Franklin Resources (NYSE:BEN) Sets New 52-Week High Following Better-Than-Expected Earnings

Franklin Resources, Inc. (NYSE:BEN) reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $26.82 and last traded at $26.0920, with a volume of 609820 shares changing hands. The stock had previously closed at $25.88.

The closed-end fund reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. Franklin Resources had a net margin of 5.98% and a return on equity of 9.12%. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the prior year, the firm posted $0.59 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year.

Franklin Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Tuesday, December 30th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 5.0%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.32. The ex-dividend date was Tuesday, December 30th. Franklin Resources’s dividend payout ratio is 145.05%.

Analysts Set New Price Targets

BEN has been the topic of a number of recent analyst reports. BMO Capital Markets assumed coverage on Franklin Resources in a research note on Friday, October 3rd. They set an “outperform” rating and a $26.00 target price on the stock. Evercore ISI decreased their price objective on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a report on Thursday, October 9th. Barclays boosted their target price on shares of Franklin Resources from $22.00 to $25.00 and gave the company an “underweight” rating in a research note on Thursday, January 15th. TD Cowen decreased their price target on shares of Franklin Resources from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, January 14th. Finally, Wall Street Zen cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $24.64.

Institutional Trading of Franklin Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC lifted its stake in Franklin Resources by 4.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,751 shares of the closed-end fund’s stock worth $233,000 after purchasing an additional 397 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Franklin Resources by 0.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 102,708 shares of the closed-end fund’s stock valued at $2,376,000 after purchasing an additional 497 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Franklin Resources by 4.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 12,287 shares of the closed-end fund’s stock valued at $284,000 after buying an additional 531 shares in the last quarter. ORG Wealth Partners LLC lifted its position in Franklin Resources by 3.7% in the 4th quarter. ORG Wealth Partners LLC now owns 16,343 shares of the closed-end fund’s stock worth $390,000 after buying an additional 577 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in Franklin Resources by 3.5% in the third quarter. Sequoia Financial Advisors LLC now owns 17,150 shares of the closed-end fund’s stock worth $397,000 after buying an additional 583 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

The firm has a market cap of $13.72 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44. The company has a 50 day simple moving average of $24.18 and a 200-day simple moving average of $24.01. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.40 and a quick ratio of 1.40.

Franklin Resources Company Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.