Norges Bank Makes New Investment in Franklin Resources, Inc. (NYSE:BEN)

Norges Bank acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,645,422 shares of the closed-end fund's stock, valued at approximately $53,676,000. Norges Bank owned approximately 0.50% of Franklin Resources as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its position in shares of 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 buying an additional 505 shares during the period. Principal Securities Inc. increased its holdings in Franklin Resources by 561.1% during the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock worth $40,000 after acquiring an additional 1,661 shares during the period. Anchor Investment Management LLC increased its holdings in Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund's stock worth $52,000 after acquiring an additional 604 shares during the period. Blue Trust Inc. lifted its stake in Franklin Resources by 29.4% in the 4th quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund's stock worth $54,000 after purchasing an additional 609 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Franklin Resources by 64.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,937 shares of the closed-end fund's stock valued at $60,000 after purchasing an additional 1,147 shares during the period. Institutional investors own 47.56% of the company's stock.

Franklin Resources Trading Up 11.6 %

NYSE:BEN traded up $1.93 during trading hours on Wednesday, reaching $18.59. The company's stock had a trading volume of 10,622,555 shares, compared to its average volume of 4,343,968. The firm has a 50-day simple moving average of $19.71 and a 200-day simple moving average of $20.41. Franklin Resources, Inc. has a 1 year low of $16.26 and a 1 year high of $27.06. The firm has a market capitalization of $9.77 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 2.31 and a beta of 1.36. 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 (NYSE:BEN - Get Free Report) last issued its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period in the previous year, the business earned $0.65 EPS. Research analysts expect 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. Investors of record on Monday, March 31st will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 6.89%. The ex-dividend date is Monday, March 31st. Franklin Resources's payout ratio is 196.92%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BEN. Bank of America decreased their price target on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a report on Thursday, April 3rd. Wells Fargo & Company lowered their price target on Franklin Resources from $24.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday. UBS Group lifted their price target on Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Barclays upped their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an "underweight" rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group upgraded shares of Franklin Resources from a "sell" rating to a "neutral" rating and lifted their target price for the company from $21.00 to $22.00 in a research report on Monday, January 6th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Franklin Resources has a consensus rating of "Hold" and an average price target of $19.79.

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.