Franklin Resources (NYSE:BEN) Given New $19.00 Price Target at Barclays

Franklin Resources (NYSE:BEN) had its target price cut by Barclays from $21.00 to $19.00 in a report released on Friday morning,Benzinga reports. They currently have an underweight rating on the closed-end fund’s stock.

Several other brokerages have also recently issued reports on BEN. Morgan Stanley raised their target price on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Friday, December 20th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. UBS Group dropped their target price on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods restated an “underperform” rating and set a $19.00 price target (down previously from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Finally, The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $21.00 to $22.00 in a report on Monday, January 6th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, Franklin Resources has an average rating of “Hold” and an average target price of $20.18.

Franklin Resources Price Performance

BEN stock opened at $19.56 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $10.25 billion, a P/E ratio of 22.74, a P/E/G ratio of 2.06 and a beta of 1.41. The firm’s fifty day moving average is $21.14 and its 200 day moving average is $21.17. Franklin Resources has a 52 week low of $18.83 and a 52 week high of $28.61.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data 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). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the prior year, the firm posted $0.84 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Research analysts predict that Franklin Resources will post 2.38 earnings per share for the current year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were issued a $0.32 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Monday, December 30th. This represents a $1.28 dividend on an annualized basis and a yield of 6.55%. Franklin Resources’s dividend payout ratio is 148.84%.

Institutional Trading of Franklin Resources

A number of hedge funds have recently modified their holdings of the business. MFA Wealth Advisors LLC bought a new position in shares of Franklin Resources in the 3rd quarter worth about $26,000. Altshuler Shaham Ltd purchased a new stake in Franklin Resources in the second quarter worth about $27,000. Matrix Trust Co bought a new position in shares of Franklin Resources during the third quarter valued at approximately $29,000. Larson Financial Group LLC lifted its holdings in shares of 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 valued at $36,000 after purchasing an additional 1,277 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Franklin Resources in the 3rd quarter worth approximately $39,000. Institutional investors own 47.56% of the company’s stock.

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.