Franklin Resources Inc. (BEN) Price Target Cut to $39.00
Franklin Resources Inc. (NYSE:BEN) had its price objective reduced by analysts at Citigroup Inc. from $40.00 to $39.00 in a note issued to investors on Tuesday. The firm currently has a “neutral” rating on the closed-end fund’s stock. Citigroup Inc.’s target price points to a potential upside of 9.27% from the company’s previous close.
A number of other equities research analysts also recently weighed in on BEN. Deutsche Bank AG reissued a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Jefferies Group reissued a “neutral” rating on shares of Franklin Resources in a research note on Tuesday, August 9th. Barclays PLC dropped their price target on shares of Franklin Resources from $31.00 to $30.00 and set an “underweight” rating for the company in a research note on Friday, July 29th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a strong buy rating to the company’s stock. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $37.74.
Shares of Franklin Resources (NYSE:BEN) opened at 35.69 on Tuesday. Franklin Resources has a 52 week low of $30.56 and a 52 week high of $42.23. The firm has a market cap of $20.56 billion, a price-to-earnings ratio of 13.20 and a beta of 1.75. The firm’s 50 day moving average is $35.99 and its 200-day moving average is $36.21.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. Franklin Resources’s revenue for the quarter was down 18.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. Equities research analysts predict that Franklin Resources will post $2.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Wednesday, September 28th. Franklin Resources’s dividend payout ratio is currently 26.57%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in BEN. Acadian Asset Management LLC boosted its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock worth $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. boosted its stake in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock worth $112,000 after buying an additional 583 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock worth $179,000 after buying an additional 4,335 shares in the last quarter. Finally, Alpha Windward LLC boosted its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock worth $181,000 after buying an additional 1,071 shares in the last quarter. Hedge funds and other institutional investors own 48.39% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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