Franklin Resources, Inc. $BEN Shares Newly Purchased by Hanson & Doremus Investment Management

Key Points

• Hanson & Doremus Investment Management initiated a 98,200-share position in Franklin Resources during the third quarter, valued at approximately $3.15 million. Institutional investors 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. Analysts expect full-year EPS of approximately $2.91.
• The company pays a quarterly dividend of $0.33 per share, equivalent to a 4.3% yield, while Wall Street maintains a consensus “Hold” rating with an average price target of $35.89.

Hanson & Doremus Investment Management bought a new stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 98,200 shares of the closed-end fund's stock, valued at approximately $3,154,000.

Other institutional investors also recently bought and sold shares of the company. First Community Trust NA bought a new position in shares of Franklin Resources in the third quarter worth about $25,000. Armstrong Advisory Group Inc. bought a new stake in Franklin Resources during the third quarter valued at about $35,000. Compass Financial Management LLC purchased a new position in Franklin Resources in the 2nd quarter worth approximately $36,000. Elevation Wealth Partners LLC grew its holdings in Franklin Resources by 179.2% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,181 shares of the closed-end fund's stock valued at $39,000 after buying an additional 758 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Franklin Resources by 209.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the closed-end fund's stock worth $39,000 after acquiring an additional 813 shares during the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Performance

Shares of BEN stock opened at $30.99 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. Franklin Resources, Inc. has a 1 year low of $21.10 and a 1 year high of $36.28. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 21.08, a price-to-earnings-growth ratio of 0.55 and a beta of 1.54. The business has a fifty day moving average of $33.28 and a 200 day moving average of $31.71.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 EPS for the quarter, beating the consensus estimate of $0.66 by $0.06. The business had revenue of $2.36 billion during the quarter, compared to analysts' expectations of $1.76 billion. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The business's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.49 EPS. As a group, research analysts expect that Franklin Resources, Inc. will post 2.91 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.3%. Franklin Resources's dividend payout ratio is presently 89.80%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $34.00 target price 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 target on the stock. Evercore reaffirmed an "underperform" rating and set a $35.00 target price on shares of Franklin Resources in a research note on Friday, July 10th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Franklin Resources in a research report on Monday, August 31st. Finally, Zacks Research downgraded Franklin Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $35.89.

Franklin Resources Profile

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.

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