Modern Wealth Management LLC Invests $3.51 Million in Franklin Resources, Inc. (NYSE:BEN)

Modern Wealth Management LLC bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 172,897 shares of the closed-end fund’s stock, valued at approximately $3,505,000.

Several other institutional investors have also bought and sold shares of the stock. Virtu Financial LLC acquired a new stake in shares of Franklin Resources in the 3rd quarter valued at $880,000. FORA Capital LLC acquired a new position in Franklin Resources in the third quarter valued at about $1,857,000. Swedbank AB grew its stake in Franklin Resources by 78.3% during the third quarter. Swedbank AB now owns 62,076 shares of the closed-end fund’s stock worth $1,251,000 after buying an additional 27,259 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 buying an additional 925,590 shares in the last quarter. Finally, Twelve Points Wealth Management LLC raised its stake in shares of Franklin Resources by 20.5% in the fourth quarter. Twelve Points Wealth Management LLC now owns 159,738 shares of the closed-end fund’s stock valued at $3,241,000 after acquiring an additional 27,169 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 0.3 %

NYSE:BEN opened at $20.01 on Wednesday. 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, Inc. has a 12-month low of $18.83 and a 12-month high of $28.15. The stock’s fifty day simple moving average is $20.14 and its 200-day simple moving average is $20.57. The firm has a market capitalization of $10.51 billion, a P/E ratio of 30.79, a P/E/G ratio of 2.31 and a beta of 1.42.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same quarter last year, the company posted $0.65 earnings per share. Equities research analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 6.40%. Franklin Resources’s dividend payout ratio (DPR) is presently 196.92%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. BMO Capital Markets boosted their price objective on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. Barclays increased their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. dropped their target price on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. The Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and increased their price target for the company from $21.00 to $22.00 in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, Franklin Resources has an average rating of “Hold” and a consensus price target 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.