Franklin Resources, Inc. (NYSE:BEN) Stock Rating Reaffirmed by Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reaffirmed their hold rating on shares of Franklin Resources, Inc. (NYSE:BEN) in a research report sent to investors on Thursday, July 6th. The firm currently has a $47.00 price objective on the closed-end fund’s stock.
Several other equities analysts have also recently weighed in on BEN. Bank of America Corporation raised shares of Franklin Resources from a neutral rating to a buy rating and set a $50.00 target price for the company in a research note on Thursday, March 16th. Morgan Stanley cut shares of Franklin Resources from an overweight rating to an equal weight rating and set a $38.00 target price for the company. in a research note on Thursday, March 16th. Credit Suisse Group set a $33.00 target price on shares of Franklin Resources and gave the company a sell rating in a research note on Monday, March 27th. Deutsche Bank AG raised their target price on shares of Franklin Resources from $41.00 to $42.00 and gave the company a hold rating in a research note on Thursday, April 6th. Finally, Zacks Investment Research raised shares of Franklin Resources from a hold rating to a strong-buy rating and set a $50.00 price objective for the company in a research note on Wednesday, May 17th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $42.10.
Franklin Resources (BEN) traded down 0.11% during mid-day trading on Thursday, reaching $46.27. The company had a trading volume of 2,124,180 shares. Franklin Resources has a one year low of $33.02 and a one year high of $46.61. The company has a market capitalization of $25.97 billion, a P/E ratio of 14.91 and a beta of 1.73. The stock has a 50 day moving average price of $43.20 and a 200 day moving average price of $41.87.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.07. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. The company’s revenue was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.61 EPS. On average, equities analysts expect that Franklin Resources will post $2.93 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is presently 25.81%.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 21.60% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Denali Advisors LLC increased its stake in Franklin Resources by 11.8% in the second quarter. Denali Advisors LLC now owns 208,678 shares of the closed-end fund’s stock valued at $9,347,000 after buying an additional 22,000 shares in the last quarter. James Investment Research Inc. increased its stake in Franklin Resources by 33.3% in the second quarter. James Investment Research Inc. now owns 124,252 shares of the closed-end fund’s stock valued at $5,566,000 after buying an additional 31,048 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in Franklin Resources by 457.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 55,068 shares of the closed-end fund’s stock valued at $2,466,000 after buying an additional 45,186 shares during the period. National Pension Service increased its stake in Franklin Resources by 9.6% in the second quarter. National Pension Service now owns 357,232 shares of the closed-end fund’s stock valued at $15,915,000 after buying an additional 31,231 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in Franklin Resources by 8.4% in the second quarter. State of Alaska Department of Revenue now owns 5,778 shares of the closed-end fund’s stock valued at $258,000 after buying an additional 450 shares during the period. 45.56% of the stock is currently owned by institutional investors.
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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