Hanson & Doremus Investment Management bought a new stake in Franklin Resources, Inc. (NYSE:BEN – Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 98,200 shares of the closed-end fund’s stock, valued at approximately $3,154,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Community Trust NA purchased a new position in Franklin Resources during the third quarter worth about $25,000. Compass Financial Management LLC purchased a new position in shares of Franklin Resources during the second quarter worth $36,000. Armstrong Advisory Group Inc. acquired a new position in Franklin Resources in the 3rd quarter valued at about $35,000. Elevation Wealth Partners LLC grew its holdings in shares of Franklin Resources by 179.2% in the third 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 in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Franklin Resources by 209.5% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the closed-end fund’s stock worth $39,000 after acquiring an additional 813 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.
Franklin Resources Trading Down 1.2%
Shares of Franklin Resources stock opened at $30.99 on Friday. Franklin Resources, Inc. has a fifty-two week low of $21.10 and a fifty-two week high of $36.28. The business’s fifty day moving average is $33.28 and its two-hundred day moving average is $31.71. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.22. The firm has a market cap of $15.75 billion, a PE ratio of 21.08, a P/E/G ratio of 0.55 and a beta of 1.54.
Franklin Resources (NYSE:BEN – Get Free Report) last released its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm earned $0.49 earnings per share. Franklin Resources’s revenue for the quarter was up 14.3% on a year-over-year basis. Analysts anticipate that Franklin Resources, Inc. will post 2.91 earnings per share for the current year.
Franklin Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.32 annualized dividend and a dividend yield of 4.3%. Franklin Resources’s dividend payout ratio (DPR) is presently 89.80%.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on BEN shares. UBS Group started coverage on shares of Franklin Resources in a report on Wednesday, October 7th. They issued a “buy” rating and a $40.00 target price on the stock. TD Cowen reduced their price objective on shares of Franklin Resources from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Zacks Research downgraded shares of Franklin Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Morgan Stanley lifted their price target on Franklin Resources from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, September 25th. Finally, JPMorgan Chase & Co. raised their price target on Franklin Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $35.89.
Get Our Latest Analysis on BEN
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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