Franklin Resources (NYSE:BEN) Price Target Cut to $24.00 by Analysts at UBS Group

Franklin Resources (NYSE:BENFree Report) had its target price reduced by UBS Group from $25.00 to $24.00 in a research report released on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the closed-end fund’s stock.

A number of other equities analysts also recently weighed in on BEN. Morgan Stanley boosted their target price on Franklin Resources from $24.00 to $25.00 and gave the stock an underweight rating in a research note on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft cut their target price on Franklin Resources from $29.00 to $24.00 and set a hold rating on the stock in a research note on Tuesday, April 30th. BMO Capital Markets cut their target price on Franklin Resources from $30.00 to $27.00 and set a market perform rating on the stock in a research note on Tuesday, April 30th. Evercore ISI cut their target price on Franklin Resources from $29.00 to $26.00 and set an underperform rating on the stock in a research note on Tuesday, April 30th. Finally, TD Cowen cut their target price on Franklin Resources from $25.50 to $23.00 and set a hold rating on the stock in a research note on Monday. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $25.15.

View Our Latest Research Report on Franklin Resources

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $22.45 on Wednesday. Franklin Resources has a one year low of $21.57 and a one year high of $30.32. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.94 and a beta of 1.43. The business has a 50-day simple moving average of $23.03 and a 200 day simple moving average of $25.77. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.82 and a quick ratio of 1.82.

Franklin Resources (NYSE:BENGet Free Report) last released its quarterly earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $1.66 billion. Franklin Resources had a net margin of 11.09% and a return on equity of 10.82%. Franklin Resources’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.61 EPS. On average, research analysts anticipate that Franklin Resources will post 2.45 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 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.24 dividend on an annualized basis and a yield of 5.52%. Franklin Resources’s payout ratio is 70.86%.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson bought 200,000 shares of the stock in a transaction on Friday, June 21st. The shares were acquired at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 24.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in shares of Franklin Resources by 240.5% in the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock worth $26,000 after purchasing an additional 623 shares during the period. Creative Financial Designs Inc. ADV bought a new position in shares of Franklin Resources in the fourth quarter worth $31,000. Headlands Technologies LLC bought a new position in shares of Franklin Resources in the first quarter worth $32,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Franklin Resources by 149.1% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock worth $33,000 after purchasing an additional 665 shares during the period. Finally, Tobam increased its holdings in shares of Franklin Resources by 2,170.0% in the fourth quarter. Tobam now owns 1,135 shares of the closed-end fund’s stock worth $34,000 after purchasing an additional 1,085 shares during the period. Institutional investors own 47.56% of the company’s stock.

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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