Franklin Resources, Inc. (NYSE:BEN) Shares Purchased by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Franklin Resources by 21.9%, now holding 142,700 shares worth approximately $2.74 million.
• The company's quarterly earnings beat expectations with earnings per share of $0.49, surpassing the consensus estimate of $0.46, though revenue fell 2.2% year-over-year.
• Franklin Resources declared a dividend of $0.32 per share, leading to an annualized yield of 5.1% despite a high dividend payout ratio of 250.98%.

Forsta AP Fonden boosted its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 21.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 142,700 shares of the closed-end fund's stock after purchasing an additional 25,600 shares during the period. Forsta AP Fonden's holdings in Franklin Resources were worth $2,747,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its position in Franklin Resources by 61.3% in the first quarter. National Bank of Canada FI now owns 233,946 shares of the closed-end fund's stock worth $4,503,000 after purchasing an additional 88,882 shares during the period. Citigroup Inc. lifted its position in Franklin Resources by 22.3% in the first quarter. Citigroup Inc. now owns 486,806 shares of the closed-end fund's stock worth $9,371,000 after purchasing an additional 88,727 shares during the period. AlphaCore Capital LLC acquired a new stake in Franklin Resources in the first quarter worth approximately $153,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Franklin Resources by 11.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 799,005 shares of the closed-end fund's stock worth $15,381,000 after purchasing an additional 84,049 shares during the period. Finally, Ironwood Investment Counsel LLC lifted its position in Franklin Resources by 7.0% in the first quarter. Ironwood Investment Counsel LLC now owns 40,128 shares of the closed-end fund's stock worth $772,000 after purchasing an additional 2,632 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

Shares of NYSE:BEN opened at $25.29 on Tuesday. The company's fifty day moving average is $23.83 and its two-hundred day moving average is $21.28. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.94. Franklin Resources, Inc. has a 12-month low of $16.25 and a 12-month high of $25.42. The company has a market cap of $13.13 billion, a P/E ratio of 49.58, a price-to-earnings-growth ratio of 1.68 and a beta of 1.46.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share for the quarter, topping 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 the consensus estimate of $2.38 billion. During the same period in the prior year, the business posted $0.60 earnings per share. Franklin Resources's revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.1%. Franklin Resources's dividend payout ratio is 250.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. TD Cowen upgraded Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price objective for the company in a research report on Wednesday, May 14th. Wells Fargo & Company increased their price objective on Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Cowen reiterated a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. JPMorgan Chase & Co. increased their price objective on Franklin Resources from $22.00 to $29.00 and gave the company a "neutral" rating in a research report on Monday, August 4th. Finally, Barclays reiterated an "underweight" rating and set a $23.00 price objective (up previously from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $23.42.

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.

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