Keefe, Bruyette & Woods reiterated their hold rating on shares of Franklin Resources, Inc. (NYSE:BEN) in a research report sent to investors on Thursday. The firm currently has a $47.00 price target on the closed-end fund’s stock.
A number of other brokerages have also recently weighed in on BEN. Zacks Investment Research cut Franklin Resources from a buy rating to a hold rating in a research note on Thursday, July 27th. Wells Fargo & Company cut Franklin Resources from an outperform rating to a market perform rating and set a $50.00 target price on the stock. in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed a hold rating and set a $44.00 target price on shares of Franklin Resources in a research note on Friday, July 14th. Morgan Stanley reaffirmed an underweight rating and set a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Finally, BidaskClub raised Franklin Resources from a buy rating to a strong-buy rating in a research note on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $44.36.
Franklin Resources (NYSE BEN) opened at 44.64 on Thursday. Franklin Resources has a 12-month low of $33.02 and a 12-month high of $47.65. The stock has a market capitalization of $24.90 billion, a price-to-earnings ratio of 14.53 and a beta of 1.72. The firm has a 50-day moving average of $43.31 and a 200-day moving average of $43.37.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts forecast that Franklin Resources will post $2.96 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.79%. Franklin Resources’s dividend payout ratio is 26.14%.
Institutional investors have recently made changes to their positions in the company. IFP Advisors Inc lifted its holdings in shares of Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the last quarter. Mountain Capital Investment Advisors Inc acquired a new stake in shares of Franklin Resources during the 2nd quarter valued at about $123,000. Global X Management Co. LLC lifted its holdings in shares of Franklin Resources by 7.9% during the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after buying an additional 337 shares during the last quarter. Investment Centers of America Inc. acquired a new stake in shares of Franklin Resources during the 1st quarter valued at about $201,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Franklin Resources by 6.0% during the 1st quarter. Van ECK Associates Corp now owns 4,847 shares of the closed-end fund’s stock valued at $204,000 after buying an additional 276 shares during the last quarter. Institutional investors and hedge funds own 44.95% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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