Korea Investment CORP Has $2.78 Million Stake in Franklin Resources, Inc. $BEN

Key Points

• Korea Investment CORP increased its position in Franklin Resources, Inc. by 126.3%, owning 144,247 shares valued at approximately $2.78 million as of the end of the recent reporting period.
• Franklin Resources reported quarterly earnings of $0.49 EPS, exceeding analysts' expectations, although its revenue declined by 2.2% year-over-year to $2.06 billion.
• Current analyst ratings for Franklin Resources include three "Buy" ratings, six "Hold" ratings, and five "Sell" ratings, with a consensus price target of $23.58.

Korea Investment CORP increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 126.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 144,247 shares of the closed-end fund's stock after acquiring an additional 80,500 shares during the period. Korea Investment CORP's holdings in Franklin Resources were worth $2,777,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Franklin Resources by 22.5% during the 1st quarter. Principal Financial Group Inc. now owns 464,238 shares of the closed-end fund's stock valued at $8,937,000 after acquiring an additional 85,407 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Franklin Resources during the 1st quarter valued at about $203,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Franklin Resources by 5.9% during the 1st 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 acquiring an additional 4,530 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Franklin Resources during the 1st quarter valued at about $811,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Franklin Resources by 4.3% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 476,253 shares of the closed-end fund's stock valued at $9,168,000 after acquiring an additional 19,673 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BEN shares. Barclays reissued an "underweight" rating and set a $23.00 price objective (up previously from $20.00) on shares of Franklin Resources in a report on Monday, August 4th. The Goldman Sachs Group raised Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price on the stock in a report on Friday, June 27th. JPMorgan Chase & Co. raised their target price on Franklin Resources from $22.00 to $29.00 and gave the company a "neutral" rating in a report on Monday, August 4th. Cowen reaffirmed a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. Finally, Evercore ISI raised their target price on Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a report on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, Franklin Resources presently has a consensus rating of "Reduce" and a consensus price target of $23.58.

Franklin Resources Stock Performance

Shares of BEN stock traded up $0.15 during mid-day trading on Friday, reaching $25.69. The stock had a trading volume of 4,191,341 shares, compared to its average volume of 3,556,947. The firm's 50 day simple moving average is $24.71 and its 200 day simple moving average is $21.73. 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 one year low of $16.25 and a one year high of $26.08. The firm has a market cap of $13.34 billion, a PE ratio of 50.37, a P/E/G ratio of 1.48 and a beta of 1.46.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its 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. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.Franklin Resources's revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.60 EPS. On average, analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, September 30th. Franklin Resources's dividend payout ratio (DPR) is presently 250.98%.

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.