Franklin Resources, Inc. $BEN Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Franklin Resources, Inc. by 9.9%, acquiring an additional 305,736 shares, bringing its total ownership to approximately $65.3 million.
• Franklin Resources reported $0.49 earnings per share for the latest quarter, exceeding estimates by $0.03, although its revenue of $2.06 billion was below analyst expectations.
• Currently, analysts rate Franklin Resources with a consensus target price of $23.58, with varying ratings including three Buy, six Hold, and five Sell recommendations.

Northern Trust Corp lifted its position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 9.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,392,081 shares of the closed-end fund's stock after purchasing an additional 305,736 shares during the quarter. Northern Trust Corp owned 0.65% of Franklin Resources worth $65,298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BEN. MetLife Investment Management LLC grew its stake in shares of Franklin Resources by 1.9% during the 4th quarter. MetLife Investment Management LLC now owns 81,351 shares of the closed-end fund's stock worth $1,651,000 after purchasing an additional 1,533 shares during the period. Stifel Financial Corp grew its stake in shares of Franklin Resources by 9.5% during the 4th quarter. Stifel Financial Corp now owns 143,354 shares of the closed-end fund's stock worth $2,909,000 after purchasing an additional 12,386 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Franklin Resources by 0.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,620 shares of the closed-end fund's stock worth $8,779,000 after purchasing an additional 2,757 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Franklin Resources during the 4th quarter worth approximately $200,000. Finally, Capital Analysts LLC grew its stake in shares of Franklin Resources by 20.0% during the 4th quarter. Capital Analysts LLC now owns 7,514 shares of the closed-end fund's stock worth $152,000 after purchasing an additional 1,250 shares during the period. Institutional investors and hedge funds own 47.56% of the company's stock.

Franklin Resources Price Performance

BEN traded up $0.15 on Friday, hitting $25.69. 4,191,341 shares of the company's stock were exchanged, compared to its average volume of 4,469,610. Franklin Resources, Inc. has a fifty-two week low of $16.25 and a fifty-two week high of $26.08. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average price of $24.65 and a 200-day moving average price of $21.69. The stock has a market cap of $13.34 billion, a price-to-earnings 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 announced its earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company 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 company posted $0.60 EPS. The firm's quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Franklin Resources's payout ratio is 250.98%.

Analyst Upgrades and Downgrades

BEN has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Cowen reissued a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. The Goldman Sachs Group raised shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target on the stock in a research note on Friday, June 27th. Evercore ISI lifted their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a research note on Monday, August 4th. Finally, Wells Fargo & Company lifted their price target 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 investment analysts have rated the stock with a Buy rating, six have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Franklin Resources has a consensus rating of "Reduce" and a consensus price target of $23.58.

About Franklin Resources

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.