Kennondale Capital Management LLC Takes $1.59 Million Position in Franklin Resources, Inc. (NYSE:BEN)

Kennondale Capital Management LLC bought a new stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 78,525 shares of the closed-end fund's stock, valued at approximately $1,593,000. Franklin Resources makes up 1.3% of Kennondale Capital Management LLC's holdings, making the stock its 19th biggest position.

Several other large investors have also bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after purchasing an additional 505 shares in the last quarter. Larson Financial Group LLC increased its stake in Franklin Resources by 254.4% in 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 in the last quarter. Brooklyn Investment Group purchased a new position in Franklin Resources in the 3rd quarter worth about $39,000. Principal Securities Inc. increased its stake in Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock worth $40,000 after purchasing an additional 1,661 shares in the last quarter. Finally, Assetmark Inc. purchased a new position in Franklin Resources in the 3rd quarter worth about $46,000. Institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

BEN traded down $0.16 on Friday, hitting $19.86. The company had a trading volume of 12,327,331 shares, compared to its average volume of 4,001,735. The company's fifty day moving average price is $20.10 and its 200 day moving average price is $20.55. Franklin Resources, Inc. has a 1-year low of $18.83 and a 1-year high of $28.15. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42.

Remove Ads

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. Equities analysts predict that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 6.45%. The ex-dividend date is Monday, March 31st. Franklin Resources's dividend payout ratio is currently 196.92%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Monday, February 3rd. UBS Group raised their price objective on Franklin Resources from $19.00 to $23.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. BMO Capital Markets raised their price objective on Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a research report on Monday, February 3rd. Barclays raised their price objective on Franklin Resources from $19.00 to $22.00 and gave the stock an "underweight" rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company raised their price objective on Franklin Resources from $20.50 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $20.86.

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.