Kestra Investment Management LLC Purchases 46,717 Shares of Franklin Resources, Inc. $BEN

Key Points

• Kestra Investment Management LLC increased its stake in Franklin Resources by 127.0%, holding 83,508 shares worth $1,608,000 at the end of the first quarter.
• Franklin Resources reported a decrease in quarterly revenue to $2.06 billion, missing analysts' estimates of $2.38 billion.
• The company announced a quarterly dividend of $0.32, resulting in an annualized dividend yield of 5.1% and scheduled for payment on October 10th.

Kestra Investment Management LLC increased its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 127.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 83,508 shares of the closed-end fund's stock after acquiring an additional 46,717 shares during the period. Kestra Investment Management LLC's holdings in Franklin Resources were worth $1,608,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. CoreCap Advisors LLC boosted its holdings in shares of Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after acquiring an additional 737 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of Franklin Resources by 49.9% in the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock worth $32,000 after buying an additional 555 shares during the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Franklin Resources in the first quarter worth $46,000. Signaturefd LLC boosted its position in Franklin Resources by 39.4% in the first quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock worth $50,000 after purchasing an additional 732 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Franklin Resources by 78.3% in the first quarter. Brooklyn Investment Group now owns 3,139 shares of the closed-end fund's stock worth $60,000 after buying an additional 1,378 shares during the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Price Performance

Shares of Franklin Resources stock traded down $0.26 during trading hours on Wednesday, reaching $24.30. The company's stock had a trading volume of 5,029,517 shares, compared to its average volume of 3,250,905. The firm has a 50 day moving average price of $24.95 and a 200-day moving average price of $21.96. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55. The stock has a market cap of $12.62 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.42 and a beta of 1.51. Franklin Resources, Inc. has a one year low of $16.25 and a one year high of $26.08.

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

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Tuesday, September 30th. Franklin Resources's dividend payout ratio is presently 250.98%.

Wall Street Analyst Weigh In

BEN has been the subject of a number of recent research reports. Cowen reissued a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Barclays reiterated an "underweight" rating and set a $23.00 price objective (up from $20.00) on shares of Franklin Resources in a research note on Monday, August 4th. The Goldman Sachs Group upgraded shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target for the company in a research report on Friday, June 27th. Evercore ISI increased their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an "underperform" rating in a research note on Monday, August 4th. Finally, Wells Fargo & Company lifted their target price on shares of Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, Franklin Resources presently has a consensus rating of "Reduce" and an average price target 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.