Franklin Resources (NYSE:BEN) Sets New 1-Year Low Following Analyst Downgrade

Franklin Resources, Inc. (NYSE:BEN)’s share price hit a new 52-week low on Monday after Morgan Stanley lowered their price target on the stock from $18.00 to $15.00. Morgan Stanley currently has an underweight rating on the stock. Franklin Resources traded as low as $16.60 and last traded at $16.76, with a volume of 704353 shares. The stock had previously closed at $17.51.

Other equities analysts have also issued research reports about the company. Bank of America dropped their price objective on Franklin Resources from $20.00 to $17.00 and set an “underperform” rating for the company in a research note on Thursday. BMO Capital Markets upped their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. lowered their target price on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Keefe, Bruyette & Woods upped their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. Finally, Barclays lifted their price target on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a report on Monday, February 3rd. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.21.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Fire Capital Management LLC purchased a new stake in Franklin Resources during the fourth quarter valued at approximately $3,497,000. Wellington Management Group LLP lifted its position in Franklin Resources by 240.4% in the fourth quarter. Wellington Management Group LLP now owns 100,975 shares of the closed-end fund’s stock worth $2,049,000 after buying an additional 71,308 shares during the last quarter. California State Teachers Retirement System lifted its position in Franklin Resources by 37.8% in the fourth quarter. California State Teachers Retirement System now owns 729,073 shares of the closed-end fund’s stock worth $14,793,000 after buying an additional 199,997 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Franklin Resources by 47.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 48,954 shares of the closed-end fund’s stock valued at $993,000 after acquiring an additional 15,758 shares during the last quarter. Finally, Siemens Fonds Invest GmbH purchased a new stake in shares of Franklin Resources in the fourth quarter valued at $3,020,000. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Down 3.9 %

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The company’s fifty day moving average price is $20.03 and its 200-day moving average price is $20.53. The stock has a market cap of $8.84 billion, a P/E ratio of 25.95, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period in the prior year, the company earned $0.65 earnings per share. Equities analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 7.60%. The ex-dividend date is Monday, March 31st. Franklin Resources’s payout ratio is currently 196.92%.

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.