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Franklin Resources, Inc. (NYSE:BEN) announced that its board of directors approved amendments to the company’s bylaws, effective Tuesday. The revised bylaws introduce a new section addressing forum selection, specifying that, unless the board consents to an alternative forum, the Court of Chancery of the State of Delaware will serve as the exclusive forum for certain legal actions involving the company or its directors, officers, employees, or agents.
This amendment was disclosed in a statement based on a filing with the U.S. Securities and Exchange Commission. The full text of the amended and restated bylaws was filed as an exhibit to the current report on Form 8-K. The company’s strong financial position is reflected in its current ratio of 6.58, indicating robust liquidity.
Franklin Resources, based in San Mateo, California, is incorporated in Delaware and its common stock is listed on the New York Stock Exchange under the symbol BEN. With a dividend yield of 5.22% and showing strong momentum with a 27.56% return over the past six months, the company appears slightly undervalued according to InvestingPro Fair Value analysis. For detailed insights and 10 additional ProTips about Franklin Resources, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Franklin Resources has been the focus of several significant developments. Goldman Sachs upgraded the company’s stock from Neutral to Buy, citing an improved growth outlook and setting a price target of $29. This upgrade is based on Franklin’s growing alternative investments and improved expense management following its acquisition of Western Asset Management. Goldman Sachs projects Franklin’s earnings per share to grow at an 8% compound annual rate through 2027. Similarly, TD Cowen raised its price target for Franklin Resources to $28, maintaining a Buy rating and highlighting the company’s strong long-term flow outlook. TD Cowen also reaffirmed its Buy rating following the release of Franklin’s assets under management data, which exceeded expectations. Additionally, Franklin Templeton announced the liquidation of its Franklin FTSE Hong Kong ETF, with the process set to conclude in July 2025. Lastly, Franklin Resources declared a quarterly cash dividend of $0.32 per share, reflecting a 3.2% increase from the previous year.
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