565,508 Shares in Franklin Resources, Inc. (NYSE:BEN) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in Franklin Resources, Inc. (NYSE:BEN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 565,508 shares of the closed-end fund’s stock, valued at approximately $11,474,000. Raymond James Financial Inc. owned about 0.11% of Franklin Resources as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BEN. Virtu Financial LLC bought a new position in Franklin Resources during the third quarter worth $880,000. FORA Capital LLC bought a new position in shares of Franklin Resources during the 3rd quarter worth about $1,857,000. Swedbank AB raised its position in shares of Franklin Resources by 78.3% during the third quarter. Swedbank AB now owns 62,076 shares of the closed-end fund’s stock valued at $1,251,000 after buying an additional 27,259 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Franklin Resources by 44.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock valued at $60,421,000 after buying an additional 925,590 shares during the period. Finally, Twelve Points Wealth Management LLC grew its position in Franklin Resources by 20.5% during the fourth quarter. Twelve Points Wealth Management LLC now owns 159,738 shares of the closed-end fund’s stock worth $3,241,000 after buying an additional 27,169 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

NYSE:BEN opened at $20.00 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89. The firm has a market cap of $10.50 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42. Franklin Resources, Inc. has a 12 month low of $18.83 and a 12 month high of $28.15. The company’s 50-day moving average price is $20.09 and its two-hundred day moving average price is $20.56.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company earned $0.65 earnings per share. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced 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. This represents a $1.28 annualized dividend and a dividend yield of 6.40%. The ex-dividend date is Monday, March 31st. Franklin Resources’s payout ratio is presently 196.92%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. 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. Wells Fargo & Company upped 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. The Goldman Sachs Group upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $21.00 to $22.00 in a research note on Monday, January 6th. Barclays increased their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Finally, UBS Group lifted their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.