Nuveen LLC Makes New $13.88 Million Investment in Franklin Resources, Inc. $BEN

Key Points

• Nuveen LLC made a new investment in Franklin Resources, acquiring 720,951 shares worth approximately $13.88 million during the first quarter of the year.
• Franklin Resources reported earnings of $0.49 per share for the last quarter, exceeding analyst estimates, despite a year-over-year revenue decline of 2.2%.
• Wall Street analysts have mixed ratings on Franklin Resources, with some raising target prices, but the consensus rating remains at "Reduce" with an average price target of $23.58.

Nuveen LLC acquired a new stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 720,951 shares of the closed-end fund's stock, valued at approximately $13,878,000. Nuveen LLC owned about 0.14% of Franklin Resources at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of Franklin Resources by 22.5% in 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 in the 1st quarter valued at $203,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Franklin Resources by 5.9% in 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 purchasing an additional 4,530 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Franklin Resources in the 1st quarter valued at $811,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Franklin Resources by 4.3% in 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 purchasing an additional 19,673 shares during the period. 47.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BEN has been the subject of several analyst reports. The Goldman Sachs Group upgraded shares of 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. Morgan Stanley boosted their target price on shares of Franklin Resources from $20.00 to $21.00 and gave the company an "underweight" rating in a research note on Tuesday, August 12th. Cowen reiterated a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. TD Cowen upgraded shares of 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. Finally, Barclays reiterated an "underweight" rating and issued a $23.00 target price (up from $20.00) on shares of Franklin Resources in a research note on Monday, August 4th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $23.58.

Franklin Resources Price Performance

Shares of NYSE BEN traded up $0.37 during mid-day trading on Wednesday, reaching $25.66. The company's stock had a trading volume of 3,442,137 shares, compared to its average volume of 4,054,925. The stock has a 50-day moving average of $24.60 and a two-hundred day moving average of $21.65. The stock has a market capitalization of $13.32 billion, a P/E ratio of 50.31, a P/E/G ratio of 1.46 and a beta of 1.46. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. Franklin Resources, Inc. has a 1-year low of $16.25 and a 1-year high of $26.08.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The business had revenue of $2.06 billion during the quarter, compared to analysts' expectations of $2.38 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. On average, equities research analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal 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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 5.0%. Franklin Resources's payout ratio is currently 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.