Franklin Resources (NYSE:BEN) Reaches New 52-Week High at $33.37

Posted by James Quigley on Feb 2nd, 2023

Franklin Resources, Inc. (NYSE:BEN – Get Rating)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $33.37 and last traded at $33.35, with a volume of 840891 shares traded. The stock had previously closed at $32.01.

Analyst Ratings Changes

BEN has been the subject of several research analyst reports. BMO Capital Markets upped their price target on Franklin Resources from $22.00 to $23.00 and gave the stock a “market perform” rating in a research note on Tuesday. StockNews.com initiated coverage on Franklin Resources in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley increased their target price on Franklin Resources from $19.00 to $23.00 and gave the company an “underweight” rating in a research note on Thursday, January 19th. Credit Suisse Group lowered their target price on Franklin Resources from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, November 2nd. Finally, Keefe, Bruyette & Woods increased their target price on Franklin Resources from $26.00 to $27.00 and gave the company an “underperform” rating in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.27.

Franklin Resources Stock Up 5.5 %

The company has a current ratio of 4.97, a quick ratio of 1.34 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $16.89 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 8.39 and a beta of 1.28. The stock has a fifty day moving average of $27.98 and a 200-day moving average of $26.07.

Franklin Resources (NYSE:BEN – Get Rating) last issued its earnings results on Monday, January 30th. The closed-end fund reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.85 billion. Franklin Resources had a return on equity of 12.69% and a net margin of 12.52%. The business’s revenue was down 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.08 earnings per share. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.35 EPS for the current year.

Franklin Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Thursday, December 29th. This is a boost from Franklin Resources’s previous quarterly dividend of $0.29. Franklin Resources’s dividend payout ratio (DPR) is 61.22%.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc bought 40,694 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was acquired at an average price of $4.17 per share, with a total value of $169,693.98. Following the completion of the transaction, the insider now directly owns 9,935,879 shares in the company, valued at approximately $41,432,615.43. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Franklin Resources news, EVP Alok Sethi sold 29,503 shares of the business’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $31.09, for a total value of $917,248.27. Following the completion of the sale, the executive vice president now owns 92,132 shares of the company’s stock, valued at $2,864,383.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Franklin Resources Inc acquired 40,694 shares of the company’s stock in a transaction dated Friday, November 4th. The stock was acquired at an average price of $4.17 per share, for a total transaction of $169,693.98. Following the completion of the purchase, the insider now directly owns 9,935,879 shares of the company’s stock, valued at approximately $41,432,615.43. The disclosure for this purchase can be found here. 23.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Franklin Resources

A number of institutional investors have recently made changes to their positions in BEN. RFP Financial Group LLC bought a new position in Franklin Resources in the fourth quarter worth $26,000. Eagle Bay Advisors LLC bought a new position in Franklin Resources in the second quarter worth $26,000. Arcus Capital Partners LLC bought a new position in Franklin Resources in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. lifted its position in Franklin Resources by 413.2% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,242 shares of the closed-end fund’s stock worth $27,000 after purchasing an additional 1,000 shares during the period. Finally, Capital Analysts LLC lifted its position in Franklin Resources by 31.8% in the second quarter. Capital Analysts LLC now owns 1,447 shares of the closed-end fund’s stock worth $34,000 after purchasing an additional 349 shares during the period. 45.47% of the stock is currently owned by institutional investors.

About Franklin Resources

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Franklin Resources, Inc is a holding company, which engages in the provision of investment management and related services. The firm offers services and products under various distinct brand names, including, but not limited to, Franklin, Templeton, Legg Mason, Benefit Street Partners, Brandywine Global Investment Management, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin Bissett, Franklin Mutual Series, K2, LibertyShares, Martin Currie, Royce Investment Partners and Western Asset Management Company.