Franklin Resources (NYSE:BEN) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Franklin Resources (NYSE:BEN) from a buy rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently issued reports on BEN. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Franklin Resources in a research note on Monday, August 3rd. Keefe, Bruyette & Woods began coverage on shares of Franklin Resources in a report on Wednesday, September 9th. They set a “hold” rating and a $38.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, October 12th. TD Cowen lowered their price target on shares of Franklin Resources from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Finally, Morgan Stanley raised their price objective on Franklin Resources from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, September 25th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.89.

Franklin Resources Stock Performance

NYSE BEN opened at $31.91 on Friday. The company’s 50 day simple moving average is $32.73 and its two-hundred day simple moving average is $30.23. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. Franklin Resources has a 1 year low of $21.10 and a 1 year high of $36.28. The stock has a market capitalization of $16.22 billion, a PE ratio of 11.33, a P/E/G ratio of 0.56 and a beta of 1.54.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the prior year, the business earned $0.49 earnings per share. Franklin Resources’s revenue for the quarter was up 14.3% compared to the same quarter last year. Analysts predict that Franklin Resources will post 2.91 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 89.80%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. United Community Bank grew its stake in Franklin Resources by 0.9% during the second quarter. United Community Bank now owns 37,849 shares of the closed-end fund’s stock valued at $1,259,000 after acquiring an additional 320 shares in the last quarter. Choreo LLC grew its position in shares of Franklin Resources by 5.0% during the third quarter. Choreo LLC now owns 7,590 shares of the closed-end fund’s stock valued at $244,000 after purchasing an additional 360 shares in the last quarter. Empirical Finance LLC increased its holdings in shares of Franklin Resources by 3.7% in the second quarter. Empirical Finance LLC now owns 10,783 shares of the closed-end fund’s stock worth $359,000 after purchasing an additional 380 shares during the last quarter. Greenwich Wealth Management LLC lifted its position in shares of Franklin Resources by 0.3% in the second quarter. Greenwich Wealth Management LLC now owns 143,825 shares of the closed-end fund’s stock worth $4,785,000 after buying an additional 389 shares in the last quarter. Finally, Caldwell Trust Co lifted its position in shares of Franklin Resources by 13.0% in the third quarter. Caldwell Trust Co now owns 3,399 shares of the closed-end fund’s stock worth $109,000 after buying an additional 390 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton name, is a global investment management organization headquartered in San Mateo, California. The company provides investment solutions to individuals, financial professionals, institutions, and other clients worldwide.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional portfolios, and alternative investment strategies. Through its investment teams and specialist affiliates, Franklin Templeton offers capabilities across equities, fixed income, multi-asset strategies, private markets, real assets, and other areas of asset management.

Franklin Resources was founded in 1947 by Rupert H.