Franklin Resources, Inc. (NYSE:BEN) Holdings Increased by Sound Income Strategies LLC

Sound Income Strategies LLC increased its stake in Franklin Resources, Inc. (NYSE:BEN) by 5.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,875 shares of the closed-end fund’s stock after acquiring an additional 27,607 shares during the period. Sound Income Strategies LLC owned approximately 0.10% of Franklin Resources worth $11,035,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. MFA Wealth Advisors LLC bought a new position in Franklin Resources during the 3rd quarter valued at $26,000. Matrix Trust Co acquired a new stake in shares of Franklin Resources in the third quarter valued at $29,000. Larson Financial Group LLC boosted its stake in Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 1,277 shares in the last quarter. Brooklyn Investment Group acquired a new position in Franklin Resources during the third quarter worth about $39,000. Finally, Northwest Investment Counselors LLC bought a new stake in Franklin Resources in the third quarter worth about $41,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BEN shares. The Goldman Sachs Group upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and raised their price objective for the company from $21.00 to $22.00 in a research report on Monday, January 6th. Evercore ISI reduced their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. Barclays dropped their price target on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a report on Friday, January 17th. JPMorgan Chase & Co. reduced their price objective on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Morgan Stanley boosted their target price on Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Friday, December 20th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, Franklin Resources has an average rating of “Hold” and an average target price of $20.18.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $19.99 on Friday. The stock has a market cap of $10.48 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.28 and a beta of 1.41. Franklin Resources, Inc. has a 12 month low of $18.83 and a 12 month high of $28.61. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92. The business has a fifty day simple moving average of $21.03 and a 200-day simple moving average of $21.10.

Franklin Resources (NYSE:BEN) last released its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $0.84 EPS. On average, sell-side analysts anticipate that Franklin Resources, Inc. will post 2.32 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 6.40%. The ex-dividend date of this dividend was Monday, December 30th. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio is currently 148.84%.

Franklin Resources Company 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.