Franklin Resources (NYSE:BEN) Price Target Raised to $19.00

Franklin Resources (NYSE:BEN) had its price target raised by Morgan Stanley from $14.00 to $19.00 in a research report sent to investors on Wednesday,Benzinga reports. Morgan Stanley currently has an underweight rating on the closed-end fund’s stock.

BEN has been the subject of a number of other reports. The Goldman Sachs Group raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $29.00 target price for the company in a report on Friday, June 27th. Cowen reissued a “buy” rating on shares of Franklin Resources in a research note on Monday, June 16th. Barclays raised their price objective on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. TD Cowen raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Wednesday, May 14th. Finally, Bank of America dropped their price objective on shares of Franklin Resources from $20.00 to $17.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Franklin Resources currently has an average rating of “Hold” and an average price target of $21.21.

Franklin Resources Trading Down 0.2%

Shares of Franklin Resources stock opened at $24.75 on Wednesday. Franklin Resources has a 12-month low of $16.25 and a 12-month high of $24.94. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.93. The stock has a market cap of $13.01 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 3.37 and a beta of 1.45. The company has a 50-day moving average of $21.92 and a two-hundred day moving average of $20.42.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the company posted $0.56 earnings per share. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, research analysts anticipate that Franklin Resources will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.28 annualized dividend and a yield of 5.17%. Franklin Resources’s payout ratio is currently 188.24%.

Institutional Trading of Franklin Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. CoreCap Advisors LLC grew its stake in Franklin Resources by 147.1% in the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund’s stock worth $25,000 after acquiring an additional 737 shares during the period. GeoWealth Management LLC grew its stake in Franklin Resources by 350.4% in the 4th quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund’s stock worth $26,000 after acquiring an additional 981 shares during the period. Manchester Capital Management LLC grew its stake in Franklin Resources by 49.9% in the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock worth $32,000 after acquiring an additional 555 shares during the period. Smartleaf Asset Management LLC grew its stake in Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock worth $33,000 after acquiring an additional 505 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Franklin Resources in the 4th quarter worth approximately $34,000. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Company Profile

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.