Franklin Resources (NYSE:BEN) Price Target Raised to $26.00 at JPMorgan Chase & Co.

Franklin Resources (NYSE:BENGet Rating) had its price objective upped by JPMorgan Chase & Co. from $23.00 to $26.00 in a research report released on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the closed-end fund’s stock.

Several other brokerages have also recently commented on BEN. StockNews.com began coverage on Franklin Resources in a research report on Wednesday, October 12th. They issued a hold rating for the company. Deutsche Bank Aktiengesellschaft raised their target price on Franklin Resources from $20.00 to $26.00 and gave the stock a hold rating in a research report on Tuesday, November 15th. Credit Suisse Group decreased their target price on Franklin Resources from $21.00 to $20.00 and set a neutral rating for the company in a research report on Wednesday, November 2nd. BMO Capital Markets decreased their target price on Franklin Resources from $23.00 to $22.00 and set a market perform rating for the company in a research report on Thursday, November 3rd. Finally, Wells Fargo & Company assumed coverage on Franklin Resources in a research report on Wednesday, December 14th. They issued an underweight rating and a $26.00 target price for the company. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $24.36.

Franklin Resources Stock Performance

BEN opened at $30.35 on Monday. The firm has a market cap of $15.18 billion, a PE ratio of 12.04, a P/E/G ratio of 7.77 and a beta of 1.22. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.72. The business has a fifty day simple moving average of $27.36 and a 200-day simple moving average of $25.75. Franklin Resources has a fifty-two week low of $20.24 and a fifty-two week high of $33.03.

Franklin Resources (NYSE:BENGet Rating) last released its quarterly earnings data on Tuesday, November 1st. The closed-end fund reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.09. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. Franklin Resources had a return on equity of 15.16% and a net margin of 15.61%. As a group, equities analysts predict that Franklin Resources will post 2.45 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were issued a dividend of $0.30 per share. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Thursday, December 29th. Franklin Resources’s dividend payout ratio (DPR) is 47.62%.

Insider Buying and Selling at Franklin Resources

In related news, insider Franklin Resources Inc bought 65,118 shares of the business’s stock in a transaction on Monday, October 31st. The shares were bought at an average cost of $4.29 per share, for a total transaction of $279,356.22. Following the completion of the acquisition, the insider now directly owns 9,723,303 shares in the company, valued at $41,712,969.87. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased a total of 341,388 shares of company stock worth $1,444,953 over the last three months. Corporate insiders own 23.40% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Institutional investors have recently made changes to their positions in the business. Eagle Bay Advisors LLC bought a new position in shares of Franklin Resources in the second quarter worth about $26,000. Newbridge Financial Services Group Inc. increased its stake in shares of Franklin Resources by 413.2% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,242 shares of the closed-end fund’s stock worth $27,000 after purchasing an additional 1,000 shares during the period. Capital Analysts LLC increased its stake in shares of Franklin Resources by 31.8% in the second quarter. Capital Analysts LLC now owns 1,447 shares of the closed-end fund’s stock worth $34,000 after purchasing an additional 349 shares during the period. Denali Advisors LLC bought a new position in shares of Franklin Resources in the third quarter worth about $39,000. Finally, NuWave Investment Management LLC bought a new position in shares of Franklin Resources in the third quarter worth about $41,000. 45.47% of the stock is currently owned by institutional investors.

About Franklin Resources

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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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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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