Quantum Portfolio Management LLC Makes New $941,000 Investment in Franklin Resources, Inc. $BEN

Key Points

• Quantum Portfolio Management LLC initiated a new position in Franklin Resources, buying 39,851 shares worth about $941,000 in the first quarter.
• Institutional ownership activity was broad, with several funds increasing stakes; notably, CalPERS boosted its holding by 52.2%, and institutions now own 47.56% of the stock.
• Franklin Resources reported better-than-expected quarterly earnings of $0.71 per share versus $0.55 estimated, and it also declared a $0.33 quarterly dividend yielding about 3.9%.

Quantum Portfolio Management LLC purchased a new stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 39,851 shares of the closed-end fund's stock, valued at approximately $941,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Franklin Resources by 26.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund's stock worth $2,850,000 after purchasing an additional 30,763 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Franklin Resources by 169.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund's stock valued at $152,000 after purchasing an additional 4,972 shares during the period. Woodline Partners LP raised its holdings in shares of Franklin Resources by 41.1% in the 1st quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund's stock worth $504,000 after buying an additional 7,634 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Franklin Resources during the 2nd quarter worth approximately $169,000. Finally, California Public Employees Retirement System boosted its stake in Franklin Resources by 52.2% in the 2nd quarter. California Public Employees Retirement System now owns 509,171 shares of the closed-end fund's stock valued at $12,144,000 after buying an additional 174,579 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $33.50 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a 50 day simple moving average of $32.00 and a 200 day simple moving average of $27.84. Franklin Resources, Inc. has a fifty-two week low of $21.10 and a fifty-two week high of $34.92. The firm has a market cap of $17.41 billion, a P/E ratio of 25.57, a P/E/G ratio of 0.89 and a beta of 1.54.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.16. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts predict that Franklin Resources, Inc. will post 2.79 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 29th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Monday, June 29th. Franklin Resources's dividend payout ratio (DPR) is currently 100.76%.

Analyst Upgrades and Downgrades

BEN has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price objective on Franklin Resources from $30.50 to $34.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Morgan Stanley upped their price objective on shares of Franklin Resources from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Friday, June 26th. Evercore reiterated an "underperform" rating and issued a $32.00 target price on shares of Franklin Resources in a research note on Monday, June 8th. Zacks Research upgraded Franklin Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. raised their price target on Franklin Resources from $28.00 to $31.00 and gave the company a "neutral" rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $30.67.

Franklin Resources Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm's core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton's product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.

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