Franklin Resources, Inc. (NYSE:BEN) declared a quarterly dividend on Tuesday, August 28th, RTT News reports. Shareholders of record on Friday, September 28th will be paid a dividend of 0.23 per share by the closed-end fund on Friday, October 12th. This represents a $0.92 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Thursday, September 27th.

Franklin Resources has increased its dividend payment by an average of 18.6% per year over the last three years and has raised its dividend annually for the last 36 consecutive years. Franklin Resources has a payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Franklin Resources to earn $3.11 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 29.6%.

Shares of BEN stock opened at $31.63 on Wednesday. The company has a market cap of $17.05 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 1.68 and a beta of 1.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.37 and a current ratio of 3.37. Franklin Resources has a fifty-two week low of $29.95 and a fifty-two week high of $45.96.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.75. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. Franklin Resources’s revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 earnings per share. equities research analysts anticipate that Franklin Resources will post 3.14 earnings per share for the current fiscal year.

In related news, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jed A. Plafker sold 4,820 shares of Franklin Resources stock in a transaction on Friday, September 21st. The stock was sold at an average price of $32.85, for a total transaction of $158,337.00. Following the completion of the sale, the insider now owns 56,369 shares of the company’s stock, valued at approximately $1,851,721.65. The disclosure for this sale can be found here. Insiders own 22.20% of the company’s stock.

A number of research analysts have weighed in on the stock. Barclays reduced their price target on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research report on Monday, July 30th. Morgan Stanley reduced their price target on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a research report on Thursday, July 12th. Zacks Investment Research cut shares of Franklin Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Jefferies Financial Group reissued a “hold” rating and set a $33.00 target price on shares of Franklin Resources in a research report on Friday, July 13th. Finally, Wells Fargo & Co reduced their target price on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Monday, July 30th. Six research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $37.25.

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.

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Dividend History for Franklin Resources (NYSE:BEN)

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