Hardy Reed LLC acquired a new position in Franklin Resources, Inc. (NYSE:BEN – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,130 shares of the closed-end fund’s stock, valued at approximately $537,000.
Several other large investors have also modified their holdings of BEN. Mariner LLC grew its stake in Franklin Resources by 0.7% in the 4th quarter. Mariner LLC now owns 56,151 shares of the closed-end fund’s stock valued at $1,341,000 after buying an additional 377 shares during the last quarter. Lido Advisors LLC lifted its position in Franklin Resources by 4.0% during the 1st quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund’s stock worth $244,000 after acquiring an additional 395 shares during the last quarter. Zions Bancorporation National Association UT boosted its holdings in Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund’s stock valued at $36,000 after acquiring an additional 396 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund’s stock valued at $87,000 after acquiring an additional 400 shares during the period. Finally, Sigma Planning Corp grew its position in shares of Franklin Resources by 0.6% in the first quarter. Sigma Planning Corp now owns 67,747 shares of the closed-end fund’s stock valued at $1,600,000 after purchasing an additional 407 shares during the last quarter. 47.56% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Zacks Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $34.00 target price on shares of Franklin Resources in a report on Monday, August 3rd. The Goldman Sachs Group lifted their price target on Franklin Resources from $30.50 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings upgraded Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $32.44.
Franklin Resources Stock Performance
NYSE:BEN opened at $33.86 on Friday. The firm’s 50-day moving average is $33.26 and its 200-day moving average is $29.43. The company has a market cap of $17.20 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 0.72 and a beta of 1.55. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48. Franklin Resources, Inc. has a 52-week low of $21.10 and a 52-week high of $36.28.
Franklin Resources (NYSE:BEN – Get Free Report) last released its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company earned $0.49 earnings per share. The firm’s revenue was up 14.3% on a year-over-year basis. Equities research analysts anticipate that Franklin Resources, Inc. will post 2.88 earnings per share for the current year.
Franklin Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Monday, June 29th were issued a $0.33 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $1.32 annualized dividend and a yield of 3.9%. Franklin Resources’s dividend payout ratio is 89.80%.
About Franklin Resources
Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.
Founded in 1947 by Rupert H.
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