Franklin Resources (NYSE:BEN) Price Target Raised to $19.00 at Morgan Stanley

Franklin Resources (NYSE:BEN) had its target price raised by Morgan Stanley from $18.00 to $19.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an underweight rating on the closed-end fund’s stock.

Several other brokerages have also commented on BEN. TD Cowen lowered their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a report on Tuesday, November 5th. StockNews.com raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Barclays boosted their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a research note on Monday, December 9th. UBS Group lowered their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company boosted their target price on Franklin Resources from $19.50 to $22.50 and gave the company an “equal weight” rating in a research report on Thursday, December 12th. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, Franklin Resources currently has an average rating of “Hold” and an average target price of $20.66.

Franklin Resources Price Performance

Shares of BEN stock opened at $20.49 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market capitalization of $10.73 billion, a PE ratio of 23.83, a price-to-earnings-growth ratio of 2.43 and a beta of 1.39. The firm’s 50-day moving average is $21.40 and its two-hundred day moving average is $21.53. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 EPS. Analysts predict that Franklin Resources will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be paid a $0.32 dividend. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 6.25%. The ex-dividend date is Monday, December 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 148.84%.

Insider Buying and Selling

In related news, insider Franklin Resources Inc sold 7,657 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the sale, the insider now owns 65,862 shares of the company’s stock, valued at $2,891,341.80. This trade represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 24,024 shares of company stock valued at $1,051,375 in the last three months. 24.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Franklin Resources

A number of large investors have recently modified their holdings of the company. MFA Wealth Advisors LLC acquired a new position in shares of Franklin Resources during the third quarter worth $26,000. Altshuler Shaham Ltd acquired a new position in shares of Franklin Resources during the 2nd quarter worth about $27,000. Matrix Trust Co purchased a new position in shares of Franklin Resources in the 3rd quarter valued at about $29,000. Sentry Investment Management LLC acquired a new stake in shares of Franklin Resources during the 2nd quarter worth about $30,000. Finally, Larson Financial Group LLC lifted its stake in Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after purchasing an additional 1,277 shares during the last quarter. 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.