Franklin Resources (NYSE:BEN) Given New $27.00 Price Target at UBS Group

Franklin Resources (NYSE:BENGet Rating) had its price objective hoisted by UBS Group from $24.00 to $27.00 in a report issued on Monday, Stock Target Advisor reports. They currently have a neutral rating on the closed-end fund’s stock.

A number of other brokerages have also recently commented on BEN. The Goldman Sachs Group started coverage on shares of Franklin Resources in a report on Tuesday, June 28th. They set a sell rating and a $23.00 target price on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $28.00 to $25.00 in a research note on Thursday, May 19th. Keefe, Bruyette & Woods cut shares of Franklin Resources from a market perform rating to an underperform rating and dropped their price target for the stock from $28.00 to $22.00 in a research note on Tuesday, June 28th. Morgan Stanley dropped their price target on shares of Franklin Resources from $27.00 to $21.00 and set an underweight rating on the stock in a research note on Thursday, June 30th. Finally, BMO Capital Markets dropped their price target on shares of Franklin Resources from $29.00 to $27.00 in a research note on Wednesday, June 1st. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $26.38.

Franklin Resources Stock Performance

Shares of BEN stock opened at $27.94 on Monday. Franklin Resources has a 12 month low of $22.61 and a 12 month high of $38.27. The stock has a market cap of $13.97 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 5.03 and a beta of 1.20. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.72. The company’s fifty day moving average price is $25.06 and its 200-day moving average price is $27.11.

Franklin Resources (NYSE:BENGet Rating) last announced its earnings results on Thursday, July 28th. The closed-end fund reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.09. Franklin Resources had a net margin of 20.25% and a return on equity of 17.37%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the business posted $0.96 EPS. The company’s quarterly revenue was down 6.5% on a year-over-year basis. On average, equities analysts expect that Franklin Resources will post 3.45 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Wednesday, June 29th. Franklin Resources’s dividend payout ratio (DPR) is 34.52%.

Insiders Place Their Bets

In other Franklin Resources news, insider Franklin Resources Inc purchased 56,123 shares of Franklin Resources stock in a transaction dated Monday, July 11th. The stock was purchased at an average price of $4.32 per share, with a total value of $242,451.36. Following the transaction, the insider now directly owns 271,124 shares of the company’s stock, valued at $1,171,255.68. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Mariann H. Byerwalter sold 3,135 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $23.37, for a total transaction of $73,264.95. Following the completion of the sale, the director now owns 11,523 shares of the company’s stock, valued at approximately $269,292.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Franklin Resources Inc purchased 56,123 shares of Franklin Resources stock in a transaction dated Monday, July 11th. The shares were acquired at an average cost of $4.32 per share, with a total value of $242,451.36. Following the transaction, the insider now directly owns 271,124 shares in the company, valued at $1,171,255.68. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 996,259 shares of company stock valued at $4,408,007. 23.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC grew its stake in shares of Franklin Resources by 13.7% during the 2nd quarter. Parallel Advisors LLC now owns 6,417 shares of the closed-end fund’s stock valued at $150,000 after acquiring an additional 775 shares during the period. Victory Capital Management Inc. grew its stake in shares of Franklin Resources by 15.8% during the 2nd quarter. Victory Capital Management Inc. now owns 1,202,144 shares of the closed-end fund’s stock valued at $28,022,000 after acquiring an additional 163,582 shares during the period. Osborne Partners Capital Management LLC bought a new position in shares of Franklin Resources during the 2nd quarter valued at approximately $769,000. ProShare Advisors LLC grew its stake in shares of Franklin Resources by 27.5% during the 2nd quarter. ProShare Advisors LLC now owns 6,399,548 shares of the closed-end fund’s stock valued at $149,174,000 after acquiring an additional 1,380,595 shares during the period. Finally, Yousif Capital Management LLC grew its stake in shares of Franklin Resources by 7.7% during the 2nd quarter. Yousif Capital Management LLC now owns 282,551 shares of the closed-end fund’s stock valued at $6,586,000 after acquiring an additional 20,129 shares during the period. 43.50% of the stock is currently owned by institutional investors.

Franklin Resources Company Profile

(Get Rating)

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.

Further Reading

Analyst Recommendations for Franklin Resources (NYSE:BEN)

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