Franklin Resources (NYSE:BEN) Given New $21.00 Price Target at JPMorgan Chase & Co.

Franklin Resources (NYSE:BEN) had its price target lowered by JPMorgan Chase & Co. from $22.00 to $21.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the closed-end fund’s stock.

BEN has been the subject of a number of other reports. UBS Group cut their price objective on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. 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 note on Monday, July 29th. Evercore ISI lowered their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research note on Friday, October 4th. TD Cowen raised their price objective on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and set a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research note on Tuesday. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.20.

Franklin Resources Stock Up 3.9 %

Franklin Resources stock opened at $20.95 on Tuesday. The company has a market cap of $10.96 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $30.32. The company has a fifty day simple moving average of $20.21 and a 200 day simple moving average of $21.96. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources (NYSE:BEN) last released its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. Research analysts anticipate that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 5.92%. The ex-dividend date was Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is 76.07%.

Insider Activity at Franklin Resources

In other news, major shareholder Charles B. Johnson acquired 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of Franklin Resources stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $43.90, for a total transaction of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares of the company’s stock, valued at approximately $2,891,341.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Charles B. Johnson bought 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were bought at an average cost of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. 24.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new position in Franklin Resources during the 1st quarter worth about $710,000. Zurich Insurance Group Ltd FI bought a new position in shares of Franklin Resources in the 1st quarter worth about $1,538,000. SG Americas Securities LLC raised its position in shares of Franklin Resources by 583.8% in the 1st quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock worth $5,600,000 after acquiring an additional 170,089 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Franklin Resources by 46.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 278,268 shares of the closed-end fund’s stock worth $7,758,000 after acquiring an additional 88,700 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Franklin Resources by 4.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 102,385 shares of the closed-end fund’s stock worth $2,320,000 after acquiring an additional 4,248 shares in the last quarter. 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.