Brokerages Set Franklin Resources, Inc. (NYSE:BEN) Price Target at $23.00

Shares of Franklin Resources, Inc. (NYSE:BEN) have earned an average rating of “Reduce” from the nine ratings firms that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $23.00.

A number of equities research analysts have weighed in on BEN shares. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $23.00 price target on shares of Franklin Resources in a report on Thursday, August 22nd. BMO Capital Markets cut their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. TD Cowen raised their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Barclays initiated coverage on Franklin Resources in a report on Tuesday, August 27th. They issued an “underweight” rating and a $20.00 price target on the stock. Finally, Wells Fargo & Company began coverage on Franklin Resources in a research note on Thursday, September 12th. They set an “equal weight” rating and a $20.00 price objective for the company.

Franklin Resources Price Performance

Shares of NYSE:BEN opened at $20.87 on Tuesday. The stock has a market cap of $10.98 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 2.45 and a beta of 1.39. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The stock’s 50 day moving average price is $21.52 and its 200 day moving average price is $23.55.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. Equities research analysts anticipate that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.31 per share. The ex-dividend date is Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.94%. Franklin Resources’s dividend payout ratio is 70.86%.

Insider Buying and Selling

In other Franklin Resources news, CEO Jennifer M. Johnson bought 12,700 shares of the stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $19.66 per share, with a total value of $249,682.00. Following the purchase, the chief executive officer now directly owns 2,637,700 shares in the company, valued at approximately $51,857,182. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Jennifer M. Johnson purchased 18,900 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the purchase, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were purchased at an average price of $19.66 per share, with a total value of $249,682.00. Following the completion of the acquisition, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 231,600 shares of company stock valued at $4,537,637. Corporate insiders own 24.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Altshuler Shaham Ltd bought a new stake in Franklin Resources in the second quarter worth approximately $27,000. Sentry Investment Management LLC acquired a new position in Franklin Resources during the second quarter worth $30,000. Headlands Technologies LLC bought a new position in Franklin Resources during the first quarter valued at about $32,000. Principal Securities Inc. bought a new position in Franklin Resources during the fourth quarter valued at about $35,000. Finally, Denali Advisors LLC acquired a new stake in shares of Franklin Resources in the first quarter worth about $44,000. 47.56% of the stock is owned by institutional investors and hedge funds.

About Franklin Resources

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.