Franklin Resources (NYSE:BEN) Sets New 52-Week High – Here’s Why

Franklin Resources, Inc. (NYSE:BENGet Free Report)’s share price reached a new 52-week high on Thursday . The stock traded as high as $27.94 and last traded at $27.81, with a volume of 8426427 shares. The stock had previously closed at $27.00.

Key Franklin Resources News

Here are the key news stories impacting Franklin Resources this week:

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BEN shares. Barclays lifted their price target on Franklin Resources from $22.00 to $25.00 and gave the stock an “underweight” rating in a report on Thursday, January 15th. TD Cowen reiterated a “hold” rating on shares of Franklin Resources in a research note on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of Franklin Resources in a research note on Monday, December 29th. Morgan Stanley raised their price target on Franklin Resources from $21.00 to $22.00 and gave the company an “underweight” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Reduce” and a consensus price target of $25.89.

Read Our Latest Stock Report on Franklin Resources

Franklin Resources Price Performance

The company has a 50 day moving average of $24.58 and a 200-day moving average of $24.08. The firm has a market capitalization of $14.48 billion, a P/E ratio of 25.75, a P/E/G ratio of 0.86 and a beta of 1.46. The company has a current ratio of 1.86, a quick ratio of 1.40 and a debt-to-equity ratio of 1.01.

Franklin Resources (NYSE:BENGet Free Report) last posted its quarterly earnings data on Friday, January 30th. The closed-end fund reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. Franklin Resources had a return on equity of 9.58% and a net margin of 6.97%.The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter last year, the business earned $0.59 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be paid a $0.33 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.32 annualized dividend and a yield of 4.7%. Franklin Resources’s payout ratio is 122.22%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Independent Advisor Alliance boosted its stake in shares of Franklin Resources by 6.8% in the fourth quarter. Independent Advisor Alliance now owns 23,518 shares of the closed-end fund’s stock valued at $562,000 after buying an additional 1,507 shares during the period. Blackhawk Capital Partners LLC raised its holdings in Franklin Resources by 5.2% in the 4th quarter. Blackhawk Capital Partners LLC now owns 76,430 shares of the closed-end fund’s stock valued at $1,826,000 after acquiring an additional 3,790 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of Franklin Resources during the 4th quarter valued at $2,512,000. International Assets Investment Management LLC acquired a new stake in shares of Franklin Resources during the 4th quarter worth $38,000. Finally, MGO One Seven LLC grew its holdings in shares of Franklin Resources by 75.2% during the 4th quarter. MGO One Seven LLC now owns 25,684 shares of the closed-end fund’s stock worth $614,000 after purchasing an additional 11,021 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Company Profile

(Get Free Report)

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.

Further Reading

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