Franklin Resources (NYSE:BEN) Given New $21.00 Price Target at UBS Group

Franklin Resources (NYSE:BEN) had its price objective trimmed by UBS Group from $24.00 to $21.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the closed-end fund’s stock.

A number of other analysts have also weighed in on BEN. Barclays lowered their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, October 14th. BMO Capital Markets dropped their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research note on Monday, July 29th. TD Cowen increased their target price on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company reduced their price target on Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $21.43.

Franklin Resources Stock Up 0.7 %

Shares of NYSE BEN opened at $20.23 on Tuesday. Franklin Resources has a 52-week low of $18.94 and a 52-week high of $30.32. The firm has a market capitalization of $10.64 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 2.29 and a beta of 1.39. The stock has a 50 day moving average price of $20.36 and a 200 day moving average price of $22.30. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. Sell-side analysts expect that Franklin Resources will post 2.4 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date was Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Insider Transactions at Franklin Resources

In related news, major shareholder Charles B. Johnson acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the transaction, the insider now directly owns 89,208,192 shares of the company’s stock, valued at $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Charles B. Johnson acquired 100,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares of the company’s stock, valued at $1,769,890,529.28. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction on Friday, August 23rd. The shares were purchased 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 owns 216,900 shares in the company, valued at $4,544,055. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Insiders own 24.13% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Large investors have recently bought and sold shares of the company. 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 worth $621,000 after buying an additional 444 shares during the last quarter. Interval Partners LP increased its stake in shares of Franklin Resources by 0.4% in the second quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock worth $2,434,000 after acquiring an additional 483 shares during the period. Richardson Financial Services Inc. raised its holdings in shares of 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 worth $113,000 after purchasing an additional 520 shares during the last quarter. State of Michigan Retirement System lifted its position 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 period. Finally, Gold Investment Management Ltd. boosted its holdings in Franklin Resources by 2.5% in 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. Hedge funds and other institutional investors 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.