Franklin Resources (NYSE:BEN) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Franklin Resources (NYSE:BEN) from a sell rating to a neutral rating in a research report released on Monday morning, Marketbeat.com reports. They currently have $22.00 target price on the closed-end fund’s stock, up from their previous target price of $21.00.

BEN has been the topic of several other reports. StockNews.com upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. TD Cowen lowered their price objective on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price objective on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Morgan Stanley lifted their target price on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Friday, December 20th. Finally, Evercore ISI lowered their price target on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, October 4th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.73.

Franklin Resources Price Performance

Shares of Franklin Resources stock opened at $19.78 on Monday. The stock has a market cap of $10.36 billion, a P/E ratio of 23.00, a P/E/G ratio of 2.38 and a beta of 1.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The stock’s fifty day moving average is $21.36 and its 200 day moving average is $21.31. Franklin Resources has a one year low of $18.94 and a one year high of $29.41.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts anticipate that Franklin Resources will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Monday, December 30th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, December 30th. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.47%. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Insider Buying and Selling

In related news, insider Franklin Resources Inc sold 8,467 shares of Franklin Resources stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $43.69, for a total value of $369,923.23. Following the completion of the transaction, the insider now owns 51,019 shares in the company, valued at approximately $2,229,020.11. This trade represents a 14.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 24,024 shares of company stock worth $1,051,375. Insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc raised its holdings in Franklin Resources by 20.3% during the 2nd quarter. TD Asset Management Inc now owns 96,312 shares of the closed-end fund’s stock valued at $2,153,000 after buying an additional 16,236 shares during the period. National Bank of Canada FI lifted its holdings in shares of Franklin Resources by 22.8% in the 2nd quarter. National Bank of Canada FI now owns 86,746 shares of the closed-end fund’s stock worth $1,920,000 after acquiring an additional 16,125 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Franklin Resources by 11.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,215,412 shares of the closed-end fund’s stock worth $27,164,000 after purchasing an additional 125,262 shares during the period. Candriam S.C.A. grew its holdings in Franklin Resources by 2.8% during the 2nd quarter. Candriam S.C.A. now owns 48,186 shares of the closed-end fund’s stock valued at $1,077,000 after purchasing an additional 1,310 shares during the last quarter. Finally, Savant Capital LLC raised its position in Franklin Resources by 321.1% in the 2nd quarter. Savant Capital LLC now owns 74,094 shares of the closed-end fund’s stock worth $1,656,000 after purchasing an additional 56,500 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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.