Franklin Resources, Inc. (BEN) to Issue Quarterly Dividend of $0.23
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.
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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