Franklin Resources (NYSE:BEN) Reaches New 12-Month High Following Analyst Upgrade

Shares of Franklin Resources, Inc. (NYSE:BEN) hit a new 52-week high during mid-day trading 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 changing hands. The stock had previously closed at $35.87.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Franklin Resources from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, October 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Franklin Resources in a report on Monday, August 31st. Keefe, Bruyette & Woods assumed coverage on Franklin Resources in a report on Wednesday, September 9th. They issued a “hold” rating and a $38.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $34.00 price objective on shares of Franklin Resources in a research report on Monday, August 3rd. Finally, 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 price objective for the company. Four equities 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 data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $36.78.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Franklin Resources in the 2nd quarter worth $961,845,000. Azora Capital LP purchased a new stake in Franklin Resources in the 2nd quarter worth approximately $229,850,000. Bank of New York Mellon Corp purchased a new position in shares of Franklin Resources during the 2nd quarter valued at approximately $152,692,000. Kopernik Global Investors LLC increased its holdings in Franklin Resources by 4.6% in the first quarter. Kopernik Global Investors LLC now owns 3,522,587 shares of the closed-end fund’s stock valued at $83,204,000 after buying an additional 153,422 shares in the last quarter. Finally, Bahl & Gaynor LLC acquired a new stake in shares of Franklin Resources during the 3rd quarter valued at about $49,527,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 1.4%

The stock has a market cap of $18.47 billion, a PE ratio of 18.35, a price-to-earnings-growth 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. The company has a 50 day moving average of $32.61 and a two-hundred day moving average of $30.43.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, November 6th. The closed-end fund reported $0.94 earnings per share for the quarter, beating 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 firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the company posted $0.67 EPS. Franklin Resources’s quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that Franklin Resources, Inc. will post 3.20 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. Franklin Resources’s payout ratio is 66.67%.

Franklin Resources Company Profile

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.