565,508 Shares in Franklin Resources, Inc. (NYSE:BEN) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 565,508 shares of the closed-end fund's stock, valued at approximately $11,474,000. Raymond James Financial Inc. owned approximately 0.11% of Franklin Resources as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC raised its position in Franklin Resources by 44.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock valued at $33,000 after acquiring an additional 505 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Franklin Resources by 254.4% during the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund's stock worth $36,000 after purchasing an additional 1,277 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Franklin Resources during the 3rd quarter valued at $39,000. Principal Securities Inc. lifted its stake in shares of Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock valued at $40,000 after purchasing an additional 1,661 shares during the last quarter. Finally, Anchor Investment Management LLC boosted its holdings in Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund's stock worth $52,000 after purchasing an additional 604 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

BEN has been the topic of several recent research reports. The Goldman Sachs Group upgraded Franklin Resources from a "sell" rating to a "neutral" rating and raised their target price for the company from $21.00 to $22.00 in a report on Monday, January 6th. UBS Group raised their price objective on Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Morgan Stanley upped their target price on Franklin Resources from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods lifted their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the company an "underperform" rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company upped their price objective on shares of Franklin Resources from $20.50 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to data from MarketBeat.com, Franklin Resources presently has an average rating of "Hold" and an average target price of $20.86.

Franklin Resources Stock Performance

Shares of NYSE:BEN traded up $0.21 on Monday, hitting $20.08. 3,187,553 shares of the company were exchanged, compared to its average volume of 4,005,283. The company's 50 day moving average price is $20.10 and its two-hundred day moving average price is $20.56. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.31 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. Franklin Resources, Inc. has a one year low of $18.83 and a one year high of $28.15.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same quarter last year, the business earned $0.65 EPS. Research analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a $0.32 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 6.37%. Franklin Resources's dividend payout ratio (DPR) is currently 196.92%.

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.