Wells Fargo & Company Boosts Franklin Resources (NYSE:BEN) Price Target to $22.50

Franklin Resources (NYSE:BEN) had its price target hoisted by Wells Fargo & Company from $19.50 to $22.50 in a research report report published on Thursday,Benzinga reports. They currently have an equal weight rating on the closed-end fund’s stock.

BEN has been the subject of several other reports. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $19.00 target price (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price objective on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. TD Cowen cut their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, Barclays lifted their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underweight” rating in a research report on Monday, December 9th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus target price of $20.66.

Franklin Resources Stock Down 0.6 %

BEN stock opened at $21.97 on Thursday. The firm has a market cap of $11.50 billion, a PE ratio of 25.55, a PEG ratio of 2.43 and a beta of 1.39. Franklin Resources has a one year low of $18.94 and a one year high of $30.32. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The firm’s 50 day moving average price is $21.30 and its 200-day moving average price is $21.60.

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

Franklin Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be given a dividend of $0.32 per share. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 5.83%. The ex-dividend date of this dividend is Monday, December 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 148.84%.

Insider Activity

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of Franklin Resources stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares in the company, valued at approximately $2,891,341.80. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 24,024 shares of company stock valued at $1,051,375. Insiders own 24.13% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Hedge funds have recently modified their holdings of the stock. Interval Partners LP lifted its position in Franklin Resources by 0.4% in the second quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock valued at $2,434,000 after purchasing an additional 483 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Franklin Resources by 0.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock worth $1,402,000 after buying an additional 572 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Franklin Resources by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock valued at $1,971,000 after buying an additional 600 shares during the period. Anchor Investment Management LLC boosted its stake in shares of Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock valued at $52,000 after buying an additional 604 shares in the last quarter. Finally, SkyView Investment Advisors LLC grew its holdings in Franklin Resources by 3.2% during the third quarter. SkyView Investment Advisors LLC now owns 19,485 shares of the closed-end fund’s stock worth $393,000 after acquiring an additional 609 shares during the period. 47.56% of the stock is 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.