Karp Capital Management Corp purchased a new position in shares of Franklin Resources, Inc. (NYSE:BEN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 177,665 shares of the closed-end fund’s stock, valued at approximately $7,487,000.
A number of other large investors have also added to or reduced their stakes in the stock. HBK Sorce Advisory LLC acquired a new stake in Franklin Resources during the third quarter worth about $103,000. Virtus Investment Advisers Inc. acquired a new stake in Franklin Resources during the third quarter worth about $104,000. Itau Unibanco Holding S.A. acquired a new stake in Franklin Resources during the third quarter worth about $128,000. SRB Corp increased its stake in Franklin Resources by 8.0% in the third quarter. SRB Corp now owns 4,302 shares of the closed-end fund’s stock worth $153,000 after buying an additional 317 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Franklin Resources by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 4,571 shares of the closed-end fund’s stock worth $181,000 after buying an additional 48 shares during the last quarter. 45.55% of the stock is currently owned by institutional investors.
Franklin Resources, Inc. (BEN) traded down 0.83% on Friday, reaching $44.13. 2,976,222 shares of the company traded hands. The stock has a market capitalization of $24.77 billion, a price-to-earnings ratio of 14.22 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $30.56 and a 1-year high of $44.70. The stock has a 50 day moving average of $42.82 and a 200-day moving average of $41.58.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. Franklin Resources’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.61 EPS. On average, equities analysts anticipate that Franklin Resources, Inc. will post $2.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.80 annualized dividend and a yield of 1.81%. Franklin Resources’s dividend payout ratio (DPR) is currently 25.81%.
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Several brokerages have recently weighed in on BEN. Deutsche Bank AG raised shares of Franklin Resources from a “sell” rating to a “hold” rating and increased their target price for the company from $37.00 to $41.00 in a research note on Friday, February 24th. They noted that the move was a valuation call. Credit Suisse Group set a $33.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research note on Monday, March 27th. Bank of America Corporation raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Thursday, March 16th. BidaskClub raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, TheStreet raised shares of Franklin Resources from a “c” rating to a “b-” rating in a research note on Friday, March 3rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $40.33.
About Franklin Resources
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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