Brokerages Set Franklin Resources, Inc. (NYSE:BEN) Target Price at $23.91

Franklin Resources, Inc. (NYSE:BEN) has been assigned an average recommendation of “Reduce” from the fourteen brokerages that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $23.9091.

A number of brokerages have recently issued reports on BEN. Barclays cut their target price on shares of Franklin Resources from $23.00 to $20.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 21st. BMO Capital Markets started coverage on Franklin Resources in a research note on Friday, October 3rd. They set an “outperform” rating and a $26.00 price objective on the stock. Bank of America increased their target price on Franklin Resources from $19.00 to $22.00 and gave the stock an “underperform” rating in a report on Thursday, October 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Franklin Resources in a report on Wednesday, October 8th. Finally, Evercore ISI reduced their price objective on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a research note on Thursday, October 9th.

Institutional Investors Weigh In On Franklin Resources

Institutional investors have recently modified their holdings of the business. Capital A Wealth Management LLC boosted its stake in Franklin Resources by 3,869.2% in the second quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock valued at $25,000 after acquiring an additional 1,006 shares during the period. Root Financial Partners LLC acquired a new stake in shares of Franklin Resources during the 3rd quarter worth approximately $25,000. Total Investment Management Inc. bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $27,000. EverSource Wealth Advisors LLC boosted its position in Franklin Resources by 129.1% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the closed-end fund’s stock valued at $30,000 after purchasing an additional 740 shares during the period. Finally, Consultiva Wealth Management CORP. grew its stake in Franklin Resources by 177.1% during the 2nd quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock worth $31,000 after buying an additional 820 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Down 0.5%

BEN stock opened at $21.45 on Friday. Franklin Resources has a twelve month low of $16.25 and a twelve month high of $26.08. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $11.17 billion, a P/E ratio of 42.06, a PEG ratio of 1.65 and a beta of 1.49. The firm has a 50 day simple moving average of $23.14 and a 200-day simple moving average of $23.46.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, November 7th. The closed-end fund reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the company posted $0.59 earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date was Tuesday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 140.66%.

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.