Short Interest in Franklin Resources, Inc. (NYSE:BEN) Grows By 7.0%

Franklin Resources, Inc. (NYSE:BEN) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 21,870,000 shares, an increase of 7.0% from the March 15th total of 20,440,000 shares. Approximately 7.7% of the company’s stock are sold short. Based on an average trading volume of 3,360,000 shares, the days-to-cover ratio is currently 6.5 days.

Franklin Resources Stock Performance

Shares of NYSE:BEN opened at $24.94 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. The business’s 50 day moving average price is $27.21 and its 200-day moving average price is $26.29. The firm has a market capitalization of $13.13 billion, a PE ratio of 13.13, a P/E/G ratio of 1.33 and a beta of 1.40. Franklin Resources has a 1 year low of $21.88 and a 1 year high of $30.32.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, January 29th. The closed-end fund reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.51 billion. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The business’s revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. As a group, equities research analysts expect that Franklin Resources will post 2.52 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Wednesday, March 27th. Franklin Resources’s dividend payout ratio (DPR) is currently 65.26%.

Hedge Funds Weigh In On Franklin Resources

Large investors have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after purchasing an additional 623 shares during the last quarter. Peoples Bank KS purchased a new stake in shares of Franklin Resources in the 3rd quarter valued at $25,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Franklin Resources in the 4th quarter valued at $27,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Franklin Resources in the 4th quarter valued at $31,000. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of Franklin Resources in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on BEN shares. Deutsche Bank Aktiengesellschaft decreased their target price on Franklin Resources from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, January 30th. Morgan Stanley lifted their price target on Franklin Resources from $22.00 to $24.00 and gave the company an “underweight” rating in a research report on Friday, January 19th. TD Cowen started coverage on Franklin Resources in a research report on Thursday, January 4th. They set a “market perform” rating and a $32.00 price target for the company. UBS Group lifted their price target on Franklin Resources from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Finally, StockNews.com cut Franklin Resources from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and an average price target of $27.39.

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.