PNC Financial Services Group Inc. Boosts Holdings in Franklin Resources, Inc. (NYSE:BEN)

PNC Financial Services Group Inc. increased its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,789 shares of the closed-end fund's stock after buying an additional 24,204 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Franklin Resources were worth $1,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of BEN. Smartleaf Asset Management LLC raised its holdings in shares of Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after buying an additional 505 shares during the period. Larson Financial Group LLC increased its stake in Franklin Resources by 254.4% in the third 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 period. Brooklyn Investment Group bought a new stake in shares of Franklin Resources during the third quarter worth $39,000. Principal Securities Inc. boosted its stake in shares of Franklin Resources by 561.1% during the fourth 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 period. Finally, Assetmark Inc. bought a new position in shares of Franklin Resources in the third quarter worth about $46,000. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Stock Performance

NYSE:BEN traded up $0.25 during trading hours on Wednesday, reaching $20.11. The company had a trading volume of 1,752,024 shares, compared to its average volume of 4,163,493. 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 business's 50 day moving average price is $20.08 and its 200-day moving average price is $20.56. The firm has a market cap of $10.56 billion, a PE ratio of 30.94, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42.

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Franklin Resources (NYSE:BEN - Get Free Report) last posted its earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, beating analysts' consensus estimates 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 in the previous year, the firm posted $0.65 EPS. Research analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 dividend yield of 6.37%. Franklin Resources's dividend payout ratio (DPR) is 196.92%.

Analysts Set New Price Targets

BEN has been the topic of several research reports. JPMorgan Chase & Co. reduced their price objective on Franklin Resources from $21.00 to $19.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. BMO Capital Markets lifted their price objective on shares of Franklin Resources from $20.00 to $23.00 and gave the company a "market perform" rating in a report on Monday, February 3rd. Barclays upped their target price on Franklin Resources from $19.00 to $22.00 and gave the stock an "underweight" rating in a report on Monday, February 3rd. Wells Fargo & Company boosted their price target 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. Finally, Morgan Stanley lifted their price target on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Friday, December 20th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, Franklin Resources presently has an average rating of "Hold" and an average target price of $20.86.

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.