22,882 Shares in Franklin Resources, Inc. (NYSE:BEN) Purchased by Cullen Investment Group LTD.

Cullen Investment Group LTD. purchased a new stake in Franklin Resources, Inc. (NYSE:BEN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 22,882 shares of the closed-end fund’s stock, valued at approximately $682,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BEN. Peoples Bank KS acquired a new position in shares of Franklin Resources in the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its position in shares of Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after purchasing an additional 623 shares during the period. Eagle Bay Advisors LLC acquired a new position in shares of Franklin Resources in the 2nd quarter valued at $26,000. Resurgent Financial Advisors LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $27,000. Finally, Bell Investment Advisors Inc boosted its position in shares of Franklin Resources by 975.5% in the 3rd quarter. Bell Investment Advisors Inc now owns 1,140 shares of the closed-end fund’s stock valued at $28,000 after purchasing an additional 1,034 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 1.8 %

Shares of Franklin Resources stock opened at $24.94 on Tuesday. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 13.13, a P/E/G ratio of 1.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. Franklin Resources, Inc. has a 52-week low of $21.88 and a 52-week high of $30.32. The stock has a 50-day simple moving average of $27.21 and a 200-day simple moving average of $26.29.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, January 29th. The closed-end fund reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business earned $0.51 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts expect that Franklin Resources, Inc. will post 2.52 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date was Wednesday, March 27th. Franklin Resources’s payout ratio is 65.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group raised their price objective on Franklin Resources from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. StockNews.com lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Morgan Stanley raised their price objective on Franklin Resources from $22.00 to $24.00 and gave the stock an “underweight” rating in a research report on Friday, January 19th. Deutsche Bank Aktiengesellschaft decreased their price objective on Franklin Resources from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, January 30th. Finally, Wells Fargo & Company upgraded Franklin Resources from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $24.00 to $30.00 in a research report on Monday, January 8th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.39.

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.