Franklin Resources, Inc. $BEN Stock: Sterling Capital Management LLC Grows Stake

Sterling Capital Management LLC increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 54.2% during the third quarter, HoldingsChannel.com reports. The fund owned 151,532 shares of the closed-end fund’s stock after purchasing an additional 53,253 shares during the period. Sterling Capital Management LLC’s holdings in Franklin Resources were worth $5,210,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BEN. BlackRock Inc. acquired a new stake in Franklin Resources in the 2nd quarter worth approximately $961,845,000. Azora Capital LP bought a new stake in Franklin Resources during the second quarter worth approximately $229,850,000. Bank of New York Mellon Corp acquired a new position in Franklin Resources during the second quarter valued at approximately $152,692,000. Gallagher Fiduciary Advisors LLC acquired a new position in Franklin Resources during the second quarter valued at approximately $45,904,000. Finally, Bank of America Corp DE bought a new position in shares of Franklin Resources in the second quarter valued at approximately $41,068,000. 47.56% of the stock is owned by institutional investors.

Franklin Resources Price Performance

NYSE BEN opened at $31.06 on Friday. Franklin Resources, Inc. has a twelve month low of $21.10 and a twelve month high of $36.28. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $15.78 billion, a PE ratio of 21.13, a P/E/G ratio of 0.55 and a beta of 1.54. The stock has a 50-day simple moving average of $33.04 and a 200 day simple moving average of $31.98.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.06. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 EPS. Research analysts anticipate that Franklin Resources, Inc. will post 2.91 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Wednesday, September 30th. Franklin Resources’s payout ratio is currently 89.80%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BEN shares. Wall Street Zen upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. TD Cowen decreased their price objective on shares of Franklin Resources from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, October 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Franklin Resources in a research note on Monday, August 31st. Keefe, Bruyette & Woods initiated coverage on shares of Franklin Resources in a research note on Wednesday, September 9th. They issued a “hold” rating and a $38.00 target price on the stock. Finally, Barclays reiterated a “mixed” rating on shares of Franklin Resources in a report on Wednesday, October 14th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.89.

Franklin Resources Company Profile

Franklin Resources, Inc, operating under the Franklin Templeton name, is a global investment management organization headquartered in San Mateo, California. The company provides investment solutions to individuals, financial professionals, institutions, and other clients worldwide.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional portfolios, and alternative investment strategies. Through its investment teams and specialist affiliates, Franklin Templeton offers capabilities across equities, fixed income, multi-asset strategies, private markets, real assets, and other areas of asset management.

Franklin Resources was founded in 1947 by Rupert H.