Franklin Resources (NYSE:BEN) Now Covered by Analysts at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of Franklin Resources (NYSE:BEN) in a research report report published on Friday, Marketbeat Ratings reports. The firm issued an outperform rating and a $26.00 price objective on the closed-end fund’s stock.

Other equities analysts have also recently issued research reports about the company. Barclays reiterated an “underweight” rating and set a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a report on Monday, August 4th. The Goldman Sachs Group upgraded Franklin Resources from a “neutral” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Friday, June 27th. Wells Fargo & Company boosted their target price on Franklin Resources from $21.50 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. Cowen reaffirmed a “buy” rating on shares of Franklin Resources in a report on Monday, June 16th. Finally, Evercore ISI upped their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underperform” rating in a report on Monday, August 4th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $24.25.

Franklin Resources Price Performance

NYSE:BEN opened at $23.80 on Friday. The stock has a market capitalization of $12.35 billion, a PE ratio of 46.66, a P/E/G ratio of 1.14 and a beta of 1.50. Franklin Resources has a 1-year low of $16.25 and a 1-year high of $26.08. The firm has a fifty day simple moving average of $24.67 and a 200 day simple moving average of $22.45. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 earnings per share. On average, research analysts expect that Franklin Resources will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, September 30th. Franklin Resources’s dividend payout ratio is presently 250.98%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BEN. Principal Financial Group Inc. increased its holdings in Franklin Resources by 22.5% in the 1st quarter. Principal Financial Group Inc. now owns 464,238 shares of the closed-end fund’s stock valued at $8,937,000 after buying an additional 85,407 shares during the period. Concurrent Investment Advisors LLC bought a new position in Franklin Resources in the first quarter valued at approximately $203,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Franklin Resources by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,576 shares of the closed-end fund’s stock valued at $1,573,000 after acquiring an additional 4,530 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Franklin Resources during the first quarter valued at approximately $811,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Franklin Resources by 4.3% during the first quarter. Robeco Institutional Asset Management B.V. now owns 476,253 shares of the closed-end fund’s stock worth $9,168,000 after purchasing an additional 19,673 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.