Evergreen Capital Management LLC Makes New $845,000 Investment in Franklin Resources, Inc. $BEN

Key Points

• Evergreen Capital Management LLC acquired 43,199 shares of Franklin Resources, Inc. ($BEN), worth approximately $845,000, as reported in their latest SEC filing.
• Several large investors, such as CoreCap Advisors LLC and Manchester Capital Management LLC, have significantly increased their positions in Franklin Resources during the first quarter.
• Franklin Resources recently announced a quarterly dividend of $0.32 per share, translating to a 5.0% yield, with a dividend payout ratio currently at 250.98%.

Evergreen Capital Management LLC bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 43,199 shares of the closed-end fund's stock, valued at approximately $845,000.

A number of other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. boosted its position in Franklin Resources by 2.2% during the first quarter. Invesco Ltd. now owns 11,985,065 shares of the closed-end fund's stock worth $230,713,000 after acquiring an additional 263,619 shares during the last quarter. ProShare Advisors LLC boosted its stake in Franklin Resources by 19.6% in the 4th quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund's stock worth $190,805,000 after buying an additional 1,542,478 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Franklin Resources by 20.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,223,369 shares of the closed-end fund's stock worth $139,040,000 after buying an additional 1,220,419 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Franklin Resources by 173.7% in the 4th quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund's stock worth $71,658,000 after buying an additional 2,241,500 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Franklin Resources by 9.9% in the 1st quarter. Northern Trust Corp now owns 3,392,081 shares of the closed-end fund's stock worth $65,298,000 after buying an additional 305,736 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company's stock.

Franklin Resources Stock Down 3.0%

Shares of NYSE:BEN traded down $0.78 during mid-day trading on Friday, hitting $24.96. 4,486,351 shares of the company traded hands, compared to its average volume of 4,441,773. The firm has a market cap of $12.96 billion, a P/E ratio of 48.94, a PEG ratio of 1.48 and a beta of 1.51. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. Franklin Resources, Inc. has a 52-week low of $16.25 and a 52-week high of $26.08. The firm's 50 day simple moving average is $24.90 and its 200 day simple moving average is $21.87.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.The company's revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 5.1%. Franklin Resources's payout ratio is currently 250.98%.

Analysts Set New Price Targets

A number of analysts have issued reports on BEN shares. The Goldman Sachs Group raised Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target on the stock in a research note on Friday, June 27th. Barclays reiterated an "underweight" rating and issued a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a report on Monday, August 4th. Evercore ISI lifted their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a report on Monday, August 4th. JPMorgan Chase & Co. lifted their price target on shares of Franklin Resources from $22.00 to $29.00 and gave the company a "neutral" rating in a report on Monday, August 4th. Finally, TD Cowen upgraded shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target on the stock in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Franklin Resources currently has an average rating of "Reduce" and a consensus target price of $23.58.

Franklin Resources Profile

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.