Franklin Resources (NYSE:BEN) Hits New 52-Week High on Analyst Upgrade

Franklin Resources, Inc. (NYSE:BEN) shares hit a new 52-week high on Tuesday after TD Cowen raised their price target on the stock from $38.00 to $44.00. TD Cowen currently has a buy rating on the stock. Franklin Resources traded as high as $36.46 and last traded at $36.3120, with a volume of 652,598 shares trading hands. The stock had previously closed at $35.87.

Several other research analysts have also commented on BEN. Barclays lifted their price target on Franklin Resources from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Monday. UBS Group began coverage on shares of Franklin Resources in a report on Wednesday, October 7th. They issued a “buy” rating and a $40.00 target price on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $34.00 price target on shares of Franklin Resources in a research note on Monday, August 3rd. Keefe, Bruyette & Woods began coverage on shares of Franklin Resources in a research report on Wednesday, September 9th. They set a “hold” rating and a $38.00 price objective on the stock. Finally, Zacks Research lowered shares of Franklin Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $36.78.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Franklin Resources during the second quarter worth about $961,845,000. Azora Capital LP acquired a new stake in Franklin Resources during the second quarter valued at approximately $229,850,000. Bank of New York Mellon Corp acquired a new position in shares of Franklin Resources in the 2nd quarter worth approximately $152,692,000. Kopernik Global Investors LLC raised its holdings in shares of Franklin Resources by 4.6% during the first quarter. Kopernik Global Investors LLC now owns 3,522,587 shares of the closed-end fund’s stock worth $83,204,000 after purchasing an additional 153,422 shares during the period. Finally, Bank of America Corp DE lifted its position in Franklin Resources by 37.3% in the 1st quarter. Bank of America Corp DE now owns 1,964,424 shares of the closed-end fund’s stock valued at $46,400,000 after purchasing an additional 533,192 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

The company’s 50 day simple moving average is $32.61 and its 200 day simple moving average is $30.43. The stock has a market cap of $18.47 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 0.60 and a beta of 1.56. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, November 6th. The closed-end fund reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.17. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The business had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the firm earned $0.67 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources, Inc. will post 3.20 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm also recently declared 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 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. Franklin Resources’s payout ratio is presently 66.67%.

About Franklin Resources

Franklin Resources, Inc is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts.

The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.

Founded in 1947, Franklin Resources has grown through acquisitions, including its 2020 acquisition of Legg Mason.