Franklin Resources, Inc. (NYSE:BEN) Receives Average Rating of “Reduce” from Analysts

Franklin Resources, Inc. (NYSE:BEN) has earned a consensus rating of “Reduce” from the eleven research firms that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $20.66.

Several equities analysts have recently weighed in on BEN shares. Evercore ISI cut their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. Barclays upped their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underweight” rating in a research report on Monday, December 9th. JPMorgan Chase & Co. dropped their target price on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. The Goldman Sachs Group reduced their price target on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a report on Monday, September 30th. Finally, Morgan Stanley raised their price objective on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Friday, December 20th.

Franklin Resources Trading Down 2.7 %

NYSE BEN opened at $20.11 on Thursday. The company has a fifty day moving average of $21.41 and a 200 day moving average of $21.42. The company has a market capitalization of $10.54 billion, a PE ratio of 23.38, a P/E/G ratio of 2.43 and a beta of 1.39. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63. Franklin Resources has a 1 year low of $18.94 and a 1 year high of $29.41.

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). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. Research analysts forecast that Franklin Resources will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.32 per share. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, December 30th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.36%. Franklin Resources’s dividend payout ratio is presently 148.84%.

Insider Activity

In related news, insider Franklin Resources Inc sold 7,657 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the sale, the insider now owns 65,862 shares of the company’s stock, valued at approximately $2,891,341.80. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 24,024 shares of company stock worth $1,051,375 over the last three months. Insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new position in shares of Franklin Resources during the 2nd quarter worth $27,000. MFA Wealth Advisors LLC acquired a new stake in Franklin Resources during the third quarter worth about $26,000. Sentry Investment Management LLC purchased a new position in Franklin Resources during the second quarter worth about $30,000. Matrix Trust Co acquired a new position in Franklin Resources in 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 during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.