Franklin Resources (NYSE:BEN) Given New $21.25 Price Target at The Goldman Sachs Group

Franklin Resources (NYSE:BEN) had its price objective lowered by The Goldman Sachs Group from $23.75 to $21.25 in a research report released on Monday, Benzinga reports. The brokerage currently has a sell rating on the closed-end fund’s stock.

A number of other analysts have also issued reports on the company. Barclays assumed coverage on Franklin Resources in a report on Tuesday, August 27th. They issued an underweight rating and a $20.00 target price on the stock. Evercore ISI decreased their price target on shares of Franklin Resources from $24.00 to $20.00 and set an underperform rating on the stock in a research report on Thursday, September 5th. Wells Fargo & Company initiated coverage on shares of Franklin Resources in a research report on Thursday, September 12th. They set an equal weight rating and a $20.00 price objective for the company. BMO Capital Markets reduced their target price on shares of Franklin Resources from $27.00 to $26.00 and set a market perform rating for the company in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Franklin Resources from $24.00 to $23.00 and set a hold rating on the stock in a research note on Monday, July 29th. Five analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of Hold and a consensus price target of $22.85.

Franklin Resources Stock Down 1.5 %

BEN opened at $19.57 on Monday. Franklin Resources has a twelve month low of $18.94 and a twelve month high of $30.32. 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 business has a 50 day moving average price of $20.90 and a 200 day moving average price of $23.04. The firm has a market cap of $10.30 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39.

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

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.31 per share. The ex-dividend date is Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 6.34%. Franklin Resources’s dividend payout ratio is currently 70.86%.

Insider Buying and Selling at Franklin Resources

In other news, CEO Jennifer M. Johnson bought 12,700 shares of the stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $19.66 per share, with a total value of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at $51,857,182. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Franklin Resources news, CEO Jennifer M. Johnson bought 18,900 shares of Franklin Resources stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $20.95 per share, with a total value of $395,955.00. Following the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer M. Johnson purchased 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the transaction, the chief executive officer now owns 2,637,700 shares in the company, valued at $51,857,182. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 231,600 shares of company stock valued at $4,537,637. 24.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Franklin Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC increased its position in Franklin Resources by 4.4% in the 1st quarter. CWM LLC now owns 9,652 shares of the closed-end fund’s stock valued at $271,000 after acquiring an additional 410 shares in the last quarter. US Bancorp DE increased its position in Franklin Resources by 2.1% in the first quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock worth $621,000 after purchasing an additional 444 shares during the period. Interval Partners LP raised its holdings in Franklin Resources by 0.4% during the 2nd quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock worth $2,434,000 after purchasing an additional 483 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Franklin Resources by 14.9% during the 1st quarter. Richardson Financial Services Inc. now owns 4,020 shares of the closed-end fund’s stock valued at $113,000 after purchasing an additional 520 shares during the period. Finally, State of Michigan Retirement System boosted its stake in shares of Franklin Resources by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock valued at $1,971,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.