Franklin Resources (NYSE:BEN) Reaches New 1-Year High – Here’s Why

Franklin Resources, Inc. (NYSE:BEN) shares hit a new 52-week high on Monday . The company traded as high as $34.26 and last traded at $34.19, with a volume of 336052 shares trading hands. The stock had previously closed at $33.05.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Sunday, June 14th. The Goldman Sachs Group raised their price target on shares of Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Barclays set a $31.00 price target on shares of Franklin Resources and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Morgan Stanley raised Franklin Resources from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $21.00 to $31.00 in a report on Wednesday, May 6th. Finally, TD Cowen reiterated a “buy” rating on shares of Franklin Resources in a research note on Thursday, June 4th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Franklin Resources has an average rating of “Hold” and a consensus price target of $30.00.

Franklin Resources Stock Performance

The company has a market cap of $17.64 billion, a PE ratio of 25.92, a PEG ratio of 0.87 and a beta of 1.55. The stock has a 50 day simple moving average of $30.19 and a two-hundred day simple moving average of $26.89. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.87 and a quick ratio of 1.87.

Franklin Resources (NYSE:BEN) last announced its earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.16. Franklin Resources had a net margin of 8.12% and a return on equity of 10.58%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the company posted $0.47 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts predict that Franklin Resources, Inc. will post 2.74 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 29th will be paid a dividend of $0.33 per share. The ex-dividend date is Monday, June 29th. This represents a $1.32 annualized dividend and a dividend yield of 3.9%. Franklin Resources’s dividend payout ratio is 100.76%.

Institutional Trading of Franklin Resources

A number of hedge funds have recently added to or reduced their stakes in BEN. Norges Bank acquired a new position in Franklin Resources during the fourth quarter worth about $98,168,000. Squarepoint Ops LLC lifted its position in shares of Franklin Resources by 188.2% in the fourth quarter. Squarepoint Ops LLC now owns 4,131,559 shares of the closed-end fund’s stock valued at $98,703,000 after acquiring an additional 2,697,743 shares in the last quarter. Azora Capital LP boosted its stake in shares of Franklin Resources by 78.8% during the fourth quarter. Azora Capital LP now owns 5,796,575 shares of the closed-end fund’s stock valued at $138,480,000 after acquiring an additional 2,554,105 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Franklin Resources during the second quarter valued at $51,384,000. Finally, Bank of New York Mellon Corp increased its position in Franklin Resources by 125.3% during the 4th quarter. Bank of New York Mellon Corp now owns 3,737,050 shares of the closed-end fund’s stock worth $89,278,000 after purchasing an additional 2,078,369 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.