Franklin Resources, Inc. (NYSE:BEN) declared a quarterly dividend on Tuesday, December 12th, RTT News reports. Shareholders of record on Tuesday, December 26th will be paid a dividend of 0.23 per share by the closed-end fund on Wednesday, January 10th. This represents a $0.92 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, December 22nd. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.20.

Franklin Resources has raised its dividend by an average of 34.9% annually over the last three years and has increased its dividend annually for the last 35 consecutive years. Franklin Resources has a dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Franklin Resources to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 30.0%.

Franklin Resources (BEN) opened at $43.69 on Thursday. The company has a market capitalization of $24,194.70, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 2.39 and a beta of 1.75. The company has a quick ratio of 8.75, a current ratio of 8.75 and a debt-to-equity ratio of 0.08. Franklin Resources has a 1-year low of $39.23 and a 1-year high of $47.65.

Franklin Resources (NYSE:BEN) last released its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 EPS. equities research analysts predict that Franklin Resources will post 2.93 earnings per share for the current year.

In related news, Chairman Gregory E. Johnson sold 56,825 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the completion of the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Gregory E. Johnson sold 49,988 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $43.58, for a total value of $2,178,477.04. Following the sale, the chairman now owns 2,116,886 shares of the company’s stock, valued at $92,253,891.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 506,813 shares of company stock valued at $21,792,292. 21.60% of the stock is owned by corporate insiders.

A number of research firms have recently weighed in on BEN. ValuEngine upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, October 3rd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research report on Thursday, October 12th. Citigroup cut their target price on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. Finally, UBS upped their target price on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $44.45.

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Franklin Resources Company Profile

Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.

Dividend History for Franklin Resources (NYSE:BEN)

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