Franklin Resources (NYSE:BEN) Shares Gap Up Following Strong Earnings

Franklin Resources, Inc. (NYSE:BEN) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $20.15, but opened at $20.80. Franklin Resources shares last traded at $20.28, with a volume of 477,998 shares trading hands.

The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%.

Franklin Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were issued a $0.32 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.28 dividend on an annualized basis and a yield of 6.33%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley boosted their price target on Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, December 20th. UBS Group dropped their price target on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Evercore ISI reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, October 4th. Finally, StockNews.com raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $20.18.

Institutional Investors Weigh In On Franklin Resources

A number of institutional investors have recently bought and sold shares of the stock. MFA Wealth Advisors LLC purchased a new stake in shares of Franklin Resources during the 3rd quarter valued at $26,000. Matrix Trust Co purchased a new stake in shares of Franklin Resources during the 3rd quarter worth about $29,000. Larson Financial Group LLC increased its position in shares of Franklin Resources by 254.4% in the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after acquiring an additional 1,277 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Franklin Resources in the 3rd quarter valued at $39,000. Finally, Principal Securities Inc. boosted its position in Franklin Resources by 561.1% during the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock worth $40,000 after purchasing an additional 1,661 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 0.4 %

The firm has a fifty day moving average of $20.85 and a 200-day moving average of $21.01. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 23.54, a P/E/G ratio of 1.35 and a beta of 1.41.

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.