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

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

Analysts Set New Price Targets

Several brokerages recently issued reports on BEN. Weiss Ratings raised shares of Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Morgan Stanley upgraded Franklin Resources from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $21.00 to $31.00 in a research report on Wednesday, May 6th. Evercore reissued an “underperform” rating and issued a $32.00 price target on shares of Franklin Resources in a report on Monday, June 8th. TD Cowen reaffirmed a “buy” rating on shares of Franklin Resources in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group lifted their target price on shares of Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $30.00.

Franklin Resources Trading Up 2.7%

The company has a fifty day moving average of $30.19 and a 200-day moving average of $26.89. 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 market capitalization of $17.64 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 0.87 and a beta of 1.55.

Franklin Resources (NYSE:BEN) last released its earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.16. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 earnings per share. As a group, equities research analysts anticipate that Franklin Resources, Inc. will post 2.74 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

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

Institutional Investors Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Franklin Resources by 26.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund’s stock worth $2,850,000 after buying an additional 30,763 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Franklin Resources by 169.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund’s stock valued at $152,000 after purchasing an additional 4,972 shares during the last quarter. Woodline Partners LP raised its position in shares of Franklin Resources by 41.1% during the 1st quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund’s stock valued at $504,000 after buying an additional 7,634 shares during the period. Federated Hermes Inc. acquired a new position in Franklin Resources in the second quarter valued at approximately $169,000. Finally, California Public Employees Retirement System lifted its holdings in Franklin Resources by 52.2% in the second quarter. California Public Employees Retirement System now owns 509,171 shares of the closed-end fund’s stock valued at $12,144,000 after acquiring an additional 174,579 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.