166,626 Shares in Franklin Resources, Inc. (NYSE:BEN) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new position in Franklin Resources, Inc. (NYSE:BEN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 166,626 shares of the closed-end fund’s stock, valued at approximately $3,415,000.

A number of other institutional investors also recently bought and sold shares of the stock. Smartleaf Asset Management LLC increased its stake in 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 purchasing an additional 505 shares during the period. Headlands Technologies LLC purchased a new stake in Franklin Resources in the fourth quarter worth $34,000. Principal Securities Inc. increased its stake in Franklin Resources by 561.1% in the fourth 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 during the period. Anchor Investment Management LLC increased its stake in shares of Franklin Resources by 30.2% during the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock valued at $52,000 after buying an additional 604 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Franklin Resources by 29.4% during the fourth quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund’s stock valued at $54,000 after buying an additional 609 shares during the period. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Stock Performance

NYSE BEN opened at $18.59 on Thursday. The business has a 50 day moving average price of $19.71 and a 200 day moving average price of $20.41. 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 company has a market capitalization of $9.77 billion, a P/E ratio of 28.60, a PEG ratio of 2.31 and a beta of 1.36. Franklin Resources, Inc. has a 1-year low of $16.25 and a 1-year high of $27.06.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping 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 prior year, the business earned $0.65 EPS. Sell-side analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 6.89%. Franklin Resources’s payout ratio is currently 196.92%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Barclays raised their price target on Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Bank of America cut their price target on Franklin Resources from $20.00 to $17.00 and set an “underperform” rating on the stock in a research note on Thursday, April 3rd. Keefe, Bruyette & Woods lifted their target price on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a research note on Monday, February 3rd. Finally, TD Cowen cut their target price on Franklin Resources from $20.00 to $17.50 and set a “hold” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.79.

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.