Franklin Resources (BEN) Price Target Increased to $28.00 by Analysts at Citigroup

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Franklin Resources (NYSE:BEN) had its price objective boosted by Citigroup from $25.00 to $28.00 in a report released on Thursday morning. They currently have a sell rating on the closed-end fund’s stock.

Several other brokerages also recently weighed in on BEN. Zacks Investment Research raised shares of Franklin Resources from a strong sell rating to a hold rating in a research note on Wednesday, December 5th. ValuEngine raised shares of Franklin Resources from a sell rating to a hold rating in a research note on Friday, March 1st. Keefe, Bruyette & Woods reissued a hold rating and issued a $33.00 target price on shares of Franklin Resources in a research note on Tuesday, February 26th. Deutsche Bank cut their target price on shares of Franklin Resources from $30.00 to $29.00 and set a hold rating for the company in a research note on Friday, November 16th. Finally, Morgan Stanley set a $29.00 target price on shares of Franklin Resources and gave the company a sell rating in a research note on Wednesday, November 14th. Seven research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $29.77.

Shares of Franklin Resources stock traded up $0.19 on Thursday, hitting $32.69. The company’s stock had a trading volume of 49,890 shares, compared to its average volume of 2,912,673. Franklin Resources has a 52-week low of $27.34 and a 52-week high of $39.28. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $16.54 billion, a PE ratio of 10.25, a P/E/G ratio of 1.96 and a beta of 1.17.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Wednesday, January 30th. The closed-end fund reported $0.54 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.10). Franklin Resources had a return on equity of 15.01% and a net margin of 26.55%. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. Franklin Resources’s quarterly revenue was down 7.6% on a year-over-year basis. On average, research analysts expect that Franklin Resources will post 2.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, March 28th. Franklin Resources’s dividend payout ratio is currently 32.60%.

In other news, EVP Craig Steven Tyle sold 10,663 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $32.82, for a total transaction of $349,959.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 23.90% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Alpha Omega Wealth Management LLC increased its position in Franklin Resources by 120.8% during the 4th quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock worth $39,000 after purchasing an additional 725 shares in the last quarter. Clean Yield Group acquired a new stake in Franklin Resources during the 4th quarter worth approximately $44,000. CWM LLC increased its position in Franklin Resources by 22.5% during the 4th quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock worth $53,000 after purchasing an additional 325 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Franklin Resources by 102.2% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 1,943 shares of the closed-end fund’s stock worth $58,000 after purchasing an additional 982 shares in the last quarter. Finally, Capital Investment Advisory Services LLC acquired a new stake in Franklin Resources during the 4th quarter worth approximately $69,000. 48.99% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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