Zacks Investment Research lowered shares of Franklin Resources (NYSE:BEN) from a buy rating to a hold rating in a research report report published on Monday, March 12th.
According to Zacks, “Shares of Franklin Resources underperformed the industry over the past six months. However, the company’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters. We remain optimistic as strategic acquisitions and solid distribution platform have well positioned the company for growth. Further, management continues with cost-control measures. Also, its involvement in steady capital deployment activities boosts shareholders’ confidence. However, volatile markets and unfavorable global economic conditions may affect the company’s performance and hurt profitability.”
A number of other equities research analysts also recently commented on the stock. Deutsche Bank dropped their price objective on shares of Franklin Resources from $40.00 to $37.00 and set a hold rating on the stock in a research report on Tuesday, March 6th. Keefe, Bruyette & Woods reissued a hold rating and issued a $47.00 price objective on shares of Franklin Resources in a research report on Friday, December 22nd. Finally, ValuEngine downgraded shares of Franklin Resources from a buy rating to a hold rating in a research report on Friday, November 17th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The stock presently has an average rating of Hold and an average target price of $42.80.
Franklin Resources (NYSE:BEN) last announced its earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.13. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm earned $0.77 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. research analysts forecast that Franklin Resources will post 3.26 earnings per share for the current year.
The business also recently announced a special dividend, which will be paid on Thursday, April 12th. Investors of record on Thursday, March 29th will be given a $3.00 dividend. This represents a dividend yield of 2.35%. This is an increase from Franklin Resources’s previous special dividend of $0.50. The ex-dividend date of this dividend is Wednesday, March 28th. Franklin Resources’s dividend payout ratio (DPR) is 30.56%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. We Are One Seven LLC purchased a new position in shares of Franklin Resources in the 4th quarter valued at $113,000. Cerebellum GP LLC acquired a new stake in Franklin Resources during the 4th quarter worth $125,000. Valeo Financial Advisors LLC boosted its stake in Franklin Resources by 150.9% during the 4th quarter. Valeo Financial Advisors LLC now owns 4,015 shares of the closed-end fund’s stock worth $174,000 after purchasing an additional 2,415 shares during the period. Buckley Wealth Management LLC acquired a new stake in Franklin Resources during the 4th quarter worth $202,000. Finally, Chicago Equity Partners LLC acquired a new stake in Franklin Resources during the 3rd quarter worth $209,000. 46.96% of the stock is currently owned by hedge funds and other institutional investors.
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Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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