Franklin Resources (NYSE:BEN) PT Lowered to $24.00 at Deutsche Bank Aktiengesellschaft

Franklin Resources (NYSE:BEN) had its price objective cut by Deutsche Bank Aktiengesellschaft from $29.00 to $24.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a hold rating on the closed-end fund’s stock.

BEN has been the subject of a number of other reports. Wells Fargo & Company raised Franklin Resources from an underweight rating to an equal weight rating and raised their price target for the stock from $24.00 to $30.00 in a research note on Monday, January 8th. BMO Capital Markets decreased their target price on Franklin Resources from $30.00 to $27.00 and set a market perform rating for the company in a research report on Tuesday. UBS Group upped their price target on shares of Franklin Resources from $26.00 to $30.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Evercore ISI decreased their price objective on shares of Franklin Resources from $29.00 to $26.00 and set an underperform rating for the company in a report on Tuesday. Finally, Morgan Stanley upped their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an underweight rating in a research note on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $26.00.

Franklin Resources Price Performance

NYSE:BEN opened at $22.97 on Tuesday. The business’s 50-day moving average is $26.54 and its 200 day moving average is $26.32. Franklin Resources has a 12 month low of $21.88 and a 12 month high of $30.32. The company has a market capitalization of $12.08 billion, a P/E ratio of 13.13, a P/E/G ratio of 1.46 and a beta of 1.44. The company has a current ratio of 1.82, a quick ratio of 1.92 and a debt-to-equity ratio of 0.90.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.01). Franklin Resources had a net margin of 11.09% and a return on equity of 10.82%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business earned $0.61 EPS. Franklin Resources’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities research analysts forecast that Franklin Resources will post 2.49 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.40%. The ex-dividend date of this dividend was Wednesday, March 27th. Franklin Resources’s payout ratio is currently 70.86%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its stake in Franklin Resources by 17.9% in the 4th quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after acquiring an additional 4,043,808 shares during the last quarter. Norges Bank purchased a new position in shares of Franklin Resources in the fourth quarter worth about $49,547,000. Barclays PLC lifted its holdings in shares of Franklin Resources by 138.0% during the third quarter. Barclays PLC now owns 1,750,779 shares of the closed-end fund’s stock worth $43,034,000 after purchasing an additional 1,015,225 shares during the period. Los Angeles Capital Management LLC boosted its position in Franklin Resources by 2,322.5% in the first quarter. Los Angeles Capital Management LLC now owns 868,984 shares of the closed-end fund’s stock valued at $24,427,000 after buying an additional 833,113 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Franklin Resources in the 3rd quarter worth approximately $14,684,000. Hedge funds and other institutional investors own 47.56% 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.