Franklin Resources, Inc. (NYSE:BEN) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 22.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 464,238 shares of the closed-end fund's stock after purchasing an additional 85,407 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of Franklin Resources worth $8,937,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BEN. CoreCap Advisors LLC grew its position in Franklin Resources by 147.1% during the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after buying an additional 737 shares in the last quarter. GeoWealth Management LLC grew its position in Franklin Resources by 350.4% during the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after buying an additional 981 shares in the last quarter. Headlands Technologies LLC purchased a new position in Franklin Resources during the fourth quarter worth about $34,000. Contravisory Investment Management Inc. purchased a new position in Franklin Resources during the first quarter worth about $46,000. Finally, Canada Post Corp Registered Pension Plan purchased a new position in Franklin Resources during the fourth quarter worth about $57,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 0.8%

Shares of NYSE:BEN traded up $0.20 during mid-day trading on Friday, reaching $24.72. 1,471,682 shares of the company were exchanged, compared to its average volume of 4,519,041. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a market cap of $12.99 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 1.77 and a beta of 1.45. The firm's 50-day simple moving average is $22.83 and its 200 day simple moving average is $20.68. Franklin Resources, Inc. has a 1 year low of $16.25 and a 1 year high of $25.36.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share for the quarter, meeting analysts' consensus estimates of $0.47. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the business earned $0.56 EPS. The company's revenue was down 6.2% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 5.18%. The ex-dividend date was Friday, June 27th. Franklin Resources's payout ratio is 188.24%.

Analyst Upgrades and Downgrades

BEN has been the subject of several recent analyst reports. The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price for the company in a research report on Friday, June 27th. Morgan Stanley lifted their price target on Franklin Resources from $14.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price target on Franklin Resources from $18.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, July 10th. Barclays lifted their price target on Franklin Resources from $19.00 to $20.00 and gave the stock an "underweight" rating in a research note on Wednesday. Finally, TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target for the company in a research note on Wednesday, May 14th. Five 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $21.92.

Franklin Resources Company 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.