Franklin Resources (NYSE:BEN) PT Lowered to $26.00

Franklin Resources (NYSE:BENFree Report) had its target price lowered by Evercore ISI from $29.00 to $26.00 in a report released on Tuesday, Benzinga reports. The firm currently has an underperform rating on the closed-end fund’s stock.

BEN has been the topic of several other reports. UBS Group boosted their target price on shares of Franklin Resources from $26.00 to $30.00 and gave the company a neutral rating in a research note on Wednesday, January 10th. Morgan Stanley increased their price objective on Franklin Resources from $24.00 to $25.00 and gave the stock an underweight rating in a report on Wednesday, April 17th. BMO Capital Markets raised their target price on Franklin Resources from $27.00 to $30.00 and gave the company a market perform rating in a research report on Tuesday, January 30th. Wells Fargo & Company upgraded shares of Franklin Resources from an underweight rating to an equal weight rating and increased their target price for the company from $24.00 to $30.00 in a research report on Monday, January 8th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $30.00 to $28.00 and set a hold rating on the stock in a research report on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, Franklin Resources has an average rating of Hold and a consensus target price of $26.00.

Check Out Our Latest Stock Analysis on BEN

Franklin Resources Stock Up 0.9 %

NYSE:BEN opened at $22.97 on Tuesday. The company has a current ratio of 1.82, a quick ratio of 1.92 and a debt-to-equity ratio of 0.90. The stock has a 50 day moving average of $26.54 and a 200-day moving average of $26.32. The firm has a market capitalization of $12.08 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.46 and a beta of 1.44. Franklin Resources has a 52 week low of $21.88 and a 52 week high of $30.32.

Franklin Resources (NYSE:BENGet Free Report) last issued its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a return on equity of 10.82% and a net margin of 11.09%. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $0.61 earnings per share. Franklin Resources’s quarterly revenue was up 11.7% compared to the same quarter last year. Analysts predict that Franklin Resources will post 2.49 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were issued a $0.31 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.40%. Franklin Resources’s payout ratio is currently 70.86%.

Institutional Trading of Franklin Resources

A number of large investors have recently added to or reduced their stakes in BEN. Capital Research Global Investors lifted its position in shares of Franklin Resources by 17.9% during the 4th quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock valued at $793,983,000 after acquiring an additional 4,043,808 shares during the last quarter. Invesco Ltd. raised its position in shares of Franklin Resources by 6.8% during the third quarter. Invesco Ltd. now owns 6,563,774 shares of the closed-end fund’s stock worth $161,338,000 after purchasing an additional 415,512 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Franklin Resources by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,067,780 shares of the closed-end fund’s stock valued at $91,398,000 after purchasing an additional 154,850 shares during the last quarter. Northern Trust Corp boosted its position in shares of Franklin Resources by 7.1% in the 3rd quarter. Northern Trust Corp now owns 3,053,751 shares of the closed-end fund’s stock valued at $75,061,000 after purchasing an additional 202,288 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Franklin Resources by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,878,337 shares of the closed-end fund’s stock worth $55,956,000 after purchasing an additional 37,474 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors.

About Franklin Resources

(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.

Further Reading

Analyst Recommendations for Franklin Resources (NYSE:BEN)

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