AlphaStar Capital Management LLC Invests $441,000 in Franklin Resources, Inc. $BEN

by · The Markets Daily

AlphaStar Capital Management LLC acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) during the second quarter, Holdings Channel reports. The institutional investor acquired 18,477 shares of the closed-end fund’s stock, valued at approximately $441,000.

A number of other large investors have also modified their holdings of BEN. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Franklin Resources by 5.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,576 shares of the closed-end fund’s stock worth $1,573,000 after acquiring an additional 4,530 shares during the period. Amalgamated Bank increased its position in shares of Franklin Resources by 2.4% during the first quarter. Amalgamated Bank now owns 59,909 shares of the closed-end fund’s stock worth $1,153,000 after acquiring an additional 1,408 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Franklin Resources by 10.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 95,358 shares of the closed-end fund’s stock worth $1,836,000 after acquiring an additional 8,793 shares during the period. Private Trust Co. NA increased its position in shares of Franklin Resources by 79.8% during the first quarter. Private Trust Co. NA now owns 3,802 shares of the closed-end fund’s stock worth $73,000 after acquiring an additional 1,687 shares during the period. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Franklin Resources during the first quarter worth $811,000. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

NYSE BEN opened at $22.62 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55. Franklin Resources, Inc. has a 1 year low of $16.25 and a 1 year high of $26.08. The company has a market capitalization of $11.74 billion, a PE ratio of 44.34, a P/E/G ratio of 1.65 and a beta of 1.50. The company has a fifty day moving average of $23.83 and a two-hundred day moving average of $23.08.

Franklin Resources (NYSE:BEN – Get Free Report) last released its quarterly earnings data on Friday, August 1st. The closed-end fund reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Franklin Resources’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 5.7%. The ex-dividend date was Tuesday, September 30th. Franklin Resources’s dividend payout ratio is currently 250.98%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BEN shares. Bank of America increased their target price on Franklin Resources from $19.00 to $22.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. increased their target price on Franklin Resources from $22.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, August 4th. Zacks Research lowered Franklin Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Evercore ISI dropped their target price on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a report on Thursday, October 9th. Finally, BMO Capital Markets started coverage on Franklin Resources in a report on Friday, October 3rd. They issued an “outperform” rating and a $26.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $23.83.

Check Out Our Latest Analysis on Franklin Resources

Franklin Resources Company Profile

(Free Report)

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.

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