Franklin Resources (NYSE:BEN) Given New $25.50 Price Target at TD Cowen

Franklin Resources (NYSE:BEN) had its target price trimmed by TD Cowen from $29.00 to $25.50 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a hold rating on the closed-end fund’s stock.

Several other research firms also recently commented on BEN. BMO Capital Markets decreased their price objective on Franklin Resources from $30.00 to $27.00 and set a market perform rating on the stock in a research note on Tuesday. UBS Group lifted their price target on shares of Franklin Resources from $26.00 to $30.00 and gave the company a neutral rating in a report on Wednesday, January 10th. StockNews.com lowered shares of Franklin Resources from a buy rating to a hold rating in a research report on Thursday, February 1st. Morgan Stanley raised their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the company an underweight rating in a research report on Wednesday, April 17th. Finally, Evercore ISI dropped their target price on shares of Franklin Resources from $29.00 to $26.00 and set an underperform rating for the company in a report on Tuesday. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, Franklin Resources has a consensus rating of Hold and a consensus price target of $26.00.

Franklin Resources Stock Performance

Shares of NYSE BEN opened at $23.38 on Tuesday. Franklin Resources has a 12-month low of $21.88 and a 12-month high of $30.32. The firm has a market capitalization of $12.30 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.74 and a beta of 1.44. 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 firm has a 50 day moving average of $26.54 and a 200 day moving average of $26.32.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a net margin of 11.09% and a return on equity of 10.82%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm earned $0.61 EPS. The company’s revenue was up 11.7% on a year-over-year basis. On average, research analysts anticipate that Franklin Resources will post 2.48 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 5.30%. The ex-dividend date of this dividend was Wednesday, March 27th. Franklin Resources’s payout ratio is 70.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BEN. Peoples Bank KS purchased a new stake in Franklin Resources during the third quarter valued at $25,000. Blue Trust Inc. lifted its holdings in shares of Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after acquiring an additional 623 shares during the last quarter. Bell Investment Advisors Inc grew its position in Franklin Resources by 975.5% in the third quarter. Bell Investment Advisors Inc now owns 1,140 shares of the closed-end fund’s stock worth $28,000 after acquiring an additional 1,034 shares in the last quarter. Creative Financial Designs Inc. ADV bought a new stake in Franklin Resources during the fourth quarter worth approximately $31,000. Finally, Massmutual Trust Co. FSB ADV raised its position in Franklin Resources by 149.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 665 shares during the period. 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.