Norges Bank Makes New $53.68 Million Investment in Franklin Resources, Inc. (NYSE:BEN)

Norges Bank acquired a new position in Franklin Resources, Inc. (NYSE:BEN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,645,422 shares of the closed-end fund’s stock, valued at approximately $53,676,000. Norges Bank owned 0.50% of Franklin Resources at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Xponance Inc. lifted its position in shares of Franklin Resources by 1.2% in the 4th quarter. Xponance Inc. now owns 43,687 shares of the closed-end fund’s stock worth $886,000 after buying an additional 497 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Franklin Resources by 44.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock worth $33,000 after acquiring an additional 505 shares during the period. Hardy Reed LLC lifted its holdings in Franklin Resources by 3.7% in the fourth quarter. Hardy Reed LLC now owns 16,721 shares of the closed-end fund’s stock worth $339,000 after acquiring an additional 591 shares during the last quarter. Anchor Investment Management LLC boosted its stake in Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock valued at $52,000 after acquiring an additional 604 shares during the period. Finally, SkyView Investment Advisors LLC grew its holdings in shares of Franklin Resources by 3.2% during the third quarter. SkyView Investment Advisors LLC now owns 19,485 shares of the closed-end fund’s stock valued at $393,000 after purchasing an additional 609 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of NYSE BEN opened at $17.49 on Friday. Franklin Resources, Inc. has a 1 year low of $17.19 and a 1 year high of $27.55. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a fifty day moving average price of $20.03 and a two-hundred day moving average price of $20.52. The firm has a market cap of $9.19 billion, a P/E ratio of 26.90, a PEG ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 earned $0.65 EPS. Research analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.32%. Franklin Resources’s dividend payout ratio (DPR) is presently 196.92%.

Analysts Set New Price Targets

BEN has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Franklin Resources from $20.50 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Barclays raised their target price on Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. BMO Capital Markets upped their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. UBS Group lifted their price objective on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and upped their target price for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.54.

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.