Franklin Resources, Inc. (NYSE:BEN) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers grew its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 679,667 shares of the closed-end fund's stock after buying an additional 152,941 shares during the quarter. Rhumbline Advisers owned 0.13% of Franklin Resources worth $13,084,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BEN. Norges Bank acquired a new stake in shares of Franklin Resources in the fourth quarter valued at about $53,676,000. Two Sigma Advisers LP lifted its stake in Franklin Resources by 173.7% in the 4th quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund's stock valued at $71,658,000 after buying an additional 2,241,500 shares in the last quarter. Two Sigma Investments LP boosted its holdings in Franklin Resources by 132.7% in the 4th quarter. Two Sigma Investments LP now owns 2,935,292 shares of the closed-end fund's stock worth $59,557,000 after buying an additional 1,673,971 shares during the last quarter. First Trust Advisors LP increased its stake in Franklin Resources by 33.1% during the 4th quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund's stock worth $130,645,000 after buying an additional 1,599,849 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Franklin Resources by 19.6% during the fourth quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund's stock valued at $190,805,000 after acquiring an additional 1,542,478 shares during the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Trading Up 0.2%

NYSE BEN traded up $0.05 during trading hours on Thursday, reaching $22.59. The company had a trading volume of 4,274,038 shares, compared to its average volume of 4,495,580. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $11.87 billion, a P/E ratio of 34.75, a price-to-earnings-growth ratio of 2.31 and a beta of 1.43. The stock has a 50-day moving average of $20.05 and a 200 day moving average of $20.30. Franklin Resources, Inc. has a 1-year low of $16.25 and a 1-year high of $24.37.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 EPS for the quarter, hitting the consensus estimate of $0.47. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the business posted $0.56 EPS. The business's revenue for the quarter was down 6.2% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.32 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.67%. Franklin Resources's payout ratio is presently 188.24%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BEN shares. The Goldman Sachs Group upped their target price on shares of Franklin Resources from $19.00 to $21.50 and gave the stock a "neutral" rating in a report on Monday, May 5th. Cowen raised shares of Franklin Resources from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Evercore ISI cut their price objective on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a report on Friday, April 11th. Wells Fargo & Company boosted their target price on Franklin Resources from $20.00 to $21.50 and gave the stock an "equal weight" rating in a report on Monday, May 5th. 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 report on Wednesday, May 14th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Franklin Resources has an average rating of "Hold" and an average target price of $20.25.

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.