Royal Bank of Canada Increases Holdings in Franklin Resources, Inc. $BEN

Key Points

• Royal Bank of Canada increased its Franklin Resources position by 15.3% in the first quarter, acquiring 117,800 additional shares. RBC now owns 886,393 shares valued at approximately $20.9 million, while institutional investors hold 47.56% of BEN.
• Franklin Resources reported quarterly EPS of $0.72, exceeding the $0.66 consensus estimate, while revenue rose 14.3% year over year to $2.28 billion. The company also maintains a quarterly dividend of $0.33 per share, representing a 3.8% yield.
• Analyst sentiment remains mixed, with MarketBeat reporting a consensus “Hold” rating and an average price target of $32.44, below BEN’s reported opening price of $34.92.

Royal Bank of Canada boosted its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 886,393 shares of the closed-end fund's stock after buying an additional 117,800 shares during the quarter. Royal Bank of Canada owned approximately 0.17% of Franklin Resources worth $20,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in BEN. Danske Bank A S bought a new position in shares of Franklin Resources during the fourth quarter valued at about $26,000. Rakuten Securities Inc. grew its position in Franklin Resources by 277.0% during the 4th quarter. Rakuten Securities Inc. now owns 1,150 shares of the closed-end fund's stock worth $27,000 after acquiring an additional 845 shares during the last quarter. Motiv8 Investments LLC bought a new stake in Franklin Resources in the fourth quarter valued at approximately $28,000. Leonteq Securities AG bought a new position in shares of Franklin Resources in the fourth quarter worth approximately $30,000. Finally, Atlas Capital Advisors Inc. bought a new stake in Franklin Resources during the 4th quarter valued at $32,000. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Stock Down 2.4%

NYSE:BEN opened at $34.92 on Thursday. The firm's 50-day moving average price is $32.90 and its 200-day moving average price is $29.06. The company has a market capitalization of $17.74 billion, a PE ratio of 23.75, a P/E/G ratio of 0.77 and a beta of 1.55. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.87. Franklin Resources, Inc. has a 1-year low of $21.10 and a 1-year high of $36.28.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same period last year, the company posted $0.49 EPS. Franklin Resources's revenue was up 14.3% on a year-over-year basis. On average, equities analysts predict that Franklin Resources, Inc. will post 2.84 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Monday, June 29th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, June 29th. Franklin Resources's dividend payout ratio (DPR) is 89.80%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BEN. JPMorgan Chase & Co. increased their target price on shares of Franklin Resources from $28.00 to $31.00 and gave the stock a "neutral" rating in a report on Wednesday, April 29th. Zacks Research raised Franklin Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 22nd. Barclays raised their price target on Franklin Resources from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Monday. Evercore reissued an "underperform" rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $34.00 target price on shares of Franklin Resources in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $32.44.

About Franklin Resources

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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