Franklin Resources, Inc. (BEN) to Issue Quarterly Dividend of $0.31 on October 11th

Franklin Resources, Inc. (NYSE:BEN) announced a quarterly dividend on Monday, August 26th, RTT News reports. Investors of record on Monday, September 30th will be paid a dividend of 0.31 per share by the closed-end fund on Friday, October 11th. This represents a $1.24 annualized dividend and a yield of 6.10%. The ex-dividend date is Monday, September 30th.

Franklin Resources has decreased its dividend payment by an average of 6.2% annually over the last three years. Franklin Resources has a dividend payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Franklin Resources to earn $2.68 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 46.3%.

Franklin Resources Price Performance

Shares of BEN opened at $20.34 on Wednesday. The firm has a fifty day simple moving average of $22.44 and a two-hundred day simple moving average of $24.42. The firm has a market cap of $10.70 billion, a PE ratio of 11.62, a P/E/G ratio of 2.46 and a beta of 1.43. The company has a current ratio of 1.71, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93. Franklin Resources has a 1-year low of $19.60 and a 1-year high of $30.32.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. On average, equities analysts anticipate that Franklin Resources will post 2.42 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BEN shares. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a research note on Thursday, August 22nd. Barclays initiated coverage on shares of Franklin Resources in a research note on Tuesday. They set an “underweight” rating and a $20.00 price target on the stock. BMO Capital Markets lowered their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research report on Monday, July 29th. Finally, TD Cowen raised their price objective on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.45.

Insider Transactions at Franklin Resources

In other news, major shareholder Charles B. Johnson purchased 200,000 shares of the business’s stock in a transaction on Friday, June 21st. The stock was acquired at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the acquisition, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jennifer M. Johnson acquired 18,900 shares of Franklin Resources stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the purchase, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Charles B. Johnson acquired 200,000 shares of the stock in a transaction dated Friday, June 21st. The stock was bought at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the completion of the purchase, the insider now directly owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The disclosure for this purchase can be found here. Insiders own 24.13% 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.