Franklin Resources, Inc. (NYSE:BEN) declared a special dividend on Wednesday, February 14th, RTT News reports. Stockholders of record on Thursday, March 29th will be paid a dividend of 3.00 per share by the closed-end fund on Thursday, April 12th. This is an increase from Franklin Resources’s previous special dividend of $0.50.
Franklin Resources has raised its dividend payment by an average of 18.6% per year over the last three years and has raised its dividend every year for the last 36 years. Franklin Resources has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Franklin Resources to earn $3.47 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 26.5%.
Franklin Resources (NYSE:BEN) opened at $39.85 on Thursday. Franklin Resources has a 52-week low of $37.01 and a 52-week high of $47.65. The stock has a market capitalization of $21,428.17, a P/E ratio of 34.03, a PEG ratio of 1.31 and a beta of 1.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.28 and a current ratio of 4.28.
A number of brokerages have recently issued reports on BEN. ValuEngine lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 price objective on shares of Franklin Resources in a research note on Wednesday, November 1st. Citigroup reduced their price objective on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 27th. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Finally, UBS Group increased their price objective on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $44.45.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 49,988 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $43.58, for a total value of $2,178,477.04. Following the completion of the sale, the chairman now directly owns 2,116,886 shares of the company’s stock, valued at approximately $92,253,891.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was 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. Over the last three months, insiders sold 457,778 shares of company stock valued at $19,700,614. 22.20% of the stock is owned by corporate insiders.
TRADEMARK VIOLATION WARNING: “Franklin Resources, Inc. (BEN) to Issue Dividend Increase – $3.00 Per Share” was published by Week Herald and is owned by of Week Herald. If you are accessing this piece on another site, it was illegally copied and republished in violation of U.S. and international trademark & copyright legislation. The correct version of this piece can be read at https://weekherald.com/2018/02/15/franklin-resources-inc-ben-to-issue-dividend-increase-3-00-per-share.html.
Franklin Resources Company Profile
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.
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.