FreeGulliver LLC Purchases New Stake in Franklin Resources, Inc. (NYSE:BEN)

FreeGulliver LLC purchased a new stake in Franklin Resources, Inc. (NYSE:BEN) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 11,400 shares of the closed-end fund’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 505 shares during the last quarter. Larson Financial Group LLC grew its position in Franklin Resources by 254.4% in the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after acquiring an additional 1,277 shares during the last quarter. Brooklyn Investment Group bought a new position in Franklin Resources in the third quarter valued at about $39,000. Principal Securities Inc. grew its position in Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after acquiring an additional 1,661 shares during the last quarter. Finally, Assetmark Inc. bought a new position in Franklin Resources in the third quarter valued at about $46,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of BEN stock opened at $19.87 on Wednesday. The business’s 50 day simple moving average is $20.08 and its 200 day simple moving average is $20.56. Franklin Resources, Inc. has a one year low of $18.83 and a one year high of $28.15. The stock has a market capitalization of $10.43 billion, a PE ratio of 30.56, a PEG ratio of 2.31 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period last year, the firm earned $0.65 EPS. As a group, research analysts forecast that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 6.44%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is presently 196.92%.

Wall Street Analysts Forecast Growth

BEN has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and lifted their target price for the company from $21.00 to $22.00 in a research report on Monday, January 6th. UBS Group lifted their target price on Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. decreased their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Morgan Stanley boosted their price target on Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Friday, December 20th. Finally, BMO Capital Markets boosted their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.86.

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.