Franklin Resources, Inc. (NYSE:BEN – Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $34.52 and last traded at $34.3260, with a volume of 1457254 shares changing hands. The stock had previously closed at $33.27.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on BEN. Evercore restated an “underperform” rating and issued a $32.00 price objective on shares of Franklin Resources in a report on Monday, June 8th. Barclays set a $31.00 price target on shares of Franklin Resources and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Zacks Research upgraded shares of Franklin Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. upped their price objective on Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen upgraded Franklin Resources from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $30.67.
Read Our Latest Analysis on BEN
Franklin Resources Price Performance
Franklin Resources (NYSE:BEN – Get Free Report) last issued its earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.16. Franklin Resources had a net margin of 8.12% and a return on equity of 10.58%. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the company earned $0.47 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Franklin Resources, Inc. will post 2.79 earnings per share for the current fiscal year.
Franklin Resources Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Monday, June 29th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Monday, June 29th. Franklin Resources’s dividend payout ratio is 100.76%.
Institutional Trading of Franklin Resources
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Franklin Resources by 26.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund’s stock worth $2,850,000 after purchasing an additional 30,763 shares in the last quarter. Jones Financial Companies Lllp grew its position in Franklin Resources by 169.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund’s stock valued at $152,000 after buying an additional 4,972 shares during the last quarter. Woodline Partners LP raised its holdings in Franklin Resources by 41.1% during the first quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund’s stock worth $504,000 after purchasing an additional 7,634 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of Franklin Resources during the 2nd quarter worth approximately $169,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Franklin Resources by 52.2% in the 2nd quarter. California Public Employees Retirement System now owns 509,171 shares of the closed-end fund’s stock valued at $12,144,000 after buying an additional 174,579 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.
Founded in 1947 by Rupert H.
Featured Stories
- Five stocks we like better than Franklin Resources
- AirJoule Unveils Prime System, Clearing Path to Commercialization
- Copper Stocks Are Getting a Bigger Spotlight as Gold’s Rally Cracks
- Nike Q4 Beat Masks Core Weakness as Analysts Cut Price Targets
- Uber’s Waymo Detour Tests the Stock’s Robotaxi Bull Case
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.
