Franklin Resources (NYSE:BEN) Stock Rating Upgraded by The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Franklin Resources (NYSE:BEN) from a sell rating to a neutral rating in a research note published on Monday, MarketBeat Ratings reports. The Goldman Sachs Group currently has $22.00 price target on the closed-end fund’s stock, up from their prior price target of $21.00.

A number of other equities analysts have also issued reports on BEN. Wells Fargo & Company raised their target price on shares of Franklin Resources from $19.50 to $22.50 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $19.00 target price (down from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. Morgan Stanley lifted their price objective on shares of Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Friday, December 20th. UBS Group lowered their target price on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $20.73.

Franklin Resources Trading Down 2.1 %

Shares of BEN opened at $19.99 on Monday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 2.38 and a beta of 1.41. The company has a 50-day moving average of $21.40 and a 200 day moving average of $21.34. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $29.41.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts expect that Franklin Resources will post 2.39 EPS for the current year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Monday, December 30th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.28 annualized dividend and a yield of 6.40%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio is currently 148.84%.

Insider Buying and Selling at Franklin Resources

In other news, insider Franklin Resources Inc sold 8,467 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $43.69, for a total value of $369,923.23. Following the transaction, the insider now directly owns 51,019 shares in the company, valued at approximately $2,229,020.11. This represents a 14.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 24,024 shares of company stock worth $1,051,375. Insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Several hedge funds have recently modified their holdings of BEN. GAMMA Investing LLC lifted its position in Franklin Resources by 10.6% during the fourth quarter. GAMMA Investing LLC now owns 7,559 shares of the closed-end fund’s stock valued at $153,000 after acquiring an additional 725 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Franklin Resources by 263.1% in the third quarter. JPMorgan Chase & Co. now owns 2,022,055 shares of the closed-end fund’s stock valued at $40,744,000 after purchasing an additional 1,465,148 shares during the period. Principal Financial Group Inc. lifted its holdings in Franklin Resources by 9.3% during the third quarter. Principal Financial Group Inc. now owns 381,192 shares of the closed-end fund’s stock valued at $7,681,000 after purchasing an additional 32,490 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Franklin Resources by 2.0% in the third quarter. Retirement Systems of Alabama now owns 67,444 shares of the closed-end fund’s stock valued at $1,359,000 after acquiring an additional 1,297 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Franklin Resources in the 3rd quarter worth $118,000. Hedge funds and other institutional investors 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.