Citigroup Boosts Franklin Resources (NYSE:BEN) Price Target to $22.75

Franklin Resources (NYSE:BEN) had its price objective raised by Citigroup from $20.00 to $22.75 in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the closed-end fund’s stock.

Other research analysts have also issued research reports about the company. ValuEngine lowered Franklin Resources from a hold rating to a sell rating in a report on Thursday, April 2nd. Barclays reissued a sell rating and issued a $19.00 price objective on shares of Franklin Resources in a research note on Friday, July 17th. Cfra cut their price objective on shares of Franklin Resources from $29.00 to $20.00 and set a hold rating for the company in a research report on Friday, May 1st. UBS Group lowered their target price on shares of Franklin Resources from $27.00 to $16.00 and set a neutral rating on the stock in a report on Tuesday, April 7th. Finally, Deutsche Bank cut their price target on shares of Franklin Resources from $19.00 to $18.00 and set a hold rating for the company in a report on Friday, May 15th. Seven equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $23.27.

Shares of Franklin Resources stock opened at $21.05 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.90 and a current ratio of 4.20. The company has a market capitalization of $10.43 billion, a P/E ratio of 10.22 and a beta of 1.27. Franklin Resources has a 1 year low of $14.91 and a 1 year high of $33.85. The company’s fifty day moving average is $21.07 and its two-hundred day moving average is $20.70.

Franklin Resources (NYSE:BEN) last announced its earnings results on Tuesday, July 28th. The closed-end fund reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Franklin Resources had a net margin of 19.04% and a return on equity of 12.39%. The business’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.72 earnings per share. As a group, equities analysts expect that Franklin Resources will post 2.53 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Wednesday, July 15th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date was Tuesday, July 14th. Franklin Resources’s dividend payout ratio is currently 42.86%.

A number of hedge funds have recently modified their holdings of BEN. State Street Corp grew its holdings in Franklin Resources by 12.9% in the first quarter. State Street Corp now owns 27,642,060 shares of the closed-end fund’s stock valued at $468,703,000 after purchasing an additional 3,163,122 shares during the last quarter. BlackRock Inc. boosted its position in shares of Franklin Resources by 4.2% in the 1st quarter. BlackRock Inc. now owns 24,733,675 shares of the closed-end fund’s stock worth $412,804,000 after buying an additional 995,802 shares in the last quarter. Invesco Ltd. grew its stake in Franklin Resources by 80.0% in the 1st quarter. Invesco Ltd. now owns 5,084,541 shares of the closed-end fund’s stock valued at $84,860,000 after acquiring an additional 2,259,583 shares during the last quarter. Prudential PLC increased its holdings in Franklin Resources by 33.9% during the 2nd quarter. Prudential PLC now owns 4,657,801 shares of the closed-end fund’s stock valued at $97,674,000 after acquiring an additional 1,180,100 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Franklin Resources by 5.2% during the 1st quarter. Geode Capital Management LLC now owns 4,568,113 shares of the closed-end fund’s stock valued at $76,097,000 after acquiring an additional 227,013 shares in the last quarter. 48.47% 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.

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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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