Franklin Resources (NYSE:BEN) Given New $19.00 Price Target at Morgan Stanley

Franklin Resources (NYSE:BEN) had its price target boosted by Morgan Stanley from $18.00 to $19.00 in a report published on Friday,Benzinga reports. They currently have an underweight rating on the closed-end fund’s stock.

A number of other research analysts have also issued reports on BEN. TD Cowen lowered their target price on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. Barclays boosted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underweight” rating in a report on Monday, December 9th. The Goldman Sachs Group reduced their target price on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a report on Monday, September 30th. Finally, UBS Group dropped their price target on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.66.

Franklin Resources Trading Up 2.6 %

Franklin Resources stock opened at $20.49 on Friday. 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 0.92, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $10.73 billion, a PE ratio of 23.83, a price-to-earnings-growth ratio of 2.43 and a beta of 1.39. The firm has a 50 day simple moving average of $21.40 and a 200-day simple moving average of $21.51.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the business posted $0.84 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Franklin Resources will post 2.39 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be paid a dividend of $0.32 per share. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 6.25%. The ex-dividend date is Monday, December 30th. Franklin Resources’s payout ratio is 148.84%.

Insider Activity

In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of Franklin Resources stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $43.71, for a total transaction of $345,309.00. Following the transaction, the insider now owns 36,519 shares of the company’s stock, valued at $1,596,245.49. The trade was a 17.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 24,024 shares of company stock worth $1,051,375 over the last quarter. Corporate insiders own 24.13% of the company’s stock.

Institutional Trading of Franklin Resources

Several institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd acquired a new stake in Franklin Resources during the second quarter valued at $27,000. MFA Wealth Advisors LLC purchased a new stake in shares of Franklin Resources during the 3rd quarter worth about $26,000. Sentry Investment Management LLC purchased a new stake in shares of Franklin Resources during the 2nd quarter worth about $30,000. Matrix Trust Co acquired a new stake in shares of Franklin Resources during the 3rd quarter valued at about $29,000. Finally, Larson Financial Group LLC grew its stake in shares of Franklin Resources by 254.4% in the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 1,277 shares in the last quarter. 47.56% of the stock is currently 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.