Franklin Resources (NYSE:BEN) Price Target Lowered to $18.50 at TD Cowen

Franklin Resources (NYSE:BEN) had its price target lowered by TD Cowen from $20.00 to $18.50 in a report released on Tuesday, Benzinga reports. The brokerage currently has a hold rating on the closed-end fund’s stock.

A number of other equities analysts have also commented on the stock. Morgan Stanley reduced their target price on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Friday, October 18th. Evercore ISI dropped their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research note on Friday, October 4th. BMO Capital Markets dropped their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, UBS Group dropped their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Stock Performance

Franklin Resources stock opened at $20.95 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $30.32. The firm has a market capitalization of $10.96 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The company’s 50-day moving average is $20.21 and its 200 day moving average is $21.96.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. Research analysts forecast that Franklin Resources will post 2.41 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.92%. Franklin Resources’s dividend payout ratio is currently 76.07%.

Insiders Place Their Bets

In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the transaction, the insider now owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the transaction, the insider now owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jennifer M. Johnson bought 12,700 shares of Franklin Resources stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average cost of $19.66 per share, with a total value of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 231,600 shares of company stock valued at $4,537,637 and sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC acquired a new position in Franklin Resources in the 1st quarter valued at about $32,000. Altshuler Shaham Ltd acquired a new position in Franklin Resources in the 2nd quarter valued at about $27,000. MFA Wealth Advisors LLC acquired a new position in Franklin Resources in the 3rd quarter valued at about $26,000. Sentry Investment Management LLC acquired a new position in Franklin Resources in the 2nd quarter valued at about $30,000. Finally, Matrix Trust Co acquired a new position in Franklin Resources in the 3rd quarter valued at about $29,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.