Franklin Resources, Inc. $BEN Holdings Increased by Ethic Inc.

Key Points

• Ethic Inc. increased its Franklin Resources stake by 223.2% in the third quarter, adding 143,914 shares to hold 208,403 shares valued at about $6.7 million.
• Franklin Resources reported quarterly EPS of $0.94, beating the $0.77 consensus, while revenue rose 3.9% year over year to $1.88 billion.
• The stock was up 6.5% and the company’s quarterly dividend was $0.33 per share; analysts’ consensus rating was Hold, with an average price target of $36.78.

Ethic Inc. raised its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 223.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,403 shares of the closed-end fund's stock after purchasing an additional 143,914 shares during the period. Ethic Inc.'s holdings in Franklin Resources were worth $6,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BEN. Cibc World Market Inc. bought a new stake in Franklin Resources in the second quarter worth $4,418,000. Deutsche Bank AG bought a new position in Franklin Resources during the second quarter valued at $37,742,000. Man Group plc bought a new position in Franklin Resources during the second quarter valued at $2,429,000. HF Advisory Group LLC bought a new position in Franklin Resources during the third quarter valued at $2,500,000. Finally, Kinloch Capital LLC purchased a new stake in shares of Franklin Resources in the second quarter valued at $5,737,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Stock Up 6.5%

NYSE:BEN opened at $35.93 on Tuesday. Franklin Resources, Inc. has a twelve month low of $21.10 and a twelve month high of $36.28. The company has a market cap of $18.25 billion, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 0.60 and a beta of 1.56. The stock has a fifty day simple moving average of $32.61 and a 200-day simple moving average of $30.43. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results on Friday, November 6th. The closed-end fund reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.17. The firm had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.86 billion. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The business's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 earnings per share. Analysts anticipate that Franklin Resources, Inc. will post 3.20 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, September 30th. Franklin Resources's payout ratio is 66.67%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BEN. UBS Group initiated coverage on shares of Franklin Resources in a report on Wednesday, October 7th. They issued a "buy" rating and a $40.00 target price for the company. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $38.00 price target (up from $37.00) on shares of Franklin Resources in a report on Monday. Morgan Stanley increased their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, September 25th. JPMorgan Chase & Co. raised their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Monday, October 12th. Finally, Wall Street Zen lowered Franklin Resources from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $36.78.

Franklin Resources Company Profile

Franklin Resources, Inc is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts.

The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.

Founded in 1947, Franklin Resources has grown through acquisitions, including its 2020 acquisition of Legg Mason.

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