Kwmg LLC grew its stake in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) by 7.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 165,422 shares of the closed-end fund’s stock after acquiring an additional 11,507 shares during the period. Kwmg LLC’s holdings in Franklin Resources were worth $4,418,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of BEN. Balyasny Asset Management L.P. acquired a new position in shares of Franklin Resources during the 1st quarter worth approximately $55,460,000. Franklin Resources Inc. raised its position in shares of Franklin Resources by 197.0% during the 1st 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. raised its position in shares of Franklin Resources by 937.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,576,101 shares of the closed-end fund’s stock worth $2,781,000 after purchasing an additional 1,424,200 shares during the last quarter. Royal Bank of Canada raised its position in shares of Franklin Resources by 202.7% during the 1st quarter. Royal Bank of Canada now owns 2,126,650 shares of the closed-end fund’s stock worth $59,377,000 after purchasing an additional 1,424,044 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Franklin Resources by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 34,072,606 shares of the closed-end fund’s stock worth $951,307,000 after purchasing an additional 1,390,583 shares during the last quarter. 46.53% of the stock is currently owned by institutional investors and hedge funds.
Franklin Resources Trading Up 0.1 %
Shares of NYSE BEN traded up $0.03 during trading on Friday, hitting $26.25. 3,211,496 shares of the company traded hands, compared to its average volume of 3,332,585. 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 price of $27.48 and a 200-day moving average price of $26.72. The firm has a market capitalization of $13.10 billion, a P/E ratio of 16.41 and a beta of 1.30. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.90.
Franklin Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a yield of 4.57%. Franklin Resources’s dividend payout ratio (DPR) is 75.00%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on BEN shares. The Goldman Sachs Group lifted their price objective on Franklin Resources from $21.50 to $24.50 and gave the stock a “sell” rating in a research report on Tuesday, August 1st. StockNews.com started coverage on shares of Franklin Resources in a research note on Thursday, August 17th. They issued a “hold” rating for the company. BMO Capital Markets lifted their target price on shares of Franklin Resources from $24.00 to $27.00 in a research note on Monday, July 31st. Wells Fargo & Company lifted their target price on shares of Franklin Resources from $25.50 to $26.00 in a research note on Thursday, July 13th. Finally, Morgan Stanley lifted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 8th. Six research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat, Franklin Resources has an average rating of “Reduce” and a consensus price target of $25.25.
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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