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

Franklin Resources, Inc. (NYSE:BEN - Get Free Report)'s stock price reached a new 52-week low during trading on Monday after Evercore ISI lowered their price target on the stock from $19.00 to $17.00. Evercore ISI currently has an underperform rating on the stock. Franklin Resources traded as low as $16.60 and last traded at $16.76, with a volume of 704353 shares traded. The stock had previously closed at $17.51.

BEN has been the topic of several other research reports. Bank of America lowered their price target on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a report on Thursday, April 3rd. Barclays upped 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. UBS Group boosted their target price on Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods lifted their price objective on Franklin Resources from $19.00 to $21.00 and gave the company an "underperform" rating in a research report on Monday, February 3rd. Finally, Morgan Stanley cut their price objective on shares of Franklin Resources from $18.00 to $15.00 and set an "underweight" rating on the stock in a report on Monday, April 7th. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $19.63.

Institutional Trading of Franklin Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Franklin Resources in the 4th quarter worth $53,676,000. Two Sigma Advisers LP grew its position in shares of Franklin Resources by 173.7% during the fourth quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund's stock worth $71,658,000 after acquiring an additional 2,241,500 shares during the last quarter. Two Sigma Investments LP raised its stake in Franklin Resources by 132.7% during the 4th quarter. Two Sigma Investments LP now owns 2,935,292 shares of the closed-end fund's stock valued at $59,557,000 after acquiring an additional 1,673,971 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Franklin Resources by 33.1% in the fourth quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund's stock valued at $130,645,000 after buying an additional 1,599,849 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Franklin Resources by 19.6% during the 4th quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund's stock valued at $190,805,000 after acquiring an additional 1,542,478 shares during the period. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Price Performance

The company has a fifty day simple moving average of $19.60 and a two-hundred day simple moving average of $20.37. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 27.52, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates 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 last year, the firm posted $0.65 EPS. On average, equities research analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 7.16%. The ex-dividend date of this dividend was Monday, March 31st. Franklin Resources's dividend 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.