Beacon Pointe Advisors LLC Invests $2.06 Million in Franklin Resources, Inc. $BEN

Key Points

• Beacon Pointe Advisors acquired 61,945 shares of Franklin Resources in the second quarter, worth approximately $2.06 million. Institutional investors and hedge funds collectively own 47.56% of the company.
• Franklin Resources reported quarterly EPS of $0.72, beating estimates of $0.66, while revenue rose 14.3% year over year to $2.36 billion. Shares recently traded at $34.70, near the upper end of their 52-week range.
• The company declared a quarterly dividend of $0.33 per share, equivalent to a 3.8% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.44.

Beacon Pointe Advisors LLC acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 61,945 shares of the closed-end fund's stock, valued at approximately $2,061,000.

Other institutional investors have also recently bought and sold shares of the company. Danske Bank A S purchased a new stake in shares of Franklin Resources during the 4th quarter worth about $26,000. Motiv8 Investments LLC bought a new stake in shares of Franklin Resources in the 4th quarter valued at approximately $28,000. Leonteq Securities AG acquired a new position in Franklin Resources in the fourth quarter worth approximately $30,000. Atlas Capital Advisors Inc. acquired a new position in Franklin Resources in the fourth quarter worth approximately $32,000. Finally, Larson Financial Group LLC raised its position in Franklin Resources by 48.1% during the fourth quarter. Larson Financial Group LLC now owns 1,392 shares of the closed-end fund's stock valued at $33,000 after acquiring an additional 452 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company's stock.

Franklin Resources Stock Performance

Shares of NYSE BEN opened at $34.70 on Monday. 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 business's 50 day moving average is $33.69 and its two-hundred day moving average is $30.00. The company has a market cap of $17.63 billion, a P/E ratio of 23.61, a P/E/G ratio of 0.69 and a beta of 1.55. Franklin Resources, Inc. has a 12 month low of $21.10 and a 12 month high of $36.28.

Franklin Resources (NYSE:BEN - Get Free Report) last announced 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. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. Franklin Resources's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company posted $0.49 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post 2.88 EPS for the current year.

Franklin Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

BEN has been the subject of several recent research reports. Morgan Stanley boosted 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 report on Friday, June 26th. Zacks Research downgraded shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $34.00 price objective on shares of Franklin Resources in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Franklin Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 3rd. Finally, Wall Street Zen raised shares of Franklin Resources from a "hold" rating to a "buy" rating in a research report on Sunday, June 14th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $32.44.

Franklin Resources Profile

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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