728,949 shares, compared to its average volume of 2,762,536. Franklin Resources has a one year low of $27.34 and a one year high of $35.82. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07. The company has a market cap of $17.07 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.87 and a beta of 1.16.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.08. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 EPS. As a group, sell-side analysts expect that Franklin Resources will post 2.57 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a report on Tuesday, February 26th. Zacks Investment Research raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Citigroup raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and increased their price objective for the company from $28.00 to $35.00 in a report on Monday, April 15th. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Finally, TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $30.55.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 23.90% of the company’s stock.
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Franklin Resources Company Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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