Connor Clark & Lunn Investment Management Ltd. Has $9 Million Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 33.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 443,641 shares of the closed-end fund’s stock after buying an additional 112,318 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Franklin Resources worth $9,001,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BEN. JPMorgan Chase & Co. lifted its position in Franklin Resources by 263.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,022,055 shares of the closed-end fund’s stock worth $40,744,000 after buying an additional 1,465,148 shares in the last quarter. Amundi raised its holdings in Franklin Resources by 62.9% during the 4th quarter. Amundi now owns 3,752,326 shares of the closed-end fund’s stock worth $75,928,000 after purchasing an additional 1,449,210 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Franklin Resources by 44.7% during the 3rd 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 last quarter. Vest Financial LLC raised its holdings in Franklin Resources by 32.1% during the 4th quarter. Vest Financial LLC now owns 2,923,399 shares of the closed-end fund’s stock worth $59,316,000 after purchasing an additional 709,736 shares during the last quarter. Finally, State Street Corp raised its holdings in Franklin Resources by 2.9% during the 3rd quarter. State Street Corp now owns 21,155,516 shares of the closed-end fund’s stock worth $432,730,000 after purchasing an additional 599,045 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Price Performance

NYSE BEN opened at $19.56 on Friday. Franklin Resources, Inc. has a 52-week low of $18.83 and a 52-week high of $28.15. 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 business has a 50 day simple moving average of $20.08 and a 200 day simple moving average of $20.56. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 2.31 and a beta of 1.42.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share 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 in the prior year, the company posted $0.65 earnings per share. Analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is currently 196.92%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BEN shares. JPMorgan Chase & Co. dropped their price objective on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. 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 report on Monday, February 3rd. Barclays boosted their price objective on Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. UBS Group upped their price target on Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley upped their price target on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Friday, December 20th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, Franklin Resources has an average 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.