Franklin Resources, Inc. (NYSE:BEN – Get Free Report) declared a quarterly dividend on Monday, August 26th, RTT News reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.31 per share by the closed-end fund on Friday, October 11th. This represents a $1.24 annualized dividend and a yield of 5.96%. The ex-dividend date is Monday, September 30th.
Franklin Resources has decreased its dividend by an average of 6.2% annually over the last three years. Franklin Resources has a dividend payout ratio of 46.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Franklin Resources to earn $2.65 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 46.8%.
Franklin Resources Price Performance
Shares of NYSE:BEN opened at $20.80 on Friday. The company has a 50 day moving average of $21.18 and a 200 day moving average of $23.25. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. The stock has a market cap of $10.94 billion, a P/E ratio of 11.89, a P/E/G ratio of 2.62 and a beta of 1.39. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32.
Insider Buying and Selling
In other news, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the completion of the purchase, the insider now directly owns 89,308,192 shares in the company, valued at $1,704,000,303.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Charles B. Johnson bought 100,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the acquisition, the insider now owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. The disclosure for this purchase can be found here. Insiders have purchased a total of 231,600 shares of company stock worth $4,537,637 in the last ninety days. 24.13% of the stock is owned by insiders.
Wall Street Analyst Weigh In
BEN has been the topic of a number of research analyst reports. Evercore ISI decreased their target price on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. UBS Group lowered their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company assumed coverage on shares of Franklin Resources in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $20.00 price target for the company. Barclays assumed coverage on shares of Franklin Resources in a research report on Tuesday, August 27th. They set an “underweight” rating and a $20.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $23.00 target price on shares of Franklin Resources in a research report on Thursday, August 22nd. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $23.00.
Check Out Our Latest Report on Franklin Resources
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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