Franklin Resources Inc. (NYSE:BEN) had its price objective upped by analysts at Deutsche Bank AG from $34.00 to $35.00 in a research report issued to clients and investors on Wednesday, StockTargetPrices.com reports. The firm presently has a “hold” rating on the closed-end fund’s stock. Deutsche Bank AG’s price objective indicates a potential downside of 2.15% from the company’s current price.
BEN has been the subject of a number of other research reports. Citigroup Inc. reduced their target price on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, September 20th. Barclays PLC reissued an “underweight” rating on shares of Franklin Resources in a report on Thursday, August 25th. Finally, Jefferies Group reissued a “hold” rating on shares of Franklin Resources in a report on Monday, August 1st. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $37.74.
Shares of Franklin Resources (NYSE:BEN) traded up 1.93% during mid-day trading on Wednesday, reaching $36.46. The company had a trading volume of 411,545 shares. Franklin Resources has a one year low of $30.56 and a one year high of $42.23. The stock has a market capitalization of $21.01 billion, a P/E ratio of 13.49 and a beta of 1.66. The firm has a 50 day moving average of $35.85 and a 200-day moving average of $36.02.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The firm’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. Analysts forecast that Franklin Resources will post $2.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.01%. Franklin Resources’s dividend payout ratio is currently 26.57%.
In related news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jennifer M. Johnson sold 15,892 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its stake in Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock worth $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. increased its stake in Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares in the last quarter. Van ECK Associates Corp increased its stake in Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock worth $112,000 after buying an additional 583 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock worth $179,000 after buying an additional 4,335 shares in the last quarter. Finally, Alpha Windward LLC increased its stake in Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock worth $181,000 after buying an additional 1,071 shares in the last quarter. Institutional investors own 48.39% of the company’s stock.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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