Franklin Resources (NYSE:BEN) PT Lowered to $21.00 at UBS Group

Franklin Resources (NYSE:BEN) had its target price trimmed by UBS Group from $24.00 to $21.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the closed-end fund’s stock.

Several other research firms have also weighed in on BEN. Wells Fargo & Company lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. The Goldman Sachs Group lowered their target price on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research note on Monday, September 30th. Barclays lowered their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, October 14th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a research report on Thursday, August 22nd. Finally, TD Cowen upped their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and an average price target of $21.43.

Franklin Resources Stock Down 0.8 %

BEN stock opened at $20.38 on Tuesday. 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 has a 1-year low of $18.94 and a 1-year high of $30.32. The firm has a fifty day moving average price of $20.39 and a two-hundred day moving average price of $22.32. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 2.29 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.09 billion. Research analysts predict that Franklin Resources will post 2.4 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a yield of 6.09%. Franklin Resources’s dividend payout ratio is presently 70.86%.

Insider Activity at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the acquisition, the insider now owns 89,308,192 shares of the company’s stock, valued at $1,704,000,303.36. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the acquisition, the insider now owns 89,308,192 shares of the company’s stock, valued at $1,704,000,303.36. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 sale, the insider now directly 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 disclosure for this sale can be found here. In the last 90 days, insiders purchased 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. 24.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Franklin Resources

Large investors have recently made changes to their positions in the business. US Bancorp DE increased its holdings in Franklin Resources by 2.1% in the first quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock worth $621,000 after buying an additional 444 shares during the last quarter. Interval Partners LP grew its holdings in Franklin Resources by 0.4% during the second quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock valued at $2,434,000 after purchasing an additional 483 shares during the last quarter. Richardson Financial Services Inc. grew its holdings in Franklin Resources by 14.9% during the first quarter. Richardson Financial Services Inc. now owns 4,020 shares of the closed-end fund’s stock valued at $113,000 after purchasing an additional 520 shares during the last quarter. State of Michigan Retirement System grew its holdings in Franklin Resources by 0.7% during the second quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock valued at $1,971,000 after purchasing an additional 600 shares during the last quarter. Finally, Gold Investment Management Ltd. grew its holdings in Franklin Resources by 2.5% during the second quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock valued at $582,000 after purchasing an additional 644 shares during the last quarter. 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.