Franklin Resources (NYSE:BEN) Price Target Raised to $23.00

Franklin Resources (NYSE:BEN) had its price target boosted by UBS Group from $19.00 to $23.00 in a report released on Monday,Benzinga reports. The firm currently has a neutral rating on the closed-end fund’s stock.

Other equities analysts have also recently issued reports about the company. TD Cowen decreased their price objective on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Morgan Stanley lifted their price target on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, December 20th. Keefe, Bruyette & Woods boosted their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a report on Monday. BMO Capital Markets increased their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the company a “market perform” rating in a report on Monday. Finally, The Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $21.00 to $22.00 in a research note on Monday, January 6th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.86.

Franklin Resources Price Performance

BEN stock opened at $20.65 on Monday. The firm has a 50 day simple moving average of $20.79 and a two-hundred day simple moving average of $20.93. The stock has a market cap of $10.82 billion, a PE ratio of 31.78, a P/E/G ratio of 1.51 and a beta of 1.42. Franklin Resources has a one year low of $18.83 and a one year high of $28.61. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.41%. During the same period last year, the firm earned $0.65 earnings per share. On average, analysts predict that Franklin Resources will post 2.19 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.20%. Franklin Resources’s dividend payout ratio is currently 196.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. MFA Wealth Advisors LLC bought a new position in shares of Franklin Resources during the third quarter valued at approximately $26,000. Matrix Trust Co purchased a new position in Franklin Resources during the 3rd quarter valued at $29,000. Smartleaf Asset Management LLC raised its holdings in Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock worth $33,000 after purchasing an additional 505 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Franklin Resources by 254.4% in the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after purchasing an additional 1,277 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of Franklin Resources in the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Company Profile

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.