Franklin Resources (NYSE:BEN) PT Lowered to $19.00 at Evercore ISI

Franklin Resources (NYSE:BEN) had its target price trimmed by Evercore ISI from $20.00 to $19.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an underperform rating on the closed-end fund’s stock.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reissued an underperform rating and set a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. TD Cowen increased their price target on Franklin Resources from $23.00 to $24.00 and gave the company a hold rating in a research note on Monday, July 29th. Wells Fargo & Company assumed coverage on Franklin Resources in a research note on Thursday, September 12th. They issued an equal weight rating and a $20.00 price objective on the stock. BMO Capital Markets lowered their target price on Franklin Resources from $27.00 to $26.00 and set a market perform rating for the company in a research report on Monday, July 29th. Finally, UBS Group cut their target price on shares of Franklin Resources from $25.00 to $24.00 and set a neutral rating for the company in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $22.93.

Franklin Resources Stock Up 1.7 %

Shares of BEN opened at $19.90 on Friday. The business’s 50 day moving average is $20.84 and its 200 day moving average is $22.94. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. Franklin Resources has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a market capitalization of $10.47 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $2.09 billion. Research analysts expect that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 6.23%. The ex-dividend date is Monday, September 30th. Franklin Resources’s payout ratio is 70.86%.

Insider Activity

In other news, CEO Jennifer M. Johnson acquired 18,900 shares of Franklin Resources stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, with a total value of $395,955.00. Following the transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other Franklin Resources news, CEO Jennifer M. Johnson acquired 18,900 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jennifer M. Johnson bought 12,700 shares of the firm’s stock in a transaction dated 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. The trade was a 0.00 % increase in their position. 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. 24.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Franklin Resources

Several large investors have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in shares of Franklin Resources by 4.4% during the first quarter. CWM LLC now owns 9,652 shares of the closed-end fund’s stock valued at $271,000 after acquiring an additional 410 shares in the last quarter. US Bancorp DE raised its position in Franklin Resources by 2.1% during the 1st quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock valued at $621,000 after purchasing an additional 444 shares in the last quarter. Interval Partners LP lifted its holdings in shares of Franklin Resources by 0.4% in the 2nd quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock worth $2,434,000 after buying an additional 483 shares during the period. Richardson Financial Services Inc. grew its position in shares of Franklin Resources by 14.9% during the 1st quarter. Richardson Financial Services Inc. now owns 4,020 shares of the closed-end fund’s stock worth $113,000 after buying an additional 520 shares in the last quarter. Finally, State of Michigan Retirement System increased its stake in shares of 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 buying an additional 600 shares during the period. 47.56% of the stock is 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.