Franklin Resources (NYSE:BEN – Free Report) had its price objective reduced by Deutsche Bank Aktiengesellschaft from $30.00 to $28.00 in a report released on Tuesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the closed-end fund’s stock.
A number of other equities analysts have also recently commented on BEN. Jefferies Financial Group dropped their price target on shares of Franklin Resources from $28.00 to $27.00 in a research note on Tuesday, October 10th. StockNews.com upgraded shares of Franklin Resources from a hold rating to a buy rating in a report on Wednesday, January 24th. TD Cowen initiated coverage on shares of Franklin Resources in a report on Thursday, January 4th. They issued a market perform rating and a $32.00 price target for the company. Morgan Stanley boosted their price target on shares of Franklin Resources from $22.00 to $24.00 and gave the company an underweight rating in a report on Friday, January 19th. Finally, BMO Capital Markets boosted their price target on shares of Franklin Resources from $27.00 to $30.00 and gave the company a market perform rating in a report on Tuesday. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $27.04.
Franklin Resources Price Performance
Franklin Resources (NYSE:BEN – Get Free Report) last released its quarterly earnings results on Monday, January 29th. The closed-end fund reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. Franklin Resources had a net margin of 11.25% and a return on equity of 10.64%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the company earned $0.51 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Franklin Resources will post 2.52 earnings per share for the current year.
Franklin Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Wednesday, January 3rd were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.57%. The ex-dividend date was Tuesday, January 2nd. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.30. Franklin Resources’s payout ratio is 72.09%.
Insider Buying and Selling
In other Franklin Resources news, EVP Alok Sethi sold 22,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $29.27, for a total transaction of $643,940.00. Following the sale, the executive vice president now owns 70,481 shares of the company’s stock, valued at approximately $2,062,978.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 24.13% of the stock is currently owned by company insiders.
Institutional Trading of Franklin Resources
Several large investors have recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new stake in shares of Franklin Resources in the 2nd quarter valued at $25,000. Peoples Bank KS acquired a new position in Franklin Resources during the third quarter worth $25,000. Blue Trust Inc. raised its position in Franklin Resources by 240.5% during the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock worth $26,000 after acquiring an additional 623 shares during the period. Eagle Bay Advisors LLC acquired a new position in Franklin Resources during the second quarter worth $26,000. Finally, RFP Financial Group LLC acquired a new position in Franklin Resources during the second quarter worth $27,000. Hedge funds and other institutional investors own 46.53% of the company’s stock.
Franklin Resources Company Profile
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.
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