Beacon Financial Group Purchases Shares of 7,597 Franklin Resources, Inc. (BEN)
Beacon Financial Group purchased a new stake in Franklin Resources, Inc. (NYSE:BEN) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,597 shares of the closed-end fund’s stock, valued at approximately $338,000.
Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc increased its position in Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after acquiring an additional 372 shares during the period. Mountain Capital Investment Advisors Inc purchased a new stake in Franklin Resources in the 2nd quarter valued at approximately $123,000. Global X Management Co. LLC boosted its holdings in Franklin Resources by 7.9% in the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after purchasing an additional 337 shares in the last quarter. Investment Centers of America Inc. purchased a new stake in Franklin Resources in the 1st quarter valued at approximately $201,000. Finally, First Midwest Bank Trust Division purchased a new stake in Franklin Resources in the 2nd quarter valued at approximately $204,000. Hedge funds and other institutional investors own 44.95% of the company’s stock.
A number of equities research analysts have weighed in on the company. Deutsche Bank AG lifted their price objective on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a report on Thursday, July 6th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, August 1st. UBS AG reaffirmed a “neutral” rating and issued a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $44.36.
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Shares of Franklin Resources, Inc. (NYSE BEN) traded up 0.74% during midday trading on Wednesday, hitting $44.72. The stock had a trading volume of 459,760 shares. The firm has a 50 day moving average of $43.31 and a 200-day moving average of $43.37. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The company has a market cap of $24.94 billion, a P/E ratio of 14.55 and a beta of 1.72.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business earned $0.77 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts forecast that Franklin Resources, Inc. will post $2.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.80%. Franklin Resources’s dividend payout ratio is presently 26.14%.
Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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