Beverly Hills Private Wealth LLC Takes $1.68 Million Position in Franklin Resources, Inc. $BEN

Beverly Hills Private Wealth LLC bought a new position in Franklin Resources, Inc. (NYSE:BEN) in the second quarter, HoldingsChannel.com reports. The firm bought 50,383 shares of the closed-end fund’s stock, valued at approximately $1,676,000.

Other large investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Franklin Resources by 26.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,049 shares of the closed-end fund’s stock valued at $2,850,000 after acquiring an additional 30,763 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Franklin Resources by 169.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,909 shares of the closed-end fund’s stock worth $152,000 after acquiring an additional 4,972 shares during the last quarter. Woodline Partners LP raised its holdings in Franklin Resources by 41.1% in the 1st quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund’s stock valued at $504,000 after acquiring an additional 7,634 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Franklin Resources during the second quarter worth $169,000. Finally, California Public Employees Retirement System raised its position in shares of Franklin Resources by 52.2% in the second quarter. California Public Employees Retirement System now owns 509,171 shares of the closed-end fund’s stock valued at $12,144,000 after buying an additional 174,579 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 0.0%

BEN stock opened at $33.86 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $17.20 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 0.72 and a beta of 1.55. Franklin Resources, Inc. has a fifty-two week low of $21.10 and a fifty-two week high of $36.28. The stock has a fifty day moving average of $33.26 and a 200-day moving average of $29.46.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.06. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%.The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. As a group, equities research analysts predict that Franklin Resources, Inc. will post 2.88 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were given a dividend of $0.33 per share. The ex-dividend date was Monday, June 29th. This represents a $1.32 annualized dividend and a dividend yield of 3.9%. Franklin Resources’s dividend payout ratio is 89.80%.

Wall Street Analyst Weigh In

BEN has been the subject of a number of research reports. Morgan Stanley increased their price target on Franklin Resources from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, June 26th. Weiss Ratings raised shares of Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Wall Street Zen raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Sunday, June 14th. JPMorgan Chase & Co. raised their price target on shares of Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Finally, TD Cowen boosted their price objective on Franklin Resources from $37.00 to $40.00 and gave the company a “buy” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Franklin Resources has an average rating of “Hold” and an average price target of $32.44.

Franklin Resources Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.