Franklin Resources (NYSE:BEN) Price Target Raised to $35.00

Franklin Resources (NYSE:BEN) had its price target raised by JPMorgan Chase & Co. from $34.00 to $35.00 in a research report sent to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the closed-end fund’s stock.

BEN has been the topic of a number of other reports. UBS Group started coverage on Franklin Resources in a research note on Wednesday, October 7th. They issued a “buy” rating and a $40.00 price target on the stock. Barclays lifted their price objective on Franklin Resources from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Morgan Stanley upped their price objective on Franklin Resources from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, September 25th. Keefe, Bruyette & Woods began coverage on Franklin Resources in a report on Wednesday, September 9th. They issued a “hold” rating and a $38.00 target price on the stock. Finally, TD Cowen lowered their target price on Franklin Resources from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.89.

Franklin Resources Trading Down 2.0%

NYSE:BEN opened at $30.55 on Monday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22. Franklin Resources has a 12 month low of $21.10 and a 12 month high of $36.28. The company has a market cap of $15.52 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 0.55 and a beta of 1.54. The company has a 50 day simple moving average of $33.39 and a two-hundred day simple moving average of $31.65.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.06. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $1.76 billion. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. Research analysts forecast that Franklin Resources will post 2.91 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.3%. The ex-dividend date was Wednesday, September 30th. Franklin Resources’s payout ratio is 89.80%.

Institutional Trading of Franklin Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mather Group LLC. boosted its stake in shares of Franklin Resources by 81.3% during the 3rd quarter. Mather Group LLC. now owns 16,962 shares of the closed-end fund’s stock worth $586,000 after acquiring an additional 7,608 shares during the last quarter. Finward Bancorp bought a new stake in shares of Franklin Resources during the 3rd quarter valued at $910,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Franklin Resources during the 3rd quarter valued at $187,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Franklin Resources during the 3rd quarter valued at $200,000. Finally, Krilogy Financial LLC increased its stake in shares of Franklin Resources by 143.6% in the 3rd quarter. Krilogy Financial LLC now owns 18,165 shares of the closed-end fund’s stock worth $583,000 after purchasing an additional 10,708 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.