Franklin Resources, Inc. (NYSE:BEN) Receives $20.66 Average PT from Analysts

Shares of Franklin Resources, Inc. (NYSE:BEN) have earned a consensus rating of “Reduce” from the eleven research firms that are presently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $20.66.

BEN has been the subject of several research analyst reports. Keefe, Bruyette & Woods restated an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. The Goldman Sachs Group dropped their target price on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research report on Monday, September 30th. UBS Group reduced their price target on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. TD Cowen cut their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th.

Franklin Resources Stock Down 2.7 %

Shares of BEN opened at $20.11 on Thursday. The company’s 50-day moving average price is $21.41 and its 200 day moving average price is $21.42. Franklin Resources has a 12-month low of $18.94 and a 12-month high of $29.41. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The firm has a market cap of $10.54 billion, a P/E ratio of 23.38, a price-to-earnings-growth ratio of 2.43 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the firm posted $0.84 earnings per share. Franklin Resources’s revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts forecast that Franklin Resources will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be given a dividend of $0.32 per share. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 6.36%. The ex-dividend date is Monday, December 30th. Franklin Resources’s payout ratio is 148.84%.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the transaction, the insider now directly owns 65,862 shares of the company’s stock, valued at $2,891,341.80. This represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 24,024 shares of company stock valued at $1,051,375 over the last quarter. 24.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC lifted its position in Franklin Resources by 250.7% in the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock valued at $54,664,000 after acquiring an additional 1,751,587 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Franklin Resources by 263.1% during the third quarter. JPMorgan Chase & Co. now owns 2,022,055 shares of the closed-end fund’s stock worth $40,744,000 after purchasing an additional 1,465,148 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Franklin Resources by 517.5% in the 2nd quarter. Marshall Wace LLP now owns 1,406,324 shares of the closed-end fund’s stock valued at $31,431,000 after purchasing an additional 1,178,594 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Franklin Resources by 44.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock valued at $60,421,000 after purchasing an additional 925,590 shares during the period. Finally, Millennium Management LLC grew its stake in Franklin Resources by 110.3% during the 2nd quarter. Millennium Management LLC now owns 1,623,236 shares of the closed-end fund’s stock worth $36,279,000 after buying an additional 851,442 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.