Franklin Resources Inc. (BEN) Price Target Raised to $35.00 at Deutsche Bank AG
Franklin Resources Inc. (NYSE:BEN) had its price objective upped by analysts at Deutsche Bank AG from $34.00 to $35.00 in a research note issued to investors on Wednesday. The firm currently has a “hold” rating on the closed-end fund’s stock. Deutsche Bank AG’s target price would suggest a potential downside of 2.15% from the stock’s current price.
Other analysts have also issued reports about the company. Zacks Investment Research lowered Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. Keefe, Bruyette & Woods lifted their price target on Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Barclays PLC lifted their price target on Franklin Resources from $30.00 to $31.00 and gave the company an “underweight” rating in a research note on Tuesday, August 9th. Citigroup Inc. lifted their price target on Franklin Resources from $37.50 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, June 9th. Finally, Jefferies Group reissued a “neutral” rating on shares of Franklin Resources in a research note on Tuesday, August 9th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $37.74.
Franklin Resources (NYSE:BEN) traded up 1.93% during mid-day trading on Wednesday, reaching $36.46. The company had a trading volume of 411,545 shares. The firm has a market capitalization of $21.01 billion, a P/E ratio of 13.49 and a beta of 1.66. The firm’s 50-day moving average is $35.85 and its 200-day moving average is $36.02. Franklin Resources has a one year low of $30.56 and a one year high of $42.23.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm posted $0.82 earnings per share. The business’s revenue for the quarter was down 18.3% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources will post $2.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 2.01%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.57%.
In related news, insider Jennifer M. Johnson sold 15,892 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. Corporate insiders own 20.41% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares during the period. FTB Advisors Inc. increased its stake in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares during the period. Van ECK Associates Corp increased its stake in shares of Franklin Resources by 21.1% in the second quarter. Van ECK Associates Corp now owns 3,347 shares of the closed-end fund’s stock valued at $112,000 after buying an additional 583 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock valued at $179,000 after buying an additional 4,335 shares during the period. Finally, Alpha Windward LLC increased its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares during the period. Institutional investors and hedge funds own 48.39% of the company’s stock.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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