Barclays PLC Analysts Give Franklin Resources Inc. (BEN) a $30.00 Price Target
Barclays PLC set a $30.00 target price on Franklin Resources Inc. (NYSE:BEN) in a research report released on Tuesday morning. The brokerage currently has a a sell rating on the closed-end fund’s stock.
A number of other research firms have also commented on BEN. Jefferies Group upped their price target on shares of Franklin Resources from $34.00 to $36.00 and gave the company a hold rating in a report on Tuesday, October 11th. Deutsche Bank AG upped their price target on shares of Franklin Resources from $34.00 to $35.00 and gave the company a hold rating in a report on Wednesday, October 5th. Keefe, Bruyette & Woods upped their price target on shares of Franklin Resources from $34.00 to $37.00 and gave the company a market perform rating in a report on Friday, July 29th. Bank of America Corp. upgraded shares of Franklin Resources from an underperform rating to a neutral rating in a report on Wednesday. Finally, Citigroup Inc. upped their price target on shares of Franklin Resources from $36.00 to $40.00 and gave the company a neutral rating in a report on Friday, July 29th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a strong buy rating to the company. Franklin Resources currently has an average rating of Hold and an average price target of $37.81.
Franklin Resources (NYSE:BEN) opened at 37.85 on Tuesday. The firm has a 50 day moving average of $34.97 and a 200-day moving average of $35.29. Franklin Resources has a 1-year low of $30.56 and a 1-year high of $42.23. The company has a market capitalization of $21.59 billion, a price-to-earnings ratio of 12.87 and a beta of 1.76.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Wednesday, October 26th. The closed-end fund reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.13. The firm earned $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Franklin Resources had a net margin of 26.09% and a return on equity of 13.93%. The business’s quarterly revenue was down 14.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.59 EPS. On average, equities research analysts anticipate that Franklin Resources will post $2.68 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Wednesday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is currently 24.49%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total transaction of $180,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Rupert H. Johnson, Jr. sold 300,000 shares of the stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $33.65, for a total transaction of $10,095,000.00. Following the sale, the insider now directly owns 104,465,045 shares of the company’s stock, valued at $3,515,248,764.25. The disclosure for this sale can be found here. Company insiders own 20.41% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Emerald Acquisition Ltd. bought a new stake in shares of Franklin Resources during the second quarter worth about $31,205,000. Morgan Stanley raised its position in Franklin Resources by 12.8% in the third quarter. Morgan Stanley now owns 8,049,532 shares of the closed-end fund’s stock worth $286,321,000 after buying an additional 916,293 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in Franklin Resources by 1,068.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 762,566 shares of the closed-end fund’s stock worth $25,447,000 after buying an additional 697,300 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Franklin Resources during the first quarter worth $24,261,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in Franklin Resources during the second quarter worth $20,369,000. 48.24% of the stock is owned by institutional investors and hedge funds.
About Franklin Resources
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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