Dimensional Fund Advisors LP grew its stake in Franklin Resources, Inc. (NYSE:BEN) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,226,616 shares of the closed-end fund’s stock after purchasing an additional 23,274 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Franklin Resources were worth $42,539,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of BEN. We Are One Seven LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $113,000. Elmwood Wealth Management Inc. acquired a new position in shares of Franklin Resources in the 1st quarter valued at $164,000. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Franklin Resources in the 1st quarter valued at $222,000. IBM Retirement Fund lifted its stake in shares of Franklin Resources by 46.4% in the 1st quarter. IBM Retirement Fund now owns 7,273 shares of the closed-end fund’s stock valued at $252,000 after purchasing an additional 2,305 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Franklin Resources in the 1st quarter valued at $260,000. 46.75% of the stock is currently owned by institutional investors.
Several analysts recently commented on the company. Zacks Investment Research raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Monday, April 30th. Morgan Stanley dropped their price objective on Franklin Resources from $42.00 to $35.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 10th. Bank of America downgraded Franklin Resources from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Monday, April 9th. Jefferies Financial Group reaffirmed a “hold” rating and set a $36.00 price objective on shares of Franklin Resources in a research note on Wednesday, April 11th. Finally, ValuEngine downgraded Franklin Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Franklin Resources currently has an average rating of “Hold” and an average price target of $40.36.
Franklin Resources opened at $32.05 on Friday, MarketBeat Ratings reports. The stock has a market cap of $17.18 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.40 and a beta of 1.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.46 and a quick ratio of 2.46. Franklin Resources, Inc. has a 1 year low of $31.56 and a 1 year high of $47.65.
Franklin Resources (NYSE:BEN) last released its earnings results on Thursday, April 26th. The closed-end fund reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.03. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Franklin Resources had a return on equity of 14.66% and a net margin of 10.76%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. sell-side analysts forecast that Franklin Resources, Inc. will post 3.16 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Thursday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is presently 30.56%.
Franklin Resources declared that its board has initiated a share buyback program on Thursday, April 12th that permits the company to buyback 80,000,000 shares. This buyback authorization permits the closed-end fund to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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.
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