Franklin Resources, Inc. (BEN) to Issue Quarterly Dividend of $0.23 on January 10th
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.
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.
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.
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