Franklin Resources (NYSE:BEN) Hits New 1-Year High – What’s Next?

Franklin Resources, Inc. (NYSE:BEN)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.94 and last traded at $27.81, with a volume of 8426427 shares traded. The stock had previously closed at $27.00.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BEN. TD Cowen reiterated a “hold” rating on shares of Franklin Resources in a research report on Monday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Franklin Resources in a report on Monday, December 29th. Barclays raised their target price on Franklin Resources from $22.00 to $25.00 and gave the company an “underweight” rating in a research note on Thursday, January 15th. JPMorgan Chase & Co. dropped their price target on Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Monday, November 10th. Finally, Wall Street Zen raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $25.89.

Franklin Resources Price Performance

The stock has a market capitalization of $14.19 billion, a P/E ratio of 25.22, a price-to-earnings-growth ratio of 0.86 and a beta of 1.46. The business has a fifty day simple moving average of $24.76 and a 200 day simple moving average of $24.12. The company has a current ratio of 1.86, a quick ratio of 1.40 and a debt-to-equity ratio of 1.01.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, January 30th. The closed-end fund reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Franklin Resources had a return on equity of 9.58% and a net margin of 6.97%.Franklin Resources’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. On average, analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be issued a $0.33 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.32 annualized dividend and a dividend yield of 4.8%. Franklin Resources’s dividend payout ratio is currently 122.22%.

Institutional Investors Weigh In On Franklin Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Azora Capital LP bought a new position in shares of Franklin Resources in the second quarter valued at approximately $76,051,000. Norges Bank purchased a new position in Franklin Resources in the second quarter worth $60,618,000. Holocene Advisors LP bought a new position in Franklin Resources in the 2nd quarter valued at $51,384,000. Wedge Capital Management L L P NC purchased a new stake in shares of Franklin Resources during the 3rd quarter valued at $32,293,000. Finally, Northern Trust Corp increased its position in shares of Franklin Resources by 49.8% during the 3rd quarter. Northern Trust Corp now owns 4,118,686 shares of the closed-end fund’s stock valued at $95,265,000 after purchasing an additional 1,370,132 shares during the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.