Franklin Resources, Inc. (NYSE:BEN) Receives $23.83 Consensus PT from Brokerages

Franklin Resources, Inc. (NYSE:BEN) has been assigned a consensus recommendation of “Reduce” from the fifteen analysts that are covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $23.8333.

A number of brokerages have commented on BEN. Barclays lowered their price target on Franklin Resources from $23.00 to $20.00 and set an “underweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Franklin Resources from $22.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, August 4th. Wells Fargo & Company boosted their price objective on Franklin Resources from $21.50 to $26.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. BMO Capital Markets assumed coverage on Franklin Resources in a report on Friday, October 3rd. They issued an “outperform” rating and a $26.00 price objective for the company. Finally, Evercore ISI decreased their price objective on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a report on Thursday, October 9th.

Franklin Resources Stock Performance

Shares of BEN opened at $22.84 on Wednesday. Franklin Resources has a 12 month low of $16.25 and a 12 month high of $26.08. The stock has a fifty day moving average price of $24.02 and a 200-day moving average price of $22.84. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. The firm has a market cap of $11.86 billion, a PE ratio of 44.78, a P/E/G ratio of 1.63 and a beta of 1.50.

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

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Tuesday, September 30th. Franklin Resources’s payout ratio is 250.98%.

Hedge Funds Weigh In On Franklin Resources

Large investors have recently bought and sold shares of the business. Capital A Wealth Management LLC raised its holdings in Franklin Resources by 3,869.2% in the 2nd quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock worth $25,000 after purchasing an additional 1,006 shares during the period. Total Investment Management Inc. acquired a new position in Franklin Resources in the 2nd quarter worth about $27,000. Consultiva Wealth Management CORP. raised its holdings in Franklin Resources by 177.1% in the 2nd quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock worth $31,000 after purchasing an additional 820 shares during the period. Manchester Capital Management LLC raised its holdings in Franklin Resources by 49.9% in the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock worth $32,000 after purchasing an additional 555 shares during the period. Finally, SJS Investment Consulting Inc. raised its holdings in Franklin Resources by 5,180.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 2,112 shares of the closed-end fund’s stock worth $49,000 after purchasing an additional 2,072 shares during the period. 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.