Intech Investment Management LLC Acquires 1,305 Shares of Franklin Resources, Inc. (NYSE:BEN)

Intech Investment Management LLC increased its holdings in Franklin Resources, Inc. (NYSE:BEN) by 11.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,674 shares of the closed-end fund’s stock after purchasing an additional 1,305 shares during the period. Intech Investment Management LLC’s holdings in Franklin Resources were worth $257,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Franklin Resources by 0.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock worth $1,402,000 after acquiring an additional 572 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Franklin Resources by 44.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock worth $60,421,000 after purchasing an additional 925,590 shares during the period. Raymond James Trust N.A. bought a new stake in Franklin Resources during the third quarter worth approximately $301,000. Citigroup Inc. grew its holdings in Franklin Resources by 24.8% during the third quarter. Citigroup Inc. now owns 615,925 shares of the closed-end fund’s stock valued at $12,411,000 after purchasing an additional 122,300 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Franklin Resources by 30.6% in the third quarter. Cerity Partners LLC now owns 461,129 shares of the closed-end fund’s stock valued at $9,292,000 after purchasing an additional 108,156 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BEN has been the subject of several recent analyst reports. Morgan Stanley upped their price objective 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. Barclays raised their price target on Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research report on Monday, February 3rd. Keefe, Bruyette & Woods boosted their price objective on Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. Wells Fargo & Company increased 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. Finally, JPMorgan Chase & Co. dropped their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and an average target price of $20.86.

Franklin Resources Stock Performance

NYSE:BEN opened at $19.87 on Thursday. Franklin Resources, Inc. has a 12-month low of $18.83 and a 12-month high of $28.15. The firm has a market capitalization of $10.44 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42. The firm has a 50-day moving average price of $20.14 and a 200 day moving average price of $20.57. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN) 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 net margin of 4.32% and a return on equity of 9.45%. During the same period last year, the business posted $0.65 EPS. Research analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share 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. Stockholders of record on Monday, March 31st will be paid a $0.32 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.44%. Franklin Resources’s dividend payout ratio (DPR) is presently 196.92%.

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.