Franklin Resources (NYSE:BEN) Price Target Lowered to $24.00 at Deutsche Bank Aktiengesellschaft

Franklin Resources (NYSE:BEN) had its price target decreased by Deutsche Bank Aktiengesellschaft from $29.00 to $24.00 in a research report released on Tuesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the closed-end fund’s stock.

Other analysts have also issued reports about the stock. Wells Fargo & Company raised shares of Franklin Resources from an underweight rating to an equal weight rating and upped their price objective for the company from $24.00 to $30.00 in a research note on Monday, January 8th. BMO Capital Markets reduced their price target on shares of Franklin Resources from $30.00 to $27.00 and set a market perform rating for the company in a research report on Tuesday. Morgan Stanley increased their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an underweight rating in a research report on Wednesday, April 17th. UBS Group increased their price target on shares of Franklin Resources from $26.00 to $30.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Finally, Evercore ISI reduced their price target on shares of Franklin Resources from $29.00 to $26.00 and set an underperform rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $26.00.

Franklin Resources Stock Performance

NYSE:BEN opened at $22.85 on Tuesday. Franklin Resources has a twelve month low of $21.88 and a twelve month high of $30.32. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $26.71 and a 200-day moving average of $26.37. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.31 and a beta of 1.40.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a net margin of 12.30% and a return on equity of 11.15%. The firm had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the company posted $0.61 earnings per share. Franklin Resources’s quarterly revenue was up 11.7% compared to the same quarter last year. Analysts forecast that Franklin Resources will post 2.52 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 5.43%. The ex-dividend date was Wednesday, March 27th. Franklin Resources’s payout ratio is presently 65.26%.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BEN. Czech National Bank raised its position in Franklin Resources by 47.1% during the third quarter. Czech National Bank now owns 49,710 shares of the closed-end fund’s stock valued at $1,222,000 after acquiring an additional 15,914 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Franklin Resources by 14.4% during the third quarter. Handelsbanken Fonder AB now owns 65,325 shares of the closed-end fund’s stock valued at $1,606,000 after purchasing an additional 8,216 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Franklin Resources by 1.6% during the third quarter. Commonwealth Equity Services LLC now owns 443,545 shares of the closed-end fund’s stock valued at $10,902,000 after purchasing an additional 6,867 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Franklin Resources by 27.5% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,753 shares of the closed-end fund’s stock valued at $3,337,000 after purchasing an additional 29,300 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Franklin Resources by 13.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 27,592 shares of the closed-end fund’s stock valued at $678,000 after purchasing an additional 3,354 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

About Franklin Resources

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.