Franklin Resources, Inc. (NYSE:BEN – Get Free Report) reached a new 52-week low during trading on Thursday after Evercore ISI lowered their price target on the stock from $24.00 to $20.00. Evercore ISI currently has an underperform rating on the stock. Franklin Resources traded as low as $19.45 and last traded at $19.45, with a volume of 1009821 shares changing hands. The stock had previously closed at $19.84.
A number of other analysts have also recently weighed in on the stock. UBS Group decreased their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Barclays initiated coverage on shares of Franklin Resources in a research note on Tuesday, August 27th. They set an “underweight” rating and a $20.00 price target for the company. TD Cowen increased their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. BMO Capital Markets decreased their price target on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, Franklin Resources has an average rating of “Hold” and a consensus price target of $23.91.
Insider Buying and Selling at Franklin Resources
In other news, major shareholder Charles B. Johnson purchased 200,000 shares of the stock in a transaction dated Friday, June 21st. The stock was acquired at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the acquisition, the insider now directly owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Jennifer M. Johnson bought 12,700 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Charles B. Johnson bought 200,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was bought at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The disclosure for this purchase can be found here. In the last three months, insiders acquired 331,600 shares of company stock worth $7,189,637. 24.13% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Franklin Resources
Several hedge funds have recently modified their holdings of BEN. International Assets Investment Management LLC acquired a new position in Franklin Resources during the fourth quarter valued at approximately $4,555,000. New York Life Investment Management LLC lifted its position in shares of Franklin Resources by 5.4% during the fourth quarter. New York Life Investment Management LLC now owns 45,669 shares of the closed-end fund’s stock worth $1,360,000 after purchasing an additional 2,324 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Franklin Resources by 2.4% during the fourth quarter. Natixis Advisors L.P. now owns 32,451 shares of the closed-end fund’s stock worth $966,000 after purchasing an additional 770 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Franklin Resources during the fourth quarter worth $1,069,000. Finally, M&T Bank Corp bought a new stake in shares of Franklin Resources in the fourth quarter worth $297,000. 47.56% of the stock is owned by institutional investors and hedge funds.
Franklin Resources Trading Down 1.8 %
The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $22.07 and its 200-day moving average is $24.09. The firm has a market cap of $10.25 billion, a P/E ratio of 11.33, a price-to-earnings-growth ratio of 2.55 and a beta of 1.39.
Franklin Resources (NYSE:BEN – Get Free Report) last released its earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.09 billion. As a group, analysts forecast that Franklin Resources, Inc. will post 2.41 earnings per share for the current fiscal year.
Franklin Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.31 per share. The ex-dividend date is Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 6.36%. Franklin Resources’s payout ratio is 70.86%.
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.