Wells Fargo & Company Issues Positive Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its price target boosted by Wells Fargo & Company from $20.50 to $24.00 in a research note published on Monday,Benzinga reports. They currently have an equal weight rating on the closed-end fund’s stock.

A number of other research firms also recently commented on BEN. Deutsche Bank Aktiengesellschaft cut their target price on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. UBS Group reduced their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Barclays dropped their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. The Goldman Sachs Group raised 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 report on Monday, January 6th. Finally, TD Cowen dropped their price objective on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.86.

Franklin Resources Stock Down 6.9 %

Shares of NYSE BEN opened at $20.72 on Monday. Franklin Resources has a 52-week low of $18.83 and a 52-week high of $28.61. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 1.51 and a beta of 1.41. The stock has a 50 day moving average price of $20.86 and a 200 day moving average price of $20.97. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.41% and a net margin of 4.32%. During the same period in the previous year, the business posted $0.65 earnings per share. Sell-side analysts expect that Franklin Resources will post 2.19 earnings per share for the current year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Monday, December 30th were paid 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 dividend yield of 6.18%. The ex-dividend date of this dividend was Monday, December 30th. Franklin Resources’s payout ratio is presently 196.92%.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC acquired a new stake in shares of Franklin Resources during the third quarter worth about $26,000. Matrix Trust Co acquired a new stake in shares of Franklin Resources in the third quarter worth $29,000. Larson Financial Group LLC increased its stake in shares of Franklin Resources by 254.4% in the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after acquiring an additional 1,277 shares during the period. Brooklyn Investment Group purchased a new position in shares of Franklin Resources during the third quarter worth $39,000. Finally, Principal Securities Inc. boosted its holdings in Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after purchasing an additional 1,661 shares during the last quarter. 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.