New Mexico Educational Retirement Board increased its holdings in Franklin Resources, Inc. (NYSE:BEN – Free Report) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,873 shares of the closed-end fund’s stock after purchasing an additional 700 shares during the period. New Mexico Educational Retirement Board’s holdings in Franklin Resources were worth $371,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of BEN. Balyasny Asset Management L.P. bought a new stake in Franklin Resources in the first quarter worth $55,460,000. Franklin Resources Inc. increased its position in Franklin Resources by 197.0% in the first quarter. Franklin Resources Inc. now owns 2,598,687 shares of the closed-end fund’s stock worth $70,009,000 after purchasing an additional 1,723,802 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Franklin Resources by 937.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,576,101 shares of the closed-end fund’s stock worth $2,781,000 after buying an additional 1,424,200 shares during the period. Royal Bank of Canada boosted its stake in Franklin Resources by 202.7% during the first quarter. Royal Bank of Canada now owns 2,126,650 shares of the closed-end fund’s stock worth $59,377,000 after buying an additional 1,424,044 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Franklin Resources by 4.3% during the first quarter. Vanguard Group Inc. now owns 34,072,606 shares of the closed-end fund’s stock worth $951,307,000 after buying an additional 1,390,583 shares during the period. Institutional investors own 46.53% of the company’s stock.
Analyst Ratings Changes
Several research analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Franklin Resources from $25.50 to $26.00 in a research note on Thursday, July 13th. The Goldman Sachs Group lifted their price objective on shares of Franklin Resources from $21.50 to $24.50 and gave the stock a “sell” rating in a research note on Tuesday, August 1st. StockNews.com started coverage on shares of Franklin Resources in a research note on Thursday. They set a “hold” rating for the company. Morgan Stanley boosted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company an “underweight” rating in a research note on Tuesday, August 8th. Finally, BMO Capital Markets boosted their target price on shares of Franklin Resources from $24.00 to $27.00 in a research note on Monday, July 31st. Six investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, Franklin Resources currently has a consensus rating of “Reduce” and an average price target of $24.95.
Franklin Resources Stock Up 0.7 %
NYSE:BEN opened at $23.90 on Friday. Franklin Resources, Inc. has a 1-year low of $20.24 and a 1-year high of $34.37. The company has a 50-day moving average of $26.32 and a 200 day moving average of $26.37. The firm has a market cap of $11.93 billion, a PE ratio of 14.94 and a beta of 1.30. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.89 and a quick ratio of 1.89.
Franklin Resources (NYSE:BEN – Get Free Report) last released its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. Franklin Resources had a net margin of 10.51% and a return on equity of 10.43%. The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Resources, Inc. will post 2.38 EPS for the current fiscal year.
Franklin Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a yield of 5.02%. Franklin Resources’s dividend payout ratio is presently 75.00%.
Franklin Resources Company 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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