Wedge Capital Management L L P NC Boosts Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Wedge Capital Management L L P NC increased its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,491,598 shares of the closed-end fund's stock after purchasing an additional 144,843 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.28% of Franklin Resources worth $44,435,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in Franklin Resources by 240.5% during the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund's stock valued at $26,000 after buying an additional 623 shares during the last quarter. Peoples Bank KS purchased a new position in Franklin Resources during the third quarter valued at $25,000. Creative Financial Designs Inc. ADV purchased a new position in Franklin Resources during the fourth quarter valued at $31,000. Massmutual Trust Co. FSB ADV raised its stake in Franklin Resources by 149.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund's stock valued at $33,000 after buying an additional 665 shares during the last quarter. Finally, Tobam raised its stake in Franklin Resources by 2,170.0% during the fourth quarter. Tobam now owns 1,135 shares of the closed-end fund's stock valued at $34,000 after buying an additional 1,085 shares during the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

Shares of BEN traded up $0.43 during trading hours on Monday, hitting $25.58. The stock had a trading volume of 4,328,569 shares, compared to its average volume of 3,448,266. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. Franklin Resources, Inc. has a 12 month low of $21.88 and a 12 month high of $30.32. The firm has a market capitalization of $13.47 billion, a PE ratio of 13.46, a PEG ratio of 1.32 and a beta of 1.40. The stock has a fifty day moving average price of $27.01 and a 200 day moving average price of $26.33.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings results on Monday, January 29th. The closed-end fund reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.07. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. Franklin Resources's revenue for the quarter was up 1.2% on a year-over-year basis. Analysts anticipate that Franklin Resources, Inc. will post 2.52 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.85%. The ex-dividend date was Wednesday, March 27th. Franklin Resources's dividend payout ratio is presently 65.26%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wells Fargo & Company upgraded Franklin Resources from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $24.00 to $30.00 in a research note on Monday, January 8th. Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $30.00 to $28.00 and set a "hold" rating for the company in a research note on Tuesday, January 30th. StockNews.com cut Franklin Resources from a "buy" rating to a "hold" rating in a research note on Thursday, February 1st. Morgan Stanley boosted their price target on Franklin Resources from $24.00 to $25.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 17th. Finally, BMO Capital Markets boosted their price target on Franklin Resources from $27.00 to $30.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $27.50.

Franklin Resources 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.