Frank Rimerman Advisors LLC Invests $565,000 in Franklin Resources, Inc. (NYSE:BEN)

Frank Rimerman Advisors LLC bought a new position in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 27,830 shares of the closed-end fund's stock, valued at approximately $565,000.

Other large investors have also recently added to or reduced their stakes in the company. Ironwood Investment Counsel LLC increased its holdings in shares of Franklin Resources by 2.8% during the fourth quarter. Ironwood Investment Counsel LLC now owns 37,496 shares of the closed-end fund's stock valued at $761,000 after purchasing an additional 1,034 shares during the period. Commonwealth Equity Services LLC grew its holdings in Franklin Resources by 12.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 477,828 shares of the closed-end fund's stock worth $9,695,000 after acquiring an additional 53,598 shares during the period. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group grew its holdings in Franklin Resources by 2.0% during the fourth quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 58,961 shares of the closed-end fund's stock worth $1,196,000 after acquiring an additional 1,140 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Franklin Resources by 33.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 443,641 shares of the closed-end fund's stock worth $9,001,000 after acquiring an additional 112,318 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in Franklin Resources by 8.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 38,866 shares of the closed-end fund's stock worth $789,000 after acquiring an additional 3,060 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

BEN has been the topic of a number of research analyst reports. BMO Capital Markets lifted their target price on Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a report on Monday, February 3rd. Keefe, Bruyette & Woods increased their price target on Franklin Resources from $19.00 to $21.00 and gave the company an "underperform" rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. decreased their price objective on Franklin Resources from $21.00 to $19.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Morgan Stanley lifted their target price on Franklin Resources from $18.00 to $19.00 and gave the company an "underweight" rating in a research note on Friday, December 20th. Finally, Wells Fargo & Company lifted their target price on Franklin Resources from $20.50 to $24.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $20.86.

Franklin Resources Stock Down 0.4 %

Shares of NYSE BEN traded down $0.09 during trading hours on Thursday, hitting $20.00. The stock had a trading volume of 2,606,446 shares, compared to its average volume of 3,976,368. The firm's 50-day moving average price is $20.08 and its two-hundred day moving average price is $20.56. Franklin Resources, Inc. has a 52 week low of $18.83 and a 52 week high of $28.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market capitalization of $10.50 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.31 and a beta of 1.42.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping 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 period last year, the company posted $0.65 earnings per share. Analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.40%. Franklin Resources's dividend payout ratio (DPR) is presently 196.92%.

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.