Franklin Resources (NYSE:BEN) Sets New 52-Week High – What’s Next?

Franklin Resources, Inc. (NYSE:BEN) reached a new 52-week high on Wednesday . The stock traded as high as $34.52 and last traded at $34.3260, with a volume of 1457254 shares changing hands. The stock had previously closed at $33.27.

Analyst Ratings Changes

BEN has been the topic of a number of research analyst reports. TD Cowen lifted their price target on Franklin Resources from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. raised their price objective on Franklin Resources from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Barclays set a $31.00 target price on shares of Franklin Resources and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Zacks Research raised shares of Franklin Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, June 22nd. Finally, Morgan Stanley increased their target price on shares of Franklin Resources from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $30.67.

Franklin Resources Trading Up 2.4%

The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.10. The company has a fifty day moving average price of $31.19 and a two-hundred day moving average price of $27.39. The firm has a market capitalization of $17.70 billion, a price-to-earnings ratio of 26.01, a PEG ratio of 0.86 and a beta of 1.55.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 EPS for the quarter, beating the consensus estimate of $0.55 by $0.16. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 earnings per share. As a group, research analysts forecast that Franklin Resources, Inc. will post 2.79 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

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

Hedge Funds Weigh In On Franklin Resources

A number of institutional investors have recently bought and sold shares of BEN. Mariner LLC lifted its holdings in Franklin Resources by 0.7% in the fourth quarter. Mariner LLC now owns 56,151 shares of the closed-end fund’s stock valued at $1,341,000 after acquiring an additional 377 shares during the last quarter. Lido Advisors LLC raised its holdings in Franklin Resources by 4.0% in the 1st quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund’s stock valued at $244,000 after buying an additional 395 shares during the period. Zions Bancorporation National Association UT increased its position in shares of Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund’s stock valued at $36,000 after acquiring an additional 396 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Franklin Resources by 4.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,751 shares of the closed-end fund’s stock valued at $233,000 after acquiring an additional 397 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Franklin Resources by 12.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund’s stock valued at $87,000 after purchasing an additional 400 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Company Profile

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.