Franklin Resources (NYSE:BEN) Price Target Cut to $19.00 by Analysts at JPMorgan Chase & Co.

Franklin Resources (NYSE:BEN - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $21.00 to $19.00 in a report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the closed-end fund's stock.

A number of other research analysts have also commented on the company. Evercore ISI decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an "underperform" rating on the stock in a research report on Friday, October 4th. StockNews.com upgraded Franklin Resources from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft decreased their price objective on Franklin Resources from $20.00 to $19.00 and set a "hold" rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on Franklin Resources from $22.50 to $20.50 and set an "equal weight" rating on the stock in a research report on Tuesday. Finally, Morgan Stanley increased their price objective on Franklin Resources from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Friday, December 20th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.36.

Franklin Resources Price Performance

NYSE BEN traded down $0.21 during trading hours on Thursday, reaching $19.42. 2,681,330 shares of the company's stock were exchanged, compared to its average volume of 3,993,403. The stock has a market cap of $10.18 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 2.06 and a beta of 1.41. Franklin Resources has a one year low of $18.83 and a one year high of $28.61. The firm has a fifty day moving average of $21.21 and a 200-day moving average of $21.20. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm's revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the company earned $0.84 earnings per share. On average, equities research analysts predict that Franklin Resources will post 2.38 earnings per share for the current fiscal year.

Franklin Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Monday, December 30th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 6.59%. The ex-dividend date of this dividend was Monday, December 30th. This is an increase from Franklin Resources's previous quarterly dividend of $0.31. Franklin Resources's dividend payout ratio (DPR) is presently 148.84%.

Insider Buying and Selling

In other news, insider Franklin Resources Inc sold 7,900 shares of the firm's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the transaction, the insider now owns 36,519 shares in the company, valued at $1,596,245.49. This trade represents a 17.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in Franklin Resources by 250.7% during the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund's stock worth $54,664,000 after purchasing an additional 1,751,587 shares during the period. JPMorgan Chase & Co. grew its holdings in Franklin Resources by 263.1% during the third quarter. JPMorgan Chase & Co. now owns 2,022,055 shares of the closed-end fund's stock worth $40,744,000 after purchasing an additional 1,465,148 shares during the period. Marshall Wace LLP grew its holdings in Franklin Resources by 517.5% during the second quarter. Marshall Wace LLP now owns 1,406,324 shares of the closed-end fund's stock worth $31,431,000 after purchasing an additional 1,178,594 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Franklin Resources by 44.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund's stock worth $60,421,000 after purchasing an additional 925,590 shares during the period. Finally, Millennium Management LLC grew its holdings in Franklin Resources by 110.3% during the second quarter. Millennium Management LLC now owns 1,623,236 shares of the closed-end fund's stock worth $36,279,000 after purchasing an additional 851,442 shares during the period. Institutional investors own 47.56% of the company's stock.

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.