Invesco Ltd. boosted its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 2.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,985,065 shares of the closed-end fund's stock after buying an additional 263,619 shares during the period. Invesco Ltd. owned 2.28% of Franklin Resources worth $230,713,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in BEN. Principal Financial Group Inc. increased its holdings in shares of Franklin Resources by 22.5% during the first quarter. Principal Financial Group Inc. now owns 464,238 shares of the closed-end fund's stock valued at $8,937,000 after purchasing an additional 85,407 shares during the period. Concurrent Investment Advisors LLC bought a new position in Franklin Resources during the first quarter valued at about $203,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Franklin Resources by 5.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,576 shares of the closed-end fund's stock valued at $1,573,000 after buying an additional 4,530 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Franklin Resources during the first quarter valued at about $811,000. Finally, Envestnet Asset Management Inc. boosted its stake in Franklin Resources by 230.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 291,821 shares of the closed-end fund's stock valued at $5,921,000 after buying an additional 203,414 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.
Franklin Resources Stock Performance
NYSE BEN traded down $0.15 during trading on Monday, hitting $25.19. The company's stock had a trading volume of 540,485 shares, compared to its average volume of 4,534,086. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average price of $24.16 and a 200 day moving average price of $21.43. The firm has a market cap of $13.08 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 1.71 and a beta of 1.46. Franklin Resources, Inc. has a 52 week low of $16.25 and a 52 week high of $26.08.
Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business posted $0.60 EPS. The company's revenue for the quarter was down 2.2% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.
Franklin Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Friday, June 27th. Franklin Resources's dividend payout ratio is 250.98%.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on BEN shares. The Goldman Sachs Group raised Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price for the company in a research note on Friday, June 27th. Cowen reaffirmed a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Wednesday, May 14th. Evercore ISI raised their target price on Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a research note on Monday, August 4th. Finally, Barclays reaffirmed an "underweight" rating and set a $23.00 target price (up previously from $20.00) on shares of Franklin Resources in a research note on Monday, August 4th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Franklin Resources currently has a consensus rating of "Hold" and a consensus price target of $23.58.
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Franklin Resources Company Profile
(
Free Report)
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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