Franklin Resources (NYSE:BEN) PT Lowered to $19.00

Franklin Resources (NYSE:BEN) had its target price trimmed by Barclays from $20.00 to $19.00 in a research note published on Monday, Benzinga reports. The brokerage currently has an underweight rating on the closed-end fund’s stock.

Other research analysts have also recently issued research reports about the stock. TD Cowen upped their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Evercore ISI reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research report on Friday, October 4th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a research report on Thursday, August 22nd. Finally, BMO Capital Markets reduced their price target on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. Five equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.33.

Franklin Resources Trading Up 0.6 %

NYSE BEN opened at $20.67 on Monday. The firm’s 50-day moving average is $20.47 and its two-hundred day moving average is $22.53. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The stock has a market capitalization of $10.87 billion, a P/E ratio of 11.81, a PEG ratio of 2.29 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. On average, sell-side analysts anticipate that Franklin Resources will post 2.4 earnings per share for the current year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.00%. Franklin Resources’s payout ratio is 70.86%.

Insider Buying and Selling at Franklin Resources

In related news, CEO Jennifer M. Johnson purchased 18,900 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the completion of the purchase, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Franklin Resources news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the transaction, the insider now owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer M. Johnson bought 18,900 shares of the stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the completion of the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 231,600 shares of company stock worth $4,537,637 over the last three months. Insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd acquired a new stake in shares of Franklin Resources during the first quarter worth $710,000. Zurich Insurance Group Ltd FI acquired a new stake in shares of Franklin Resources during the first quarter worth $1,538,000. SG Americas Securities LLC lifted its holdings in shares of Franklin Resources by 583.8% during the first quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock worth $5,600,000 after purchasing an additional 170,089 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Franklin Resources by 46.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 278,268 shares of the closed-end fund’s stock worth $7,758,000 after purchasing an additional 88,700 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Franklin Resources by 4.3% during the second quarter. Nisa Investment Advisors LLC now owns 102,385 shares of the closed-end fund’s stock worth $2,320,000 after purchasing an additional 4,248 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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.