Franklin Resources (NYSE:BEN) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Franklin Resources (NYSE:BEN) in a research report sent to investors on Thursday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $20.00 target price on the closed-end fund’s stock.

A number of other research firms also recently weighed in on BEN. BMO Capital Markets decreased their target price on Franklin Resources from $27.00 to $26.00 and set a market perform rating on the stock in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated an underperform rating and set a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. Barclays initiated coverage on shares of Franklin Resources in a research note on Tuesday, August 27th. They issued an underweight rating and a $20.00 price objective for the company. UBS Group decreased their target price on shares of Franklin Resources from $25.00 to $24.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $24.00 to $23.00 and set a hold rating for the company in a research report on Monday, July 29th. Four 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 a consensus rating of Hold and a consensus price target of $23.00.

Franklin Resources Trading Up 1.2 %

Shares of NYSE:BEN opened at $19.68 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71. The stock’s 50-day moving average is $21.72 and its 200-day moving average is $23.79. The company has a market cap of $10.35 billion, a P/E ratio of 11.24, a P/E/G ratio of 2.41 and a beta of 1.39. Franklin Resources has a 52-week low of $18.94 and a 52-week high of $30.32.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The company had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Equities research analysts predict that Franklin Resources will post 2.41 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 6.30%. Franklin Resources’s payout ratio is 70.86%.

Insider Transactions at Franklin Resources

In other news, major shareholder Charles B. Johnson acquired 200,000 shares of Franklin Resources stock in a transaction on Friday, June 21st. The shares were purchased at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Franklin Resources news, CEO Jennifer M. Johnson bought 18,900 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $20.95 per share, with a total value of $395,955.00. Following the acquisition, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Charles B. Johnson acquired 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was bought at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 331,600 shares of company stock worth $7,189,637. 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 stock. Altshuler Shaham Ltd bought a new position in Franklin Resources during the 2nd quarter worth approximately $27,000. Sentry Investment Management LLC bought a new stake in shares of Franklin Resources in the 2nd quarter valued at $30,000. Headlands Technologies LLC acquired a new stake in Franklin Resources during the 1st quarter worth $32,000. Principal Securities Inc. acquired a new position in Franklin Resources in the fourth quarter valued at about $35,000. Finally, Denali Advisors LLC bought a new stake in shares of Franklin Resources in the first quarter worth about $44,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

About Franklin Resources

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.