Cantor Fitzgerald Investment Advisors L.P. acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 202,856 shares of the closed-end fund’s stock, valued at approximately $6,516,000.
Several other hedge funds have also modified their holdings of the stock. First Community Trust NA purchased a new stake in Franklin Resources in the third quarter valued at approximately $25,000. Armstrong Advisory Group Inc. purchased a new position in Franklin Resources during the third quarter worth approximately $35,000. Compass Financial Management LLC purchased a new position in Franklin Resources during the second quarter worth approximately $36,000. Elevation Wealth Partners LLC boosted its holdings in shares of Franklin Resources by 179.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,181 shares of the closed-end fund’s stock valued at $39,000 after purchasing an additional 758 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Franklin Resources by 209.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the closed-end fund’s stock valued at $39,000 after purchasing an additional 813 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages have recently issued reports on BEN. UBS Group started coverage on shares of Franklin Resources in a research note on Wednesday, October 7th. They set a “buy” rating and a $40.00 price objective for the company. Keefe, Bruyette & Woods initiated coverage on Franklin Resources in a research report on Wednesday, September 9th. They issued a “hold” rating and a $38.00 target price on the stock. Barclays reiterated a “mixed” rating on shares of Franklin Resources in a report on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $34.00 target price on shares of Franklin Resources in a report on Monday, August 3rd. Finally, Wall Street Zen raised Franklin Resources from a “hold” rating to a “buy” rating in a research report on Sunday, September 27th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.89.
View Our Latest Research Report on Franklin Resources
Franklin Resources Stock Performance
Franklin Resources stock opened at $31.36 on Friday. Franklin Resources, Inc. has a 12-month low of $21.10 and a 12-month high of $36.28. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 0.54 and a beta of 1.54. The firm’s fifty day moving average price is $33.33 and its 200 day moving average price is $31.71.
Franklin Resources (NYSE:BEN – Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the prior year, the company posted $0.49 EPS. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, research analysts forecast that Franklin Resources, Inc. will post 2.91 EPS for the current fiscal year.
Franklin Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Wednesday, September 30th. Franklin Resources’s payout ratio is 89.80%.
Franklin Resources Profile
Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.
Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.
Founded in 1947 by Rupert H.
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