Franklin Resources (NYSE:BEN) Stock Price Down 3.6%

Franklin Resources, Inc. (NYSE:BEN)’s stock price dropped 3.6% during mid-day trading on Monday . The company traded as low as $23.89 and last traded at $24.08. Approximately 634,792 shares changed hands during trading, a decline of 82% from the average daily volume of 3,564,732 shares. The stock had previously closed at $24.99.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BEN shares. TD Cowen started coverage on Franklin Resources in a research note on Thursday, January 4th. They issued a “market perform” rating and a $32.00 price target on the stock. StockNews.com cut Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. BMO Capital Markets lifted their target price on Franklin Resources from $27.00 to $30.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. UBS Group lifted their target price on Franklin Resources from $26.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Franklin Resources from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Franklin Resources Stock Down 5.4 %

The business has a 50-day simple moving average of $26.87 and a two-hundred day simple moving average of $26.37. The stock has a market capitalization of $12.44 billion, a P/E ratio of 12.26, a PEG ratio of 1.31 and a beta of 1.40. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.86.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, January 29th. The closed-end fund reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post 2.52 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend was Wednesday, March 27th. Franklin Resources’s payout ratio is 65.26%.

Institutional Investors Weigh In On Franklin Resources

A number of large investors have recently bought and sold shares of BEN. Czech National Bank increased its holdings in shares of Franklin Resources by 47.1% in the 3rd quarter. Czech National Bank now owns 49,710 shares of the closed-end fund’s stock worth $1,222,000 after buying an additional 15,914 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Franklin Resources by 14.4% in the third quarter. Handelsbanken Fonder AB now owns 65,325 shares of the closed-end fund’s stock worth $1,606,000 after buying an additional 8,216 shares during the last quarter. My Legacy Advisors LLC lifted its holdings in Franklin Resources by 8.5% during the third quarter. My Legacy Advisors LLC now owns 11,694 shares of the closed-end fund’s stock valued at $265,000 after purchasing an additional 920 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Franklin Resources by 1.6% in the third quarter. Commonwealth Equity Services LLC now owns 443,545 shares of the closed-end fund’s stock worth $10,902,000 after buying an additional 6,867 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Franklin Resources by 27.5% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,753 shares of the closed-end fund’s stock worth $3,337,000 after buying an additional 29,300 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.