Franklin Resources, Inc. (NYSE:BEN) Receives Consensus Recommendation of “Reduce” from Analysts

Franklin Resources, Inc. (NYSE:BEN) has been given a consensus recommendation of “Reduce” by the fourteen analysts that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $23.5833.

BEN has been the subject of a number of research reports. Morgan Stanley increased their target price on shares of Franklin Resources from $20.00 to $21.00 and gave the stock an “underweight” rating in a report on Tuesday, August 12th. Cowen restated a “buy” rating on shares of Franklin Resources in a research report on Monday, June 16th. The Goldman Sachs Group raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Friday, June 27th. Zacks Research cut Franklin Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Finally, Evercore ISI boosted their price objective on Franklin Resources from $24.00 to $25.00 and gave the stock an “underperform” rating in a research report on Monday, August 4th.

Franklin Resources Price Performance

Shares of NYSE:BEN opened at $22.55 on Friday. The firm has a 50 day moving average of $24.72 and a 200-day moving average of $22.40. The stock has a market capitalization of $11.71 billion, a PE ratio of 44.21, a PEG ratio of 1.34 and a beta of 1.51. Franklin Resources has a 12 month low of $16.25 and a 12 month high of $26.08. 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 posted its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.Franklin Resources’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, equities research analysts predict that Franklin Resources will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date is Tuesday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is 250.98%.

Hedge Funds Weigh In On Franklin Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital A Wealth Management LLC lifted its holdings in shares of Franklin Resources by 3,869.2% during the second quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock worth $25,000 after purchasing an additional 1,006 shares during the period. Total Investment Management Inc. bought a new stake in Franklin Resources in the second quarter valued at approximately $27,000. Consultiva Wealth Management CORP. boosted its holdings in Franklin Resources by 177.1% in the second quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock valued at $31,000 after acquiring an additional 820 shares during the last quarter. Manchester Capital Management LLC increased its position in Franklin Resources by 49.9% during the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock valued at $32,000 after purchasing an additional 555 shares during the period. Finally, Contravisory Investment Management Inc. acquired a new position in shares of Franklin Resources in the 1st quarter worth approximately $46,000. 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.