Bank of America Corp DE Takes Position in Franklin Resources, Inc. $BEN

Key Points

• Bank of America acquired 1.23 million Franklin Resources shares during the second quarter, valued at approximately $41.1 million and representing about 0.24% of the company. Several other major investors also initiated positions, while institutional investors and hedge funds collectively own 47.56% of the stock.
• Analyst sentiment remains mixed, with four Buy, six Hold and two Sell ratings. The consensus rating is Hold, with an average price target of $33.00.
• Franklin Resources reported quarterly EPS of $0.72, exceeding estimates by $0.06, while revenue rose 14.3% year over year to $2.36 billion. The company also declared a quarterly dividend of $0.33, equivalent to a 3.9% annualized yield.

Bank of America Corp DE 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 1,234,381 shares of the closed-end fund's stock, valued at approximately $41,068,000. Bank of America Corp DE owned approximately 0.24% of Franklin Resources as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Freestone Grove Partners LP acquired a new position in Franklin Resources during the second quarter worth about $32,469,000. Caisse de depot et placement du Quebec purchased a new position in shares of Franklin Resources during the 2nd quarter worth approximately $15,882,000. Gallagher Fiduciary Advisors LLC acquired a new position in shares of Franklin Resources during the 2nd quarter worth approximately $45,904,000. Man Group plc purchased a new stake in shares of Franklin Resources in the second quarter valued at $2,429,000. Finally, Invst LLC purchased a new stake in shares of Franklin Resources in the second quarter valued at $933,000. 47.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BEN has been the subject of several analyst reports. TD Cowen boosted their target price on shares of Franklin Resources from $37.00 to $40.00 and gave the company a "buy" rating in a research note 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. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $34.00 price target on shares of Franklin Resources in a report on Monday, August 3rd. Keefe, Bruyette & Woods began coverage on Franklin Resources in a report on Wednesday, September 9th. They set a "hold" rating and a $38.00 price objective on the stock. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Franklin Resources in a report on Monday, August 31st. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $33.00.

Franklin Resources Stock Up 2.1%

Shares of NYSE BEN opened at $33.70 on Tuesday. The stock has a market capitalization of $17.12 billion, a PE ratio of 22.93, a P/E/G ratio of 0.66 and a beta of 1.54. 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 fifty day moving average of $33.73 and a 200-day moving average of $30.73. 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 quarterly earnings data 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 return on equity of 11.55% and a net margin of 8.72%.The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the company posted $0.49 EPS. The company's revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Franklin Resources, Inc. will post 2.88 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.32 annualized dividend and a yield of 3.9%. Franklin Resources's dividend payout ratio (DPR) is 89.80%.

Franklin Resources Profile

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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