Franklin Resources, Inc. (BEN) to Issue Dividend Increase – $3.00 Per Share

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.

Franklin Resources (NYSE:BEN) last announced its earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.13. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm posted $0.77 EPS. The business’s revenue was up 3.5% on a year-over-year basis. analysts expect that Franklin Resources will post 3.25 earnings per share for the current fiscal year.

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.

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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.

Dividend History for Franklin Resources (NYSE:BEN)

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