Wells Fargo & Company Forecasts Strong Price Appreciation for Franklin Resources (NYSE:BEN) Stock

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

Other equities research analysts have also issued reports about the stock. StockNews.com raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods raised their price objective on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price objective on Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. JPMorgan Chase & Co. decreased their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, BMO Capital Markets boosted their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.86.

Franklin Resources Trading Down 0.7 %

Shares of NYSE:BEN opened at $20.65 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. Franklin Resources has a 12-month low of $18.83 and a 12-month high of $28.61. The business has a 50 day moving average of $20.79 and a two-hundred day moving average of $20.93. The company has a market capitalization of $10.82 billion, a PE ratio of 31.78, a PEG ratio of 1.51 and a beta of 1.42.

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

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date of this dividend is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is 196.93%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its position in shares of Franklin Resources by 44.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 505 shares during the last quarter. US Bancorp DE raised its stake in Franklin Resources by 15.3% during the fourth quarter. US Bancorp DE now owns 20,543 shares of the closed-end fund’s stock worth $417,000 after purchasing an additional 2,733 shares during the period. QRG Capital Management Inc. boosted its holdings in Franklin Resources by 12.0% in the 4th quarter. QRG Capital Management Inc. now owns 59,559 shares of the closed-end fund’s stock valued at $1,208,000 after purchasing an additional 6,364 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Franklin Resources in the 4th quarter valued at approximately $231,000. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of Franklin Resources by 29.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 128,143 shares of the closed-end fund’s stock worth $2,600,000 after buying an additional 29,472 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

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.