CIBC Asset Management Inc Grows Holdings in Franklin Resources, Inc. (NYSE:BEN)

CIBC Asset Management Inc grew its holdings in Franklin Resources, Inc. (NYSE:BEN) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,818 shares of the closed-end fund’s stock after purchasing an additional 1,615 shares during the period. CIBC Asset Management Inc’s holdings in Franklin Resources were worth $1,214,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Virtu Financial LLC purchased a new stake in Franklin Resources in the third quarter worth $880,000. FORA Capital LLC purchased a new stake in Franklin Resources in the third quarter worth $1,857,000. Principal Financial Group Inc. increased its stake in Franklin Resources by 9.3% in the third quarter. Principal Financial Group Inc. now owns 381,192 shares of the closed-end fund’s stock worth $7,681,000 after purchasing an additional 32,490 shares during the period. Swedbank AB increased its stake in Franklin Resources by 78.3% in the third quarter. Swedbank AB now owns 62,076 shares of the closed-end fund’s stock worth $1,251,000 after purchasing an additional 27,259 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Franklin Resources by 44.7% in 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 purchasing an additional 925,590 shares during the period. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Price Performance

Shares of BEN stock opened at $20.50 on Friday. Franklin Resources, Inc. has a 1-year low of $18.83 and a 1-year high of $28.61. The stock’s 50-day moving average is $20.30 and its 200 day moving average is $20.75. The company has a market cap of $10.77 billion, a P/E ratio of 31.53, a PEG ratio of 2.15 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, beating 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 period in the previous year, the firm earned $0.65 earnings per share. Research analysts predict that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is presently 196.93%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BEN. UBS Group increased their price target on Franklin Resources from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. BMO Capital Markets increased their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. TD Cowen dropped their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group raised Franklin Resources from a “sell” rating to a “neutral” rating and increased their price target for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.86.

Franklin Resources 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.