JPMorgan Chase & Co. upgraded shares of Franklin Resources (NYSE:BEN) from an underweight rating to a neutral rating in a research report report published on Thursday, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has $32.00 price target on the closed-end fund’s stock.
Other research analysts have also issued reports about the company. Citigroup raised their price target on Franklin Resources from $35.00 to $37.00 and gave the company a neutral rating in a report on Tuesday, July 9th. TheStreet lowered Franklin Resources from a b- rating to a c+ rating in a report on Friday, August 9th. ValuEngine lowered Franklin Resources from a hold rating to a sell rating in a report on Saturday, August 10th. Finally, Barclays set a $27.00 price target on Franklin Resources and gave the company a sell rating in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Franklin Resources presently has a consensus rating of Hold and an average price target of $31.02.
BEN stock traded up $0.14 during mid-day trading on Thursday, reaching $29.93. The company had a trading volume of 1,823,351 shares, compared to its average volume of 3,013,548. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $14.33 billion, a P/E ratio of 9.38, a P/E/G ratio of 1.58 and a beta of 1.22. Franklin Resources has a one year low of $25.57 and a one year high of $35.82. The stock’s 50-day simple moving average is $28.93 and its two-hundred day simple moving average is $32.62.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.15). The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. Franklin Resources’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same period last year, the business posted $0.75 earnings per share. On average, research analysts forecast that Franklin Resources will post 2.58 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Friday, September 27th. Franklin Resources’s payout ratio is currently 32.60%.
In related news, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the transaction, the executive vice president now directly owns 100,009 shares of the company’s stock, valued at $2,601,234.09. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 22.20% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC grew its holdings in Franklin Resources by 232.6% during the second quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock worth $25,000 after acquiring an additional 507 shares during the period. Trustcore Financial Services LLC acquired a new position in Franklin Resources during the first quarter worth about $25,000. Rational Advisors LLC grew its holdings in Franklin Resources by 5,760.0% during the second quarter. Rational Advisors LLC now owns 879 shares of the closed-end fund’s stock worth $31,000 after acquiring an additional 864 shares during the period. Smith Asset Management Group LP acquired a new position in Franklin Resources during the second quarter worth about $32,000. Finally, Knuff & Co LLC acquired a new position in Franklin Resources during the first quarter worth about $33,000. 50.47% of the stock is currently owned by hedge funds and other institutional investors.
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.
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