Sovran Advisors LLC Takes $270,000 Position in Franklin Resources, Inc. (NYSE:BEN)

Sovran Advisors LLC bought a new stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 13,895 shares of the closed-end fund’s stock, valued at approximately $270,000.

Several other hedge funds also recently bought and sold shares of BEN. MFA Wealth Advisors LLC purchased a new position in shares of Franklin Resources in the third quarter valued at about $26,000. Larson Financial Group LLC raised its stake in Franklin Resources by 254.4% during the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after purchasing an additional 1,277 shares during the period. Brooklyn Investment Group purchased a new position in Franklin Resources in the 3rd quarter worth approximately $39,000. Northwest Investment Counselors LLC bought a new position in Franklin Resources in the 3rd quarter worth approximately $41,000. Finally, Blue Trust Inc. grew its holdings in Franklin Resources by 124.8% during the 3rd quarter. Blue Trust Inc. now owns 2,068 shares of the closed-end fund’s stock valued at $46,000 after buying an additional 1,148 shares in the last quarter. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

NYSE BEN opened at $20.26 on Friday. The company has a market cap of $10.64 billion, a P/E ratio of 31.17, a P/E/G ratio of 2.14 and a beta of 1.42. The business’s 50 day moving average price is $20.52 and its 200-day moving average price is $20.82. Franklin Resources, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $28.61. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.63 and a current ratio of 1.66.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating 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 in the prior year, the company earned $0.65 EPS. Sell-side analysts predict that Franklin Resources, Inc. will post 2.16 earnings per share for the current 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 paid a dividend of $0.32 per share. The ex-dividend date is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.32%. Franklin Resources’s dividend payout ratio is 196.93%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Franklin Resources from $20.50 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Keefe, Bruyette & Woods increased their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a report on Monday, February 3rd. StockNews.com upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. decreased their target price 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. Finally, The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and raised their price target for the company from $21.00 to $22.00 in a report on Monday, January 6th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, Franklin Resources presently 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.