Griffin Asset Management Inc. Raises Holdings in Franklin Resources, Inc. (NYSE:BEN)

Griffin Asset Management Inc. raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 2.9% during the first quarter, Holdings Channel.com reports. The firm owned 25,365 shares of the closed-end fund’s stock after purchasing an additional 725 shares during the quarter. Griffin Asset Management Inc.’s holdings in Franklin Resources were worth $713,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. raised its holdings in Franklin Resources by 240.5% in the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after acquiring an additional 623 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in Franklin Resources during the 4th quarter worth approximately $31,000. Massmutual Trust Co. FSB ADV increased its position in shares of Franklin Resources by 149.1% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 665 shares during the last quarter. Tobam raised its holdings in shares of Franklin Resources by 2,170.0% in the 4th quarter. Tobam now owns 1,135 shares of the closed-end fund’s stock valued at $34,000 after purchasing an additional 1,085 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Franklin Resources during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $22.35 on Friday. The firm’s fifty day simple moving average is $23.38 and its 200-day simple moving average is $26.16. Franklin Resources, Inc. has a 12 month low of $21.57 and a 12 month high of $30.32. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 1.95 and a beta of 1.44. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.82 and a quick ratio of 1.82.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a net margin of 11.09% and a return on equity of 10.82%. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, equities analysts forecast that Franklin Resources, Inc. will post 2.45 earnings per share for the current year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.24 dividend on an annualized basis and a yield of 5.55%. Franklin Resources’s payout ratio is 70.86%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BEN. Evercore ISI cut their price target on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft cut their target price on Franklin Resources from $29.00 to $24.00 and set a “hold” rating on the stock in a research report on Tuesday, April 30th. Morgan Stanley upped their price target on Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. TD Cowen cut their price objective on shares of Franklin Resources from $29.00 to $25.50 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Finally, BMO Capital Markets lowered their target price on shares of Franklin Resources from $30.00 to $27.00 and set a “market perform” rating for the company in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.00.

Insider Buying and Selling at Franklin Resources

In related news, major shareholder Charles B. Johnson purchased 200,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was purchased at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the completion of the acquisition, the insider now directly owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 24.13% of the company’s stock.

About Franklin Resources

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.