Resona Asset Management Co. Ltd. Buys 16,331 Shares of Franklin Resources, Inc. $BEN

Key Points

• Resona Asset Management Co. Ltd. increased its position in Franklin Resources by 9.8% in the first quarter, owning 182,957 shares worth approximately $3.53 million.
• Recent analyst ratings show mixed reviews for Franklin Resources, with one upgrade by Goldman Sachs to a "buy" and a price target of $29.00, while others maintain an "underperform" rating.
• The company reported earnings of $0.49 per share, surpassing estimates, but revenue fell short with $2.06 billion compared to projections of $2.38 billion.

Resona Asset Management Co. Ltd. lifted its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 9.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 182,957 shares of the closed-end fund's stock after acquiring an additional 16,331 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Franklin Resources were worth $3,525,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BEN. Envestnet Asset Management Inc. increased its stake in shares of Franklin Resources by 230.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 291,821 shares of the closed-end fund's stock worth $5,921,000 after acquiring an additional 203,414 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Franklin Resources by 56.7% in the fourth quarter. Sterling Capital Management LLC now owns 17,026 shares of the closed-end fund's stock worth $345,000 after acquiring an additional 6,162 shares during the last quarter. Mariner LLC increased its stake in shares of Franklin Resources by 61.7% in the fourth quarter. Mariner LLC now owns 54,764 shares of the closed-end fund's stock worth $1,111,000 after acquiring an additional 20,905 shares during the last quarter. Guggenheim Capital LLC increased its position in Franklin Resources by 6.7% during the fourth quarter. Guggenheim Capital LLC now owns 88,298 shares of the closed-end fund's stock worth $1,792,000 after buying an additional 5,550 shares during the last quarter. Finally, GeoWealth Management LLC increased 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 during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Performance

BEN stock traded up $0.7950 during mid-day trading on Friday, reaching $25.3150. 799,154 shares of the stock traded hands, compared to its average volume of 4,482,458. 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 52 week low of $16.25 and a 52 week high of $26.08. The business has a 50-day moving average of $24.36 and a two-hundred day moving average of $21.52. The firm has a market capitalization of $13.14 billion, a PE ratio of 49.62, a P/E/G ratio of 1.43 and a beta of 1.46.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the company earned $0.60 earnings per share. The business's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on BEN. TD Cowen raised shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price on the stock in a research report on Wednesday, May 14th. Cowen reissued a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Wells Fargo & Company increased their target price on shares of Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Zacks Research downgraded shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Finally, Evercore ISI increased their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an "underperform" rating in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $23.58.

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.