Franklin Resources (NYSE:BEN) Price Target Raised to $21.00

Franklin Resources (NYSE:BEN) had its target price lifted by Barclays from $19.00 to $21.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the closed-end fund’s stock.

A number of other research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. TD Cowen decreased their price objective on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price objective on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley reduced their target price on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Friday, October 18th. Finally, StockNews.com raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $20.39.

Franklin Resources Trading Up 0.2 %

NYSE BEN opened at $22.39 on Monday. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The stock has a 50 day moving average of $21.16 and a 200-day moving average of $21.61. The company has a market cap of $11.72 billion, a PE ratio of 26.15, a PEG ratio of 2.38 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources will post 2.39 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be issued a $0.32 dividend. The ex-dividend date is Monday, December 30th. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 5.72%. Franklin Resources’s payout ratio is currently 148.84%.

Insider Buying and Selling

In other news, insider Franklin Resources Inc sold 7,657 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the sale, the insider now directly owns 65,862 shares in the company, valued at approximately $2,891,341.80. This trade represents a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 24,024 shares of company stock worth $1,051,375. Company insiders own 24.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Interval Partners LP lifted its holdings in Franklin Resources by 0.4% during the 2nd quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock worth $2,434,000 after buying an additional 483 shares during the period. PNC Financial Services Group Inc. lifted its stake in Franklin Resources by 0.8% in the third quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock valued at $1,402,000 after buying an additional 572 shares during the period. State of Michigan Retirement System boosted its holdings in shares of Franklin Resources by 0.7% during the 2nd quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock worth $1,971,000 after buying an additional 600 shares in the last quarter. Anchor Investment Management LLC grew its position in shares of Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after buying an additional 604 shares during the period. Finally, SkyView Investment Advisors LLC increased its stake in shares of Franklin Resources by 3.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 19,485 shares of the closed-end fund’s stock valued at $393,000 after acquiring an additional 609 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

About Franklin Resources

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.