Franklin Resources, Inc. (NYSE:BEN) announced a quarterly dividend on Tuesday, December 12th, RTT News reports. Shareholders of record on Tuesday, December 26th will be paid a dividend of 0.23 per share by the closed-end fund on Wednesday, January 10th. This represents a $0.92 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, December 22nd. This is an increase from Franklin Resources’s previous quarterly dividend of $0.20.
Franklin Resources has increased its dividend by an average of 18.6% per year over the last three years and has raised its dividend annually for the last 36 consecutive years. Franklin Resources has a dividend payout ratio of 30.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Franklin Resources to earn $3.18 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 28.9%.
Shares of Franklin Resources (NYSE:BEN) traded up $0.59 during mid-day trading on Friday, hitting $44.53. The company’s stock had a trading volume of 1,996,244 shares, compared to its average volume of 2,480,411. Franklin Resources has a twelve month low of $39.38 and a twelve month high of $47.65. The stock has a market cap of $24,540.00, a PE ratio of 14.79, a price-to-earnings-growth ratio of 2.33 and a beta of 1.75. The company has a quick ratio of 8.75, a current ratio of 8.75 and a debt-to-equity ratio of 0.08.
Franklin Resources (NYSE:BEN) last issued its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.04. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Franklin Resources had a return on equity of 13.55% and a net margin of 29.47%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 EPS. analysts forecast that Franklin Resources will post 3 EPS for the current fiscal year.
In related news, Chairman Gregory E. Johnson sold 56,825 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the transaction, the chairman now directly owns 2,047,273 shares of the company’s stock, valued at approximately $87,684,702.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $42.95, for a total value of $17,180,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 514,603 shares of company stock worth $22,134,429 over the last ninety days. 22.20% of the stock is currently owned by corporate insiders.
BEN has been the subject of several recent research reports. Wells Fargo & Co reduced their price target on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. ValuEngine lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. UBS Group boosted their price target on Franklin Resources from $46.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Finally, Citigroup reduced their price target on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $44.45.
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About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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