Azimuth Capital Investment Management LLC Acquires New Shares in Franklin Resources, Inc. $BEN

Key Points

• Azimuth Capital Investment Management acquired 135,470 shares of Franklin Resources, valued at approximately $4.5 million. Institutional investors and hedge funds collectively own 47.56% of the company.
• Franklin Resources reported quarterly earnings of $0.72 per share, exceeding estimates by $0.06, while revenue rose 14.3% year over year to $2.36 billion.
• The company declared a quarterly dividend of $0.33 per share, equivalent to an annualized dividend of $1.32 and a 3.8% yield. Analysts’ consensus rating remains Hold, with an average price target of $32.44.

Azimuth Capital Investment Management LLC acquired a new position in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 135,470 shares of the closed-end fund's stock, valued at approximately $4,507,000.

Other large investors have also recently added to or reduced their stakes in the company. Motiv8 Investments LLC acquired a new position in shares of Franklin Resources in the fourth quarter worth $28,000. Leonteq Securities AG purchased a new stake in Franklin Resources during the 4th quarter worth about $30,000. Atlas Capital Advisors Inc. purchased a new stake in Franklin Resources during the 4th quarter worth about $32,000. Larson Financial Group LLC raised 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 valued at $33,000 after purchasing an additional 452 shares during the last quarter. Finally, Hilton Head Capital Partners LLC purchased a new position in Franklin Resources in the 4th quarter valued at about $36,000. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Price Performance

Franklin Resources stock opened at $34.63 on Monday. The firm has a fifty day moving average of $33.74 and a 200-day moving average of $30.23. 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 capitalization of $17.59 billion, a P/E ratio of 23.56, a PEG ratio of 0.69 and a beta of 1.54.

Franklin Resources (NYSE:BEN - Get Free Report) last issued 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. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%.The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the business earned $0.49 earnings per share. The company's revenue was up 14.3% compared to the same quarter last year. As a group, analysts predict that Franklin Resources, Inc. will post 2.88 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Wednesday, September 30th. Franklin Resources's payout ratio is presently 89.80%.

Analyst Ratings Changes

BEN has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $34.00 price target on shares of Franklin Resources in a report on Monday, August 3rd. TD Cowen raised their target price on shares of Franklin Resources from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Morgan Stanley lifted their target price on shares of Franklin Resources from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Friday, June 26th. Zacks Research downgraded Franklin Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Franklin Resources in a research note on Monday, August 31st. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $32.44.

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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