Verition Fund Management LLC boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 51.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,573 shares of the closed-end fund’s stock after purchasing an additional 14,161 shares during the period. Verition Fund Management LLC’s holdings in Franklin Resources were worth $1,801,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cerebellum GP LLC purchased a new position in Franklin Resources during the fourth quarter valued at $125,000. Valeo Financial Advisors LLC grew its stake in shares of Franklin Resources by 150.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 4,015 shares of the closed-end fund’s stock worth $174,000 after buying an additional 2,415 shares in the last quarter. Buckley Wealth Management LLC purchased a new position in shares of Franklin Resources in the 4th quarter worth $202,000. Chicago Equity Partners LLC purchased a new position in shares of Franklin Resources in the 3rd quarter worth $209,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Franklin Resources in the 3rd quarter worth $210,000. Institutional investors and hedge funds own 46.96% of the company’s stock.
Shares of BEN traded down $0.83 during trading hours on Friday, hitting $33.22. The stock had a trading volume of 4,056,547 shares, compared to its average volume of 3,591,539. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.28 and a quick ratio of 4.28. Franklin Resources, Inc. has a fifty-two week low of $32.91 and a fifty-two week high of $47.65. The stock has a market cap of $18,785.51, a P/E ratio of 11.04, a P/E/G ratio of 1.15 and a beta of 1.60.
Franklin Resources (NYSE:BEN) last posted its earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.13. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.77 EPS. equities analysts expect that Franklin Resources, Inc. will post 3.26 EPS for the current year.
The business also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This is a boost from Franklin Resources’s previous special dividend of $0.50. This represents a yield of 2.35%. Franklin Resources’s dividend payout ratio is currently 30.56%.
Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 target price on shares of Franklin Resources in a report on Friday, December 22nd. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Thursday, January 11th. ValuEngine lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Deutsche Bank decreased their price objective on shares of Franklin Resources from $40.00 to $37.00 and set a “hold” rating for the company in a report on Tuesday, March 6th. Finally, Credit Suisse Group reduced their price target on shares of Franklin Resources from $57.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Franklin Resources has a consensus rating of “Hold” and a consensus price target of $42.80.
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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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