Franklin Resources (NYSE:BEN) Price Target Lowered to $21.00 at JPMorgan Chase & Co.

Franklin Resources (NYSE:BEN) had its price objective cut by JPMorgan Chase & Co. from $22.00 to $21.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a neutral rating on the closed-end fund’s stock.

Other analysts have also issued reports about the company. Evercore ISI decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. The Goldman Sachs Group decreased their price objective on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a report on Monday, September 30th. Morgan Stanley decreased their price objective on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Friday, October 18th. Barclays decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a report on Monday, October 14th. Finally, UBS Group decreased their price objective on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $20.95 on Tuesday. Franklin Resources has a one year low of $18.94 and a one year high of $30.32. The firm has a market capitalization of $10.96 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 2.81 and a beta of 1.38. The business has a 50-day simple moving average of $20.21 and a 200 day simple moving average of $21.96. 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 (NYSE:BEN) last issued its earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 5.92%. Franklin Resources’s payout ratio is currently 76.07%.

Insider Transactions at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $43.71, for a total transaction of $345,309.00. Following the completion of the sale, the insider now directly owns 36,519 shares in the company, valued at $1,596,245.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jennifer M. Johnson purchased 12,700 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $19.66 per share, with a total value of $249,682.00. Following the completion of the transaction, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Insiders own 24.13% of the company’s stock.

Institutional Trading of Franklin Resources

Several institutional investors have recently added to or reduced their stakes in the business. Verus Capital Partners LLC boosted its position in Franklin Resources by 65.2% during the third quarter. Verus Capital Partners LLC now owns 31,898 shares of the closed-end fund’s stock valued at $643,000 after buying an additional 12,592 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Franklin Resources by 1.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 806,901 shares of the closed-end fund’s stock worth $16,259,000 after purchasing an additional 11,371 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of Franklin Resources by 14.2% during the third quarter. GSA Capital Partners LLP now owns 21,675 shares of the closed-end fund’s stock worth $437,000 after purchasing an additional 2,689 shares during the period. Versor Investments LP boosted its holdings in shares of Franklin Resources by 21.9% during the third quarter. Versor Investments LP now owns 51,500 shares of the closed-end fund’s stock worth $1,038,000 after purchasing an additional 9,247 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its holdings in shares of Franklin Resources by 6.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 100,834 shares of the closed-end fund’s stock worth $2,032,000 after purchasing an additional 6,524 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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.