Amundi Boosts Holdings in Franklin Resources, Inc. $BEN

Key Points

• Amundi increased its Franklin Resources stake by 553.5% in the second quarter, acquiring 549,989 additional shares and ending with a 0.13% ownership position valued at approximately $21.6 million.
• Franklin Resources reported quarterly EPS of $0.72, exceeding the $0.66 consensus estimate, while revenue rose 14.3% year over year to $2.36 billion. Institutional investors collectively own 47.56% of the company.
• The company declared a quarterly dividend of $0.33, equivalent to an annualized $1.32 payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with a $33 price target.

Amundi grew its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 553.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 649,361 shares of the closed-end fund's stock after buying an additional 549,989 shares during the quarter. Amundi owned 0.13% of Franklin Resources worth $21,604,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Motiv8 Investments LLC purchased a new position in Franklin Resources in the 4th quarter worth about $28,000. Leonteq Securities AG purchased a new stake in Franklin Resources in the 4th quarter valued at about $30,000. Atlas Capital Advisors Inc. purchased a new stake in Franklin Resources in the 4th quarter valued at about $32,000. Larson Financial Group LLC grew its stake in Franklin Resources by 48.1% in the 4th quarter. Larson Financial Group LLC now owns 1,392 shares of the closed-end fund's stock worth $33,000 after acquiring an additional 452 shares in the last quarter. Finally, Hilton Head Capital Partners LLC bought a new position in Franklin Resources in the 4th quarter worth about $36,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 0.1%

BEN stock opened at $33.69 on Friday. Franklin Resources, Inc. has a 52-week low of $21.10 and a 52-week high of $36.28. 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 $17.12 billion, a P/E ratio of 22.92, a PEG ratio of 0.67 and a beta of 1.54. The company's 50-day simple moving average is $33.79 and its 200-day simple moving average is $30.44.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.06. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%.The business's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 EPS. As a group, equities analysts forecast that Franklin Resources, Inc. will post 2.88 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.9%. Franklin Resources's payout ratio is currently 89.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BEN. TD Cowen boosted their price target on Franklin Resources from $37.00 to $40.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Barclays raised their price objective on Franklin Resources from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods started coverage on Franklin Resources in a report on Wednesday. They issued a "hold" rating and a $38.00 target price for the company. Morgan Stanley increased their price target on Franklin Resources from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Friday, June 26th. Finally, Evercore restated an "underperform" rating and set a $35.00 price target on shares of Franklin Resources in a research note on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Franklin Resources presently has an average rating of "Hold" and a consensus price target of $33.00.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton name, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement plans through a broad range of strategies and investment vehicles.

Its offerings include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investments. Franklin Templeton manages strategies across equities, fixed income, multi-asset portfolios, alternatives and other specialized areas, while also providing investment research, portfolio management and wealth-management services.

Founded in 1947 by Rupert H.

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