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Twelve Points Wealth Management LLC Purchases 17,471 Shares of Franklin Resources, Inc. (NYSE:BEN)

Franklin Resources logo with Finance background

Twelve Points Wealth Management LLC raised its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 10.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,209 shares of the closed-end fund's stock after acquiring an additional 17,471 shares during the period. Franklin Resources makes up about 0.9% of Twelve Points Wealth Management LLC's portfolio, making the stock its 20th biggest holding. Twelve Points Wealth Management LLC's holdings in Franklin Resources were worth $3,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the business. CoreCap Advisors LLC increased its stake in shares of Franklin Resources by 147.1% in the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after buying an additional 737 shares during the period. GeoWealth Management LLC raised its stake in shares of Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after buying an additional 981 shares during the period. Smartleaf Asset Management LLC grew its stake in Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock valued at $33,000 after buying an additional 505 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Franklin Resources during the 4th quarter valued at $34,000. Finally, Contravisory Investment Management Inc. purchased a new position in Franklin Resources during the first quarter worth about $46,000. Institutional investors and hedge funds own 47.56% of the company's stock.

Franklin Resources Stock Performance

NYSE:BEN opened at $24.50 on Wednesday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.93. The company has a fifty day simple moving average of $22.16 and a two-hundred day simple moving average of $20.48. The company has a market cap of $12.88 billion, a price-to-earnings ratio of 36.03, a price-to-earnings-growth ratio of 3.33 and a beta of 1.45. Franklin Resources, Inc. has a 52 week low of $16.25 and a 52 week high of $24.98.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its earnings results on Friday, May 2nd. The closed-end fund reported $0.47 EPS 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 during the quarter, compared to analysts' expectations of $2.44 billion. During the same period in the prior year, the company earned $0.56 earnings per share. The business's revenue was down 6.2% compared to the same quarter last year. As a group, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.32 per share. The ex-dividend date is Friday, June 27th. This represents a $1.28 annualized dividend and a dividend yield of 5.22%. Franklin Resources's payout ratio is 188.24%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BEN. Bank of America lowered their target price on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group raised Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price for the company in a report on Friday, June 27th. TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price objective for the company in a report on Wednesday, May 14th. Morgan Stanley boosted their price objective on Franklin Resources from $14.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday, July 2nd. Finally, Evercore ISI decreased their target price on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research report on Friday, April 11th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $21.21.

Check Out Our Latest Stock Report on BEN

Franklin Resources Company Profile

(Free Report)

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.

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Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN - Free Report).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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