Franklin Resources (NYSE:BEN) Research Coverage Started at BMO Capital Markets

BMO Capital Markets began coverage on shares of Franklin Resources (NYSE:BEN) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $26.00 target price on the closed-end fund’s stock.

A number of other research analysts have also recently issued reports on BEN. Evercore ISI lifted their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underperform” rating in a research note on Monday, August 4th. Barclays reiterated an “underweight” rating and issued a $23.00 price objective (up previously from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. Zacks Research cut Franklin Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. The Goldman Sachs Group upgraded Franklin Resources from a “neutral” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Friday, June 27th. Finally, Wells Fargo & Company upped their price target on shares of Franklin Resources from $21.50 to $26.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $24.25.

Franklin Resources Stock Up 3.9%

Shares of NYSE:BEN opened at $23.80 on Friday. The company’s fifty day moving average is $24.67 and its 200-day moving average is $22.48. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. Franklin Resources has a 52 week low of $16.25 and a 52 week high of $26.08. The company has a market capitalization of $12.35 billion, a PE ratio of 46.66, a P/E/G ratio of 1.57 and a beta of 1.50.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. Equities research analysts predict that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 5.4%. Franklin Resources’s dividend payout ratio is presently 250.98%.

Institutional Investors Weigh In On Franklin Resources

A number of institutional investors and hedge funds have recently modified their holdings of BEN. Manchester Capital Management LLC lifted its holdings in Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock valued at $32,000 after buying an additional 555 shares during the period. Whitener Capital Management Inc. lifted its stake in shares of Franklin Resources by 3.3% in the 1st quarter. Whitener Capital Management Inc. now owns 21,245 shares of the closed-end fund’s stock valued at $409,000 after purchasing an additional 688 shares during the period. Wright Investors Service Inc. lifted its stake in shares of Franklin Resources by 3.5% in the 2nd quarter. Wright Investors Service Inc. now owns 20,968 shares of the closed-end fund’s stock valued at $500,000 after purchasing an additional 706 shares during the period. Gen Wealth Partners Inc boosted its position in shares of Franklin Resources by 2.8% in the 1st quarter. Gen Wealth Partners Inc now owns 25,972 shares of the closed-end fund’s stock worth $500,000 after purchasing an additional 718 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Franklin Resources by 8.3% during the second quarter. SBI Securities Co. Ltd. now owns 9,351 shares of the closed-end fund’s stock worth $223,000 after purchasing an additional 718 shares during the period. 47.56% of the stock is owned by 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.