Franklin Resources (NYSE:BEN) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Franklin Resources (NYSE:BENFree Report) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

Several other equities analysts have also recently issued reports on BEN. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Franklin Resources from $26.00 to $24.00 and set a hold rating on the stock in a research note on Wednesday, October 11th. TD Cowen assumed coverage on shares of Franklin Resources in a report on Thursday, January 4th. They issued a market perform rating and a $32.00 target price for the company. Morgan Stanley raised their target price on shares of Franklin Resources from $22.00 to $24.00 and gave the stock an underweight rating in a report on Friday, January 19th. Bank of America decreased their target price on shares of Franklin Resources from $24.00 to $21.00 in a report on Wednesday, October 4th. Finally, UBS Group raised their target price on shares of Franklin Resources from $26.00 to $30.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Franklin Resources currently has an average rating of Hold and an average target price of $26.46.

Check Out Our Latest Research Report on Franklin Resources

Franklin Resources Stock Performance

Shares of BEN opened at $26.88 on Wednesday. The firm’s 50 day moving average is $27.30 and its 200-day moving average is $26.27. The stock has a market capitalization of $13.32 billion, a P/E ratio of 15.63, a P/E/G ratio of 1.42 and a beta of 1.38. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.88 and a quick ratio of 1.88. Franklin Resources has a 12-month low of $21.88 and a 12-month high of $34.37.

Franklin Resources (NYSE:BENGet Free Report) last announced its quarterly earnings data on Tuesday, October 31st. The closed-end fund reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.24. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Franklin Resources had a net margin of 11.25% and a return on equity of 10.64%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS. Equities research analysts anticipate that Franklin Resources will post 2.52 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Wednesday, January 3rd were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.61%. The ex-dividend date was Tuesday, January 2nd. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.30. Franklin Resources’s dividend payout ratio (DPR) is presently 72.09%.

Insider Activity at Franklin Resources

In related news, EVP Alok Sethi sold 22,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $29.27, for a total transaction of $643,940.00. Following the transaction, the executive vice president now owns 70,481 shares of the company’s stock, valued at $2,062,978.87. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Institutional investors have recently modified their holdings of the company. Barclays PLC increased its position in Franklin Resources by 53.3% during the second quarter. Barclays PLC now owns 735,554 shares of the closed-end fund’s stock worth $19,646,000 after acquiring an additional 255,687 shares during the period. Ritholtz Wealth Management bought a new position in Franklin Resources during the second quarter worth $352,000. Cibc World Markets Corp increased its position in Franklin Resources by 55.4% during the second quarter. Cibc World Markets Corp now owns 58,219 shares of the closed-end fund’s stock worth $1,555,000 after acquiring an additional 20,755 shares during the period. Machina Capital S.A.S. acquired a new stake in Franklin Resources during the second quarter worth $238,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Franklin Resources by 139.0% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 61,374 shares of the closed-end fund’s stock worth $1,639,000 after buying an additional 35,690 shares in the last quarter. Institutional investors own 46.53% of the company’s stock.

Franklin Resources Company Profile

(Get Free Report)

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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