Franklin Resources, Inc. $BEN Stock Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 3,035.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 456,299 shares of the closed-end fund’s stock after buying an additional 441,744 shares during the period. Maryland State Retirement & Pension System’s holdings in Franklin Resources were worth $14,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of BEN. BlackRock Inc. bought a new stake in shares of Franklin Resources during the 2nd quarter worth about $961,845,000. Azora Capital LP bought a new position in Franklin Resources in the 2nd quarter valued at about $229,850,000. Bank of New York Mellon Corp bought a new position in Franklin Resources in the 2nd quarter valued at about $152,692,000. Bahl & Gaynor LLC acquired a new stake in Franklin Resources during the third quarter worth approximately $49,527,000. Finally, Gallagher Fiduciary Advisors LLC bought a new stake in shares of Franklin Resources during the second quarter worth approximately $45,904,000. 47.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BEN has been the topic of a number of recent research reports. Wall Street Zen lowered Franklin Resources from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Zacks Research lowered Franklin Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Barclays upped their price objective on Franklin Resources from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday. UBS Group assumed coverage on Franklin Resources in a research report on Wednesday, October 7th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, TD Cowen lifted their target price on Franklin Resources from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Monday. Four investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $36.78.

Franklin Resources Stock Performance

Shares of NYSE:BEN opened at $36.29 on Thursday. The company’s 50 day moving average price is $32.71 and its two-hundred day moving average price is $30.54. Franklin Resources, Inc. has a 12-month low of $21.10 and a 12-month high of $36.79. The firm has a market cap of $18.44 billion, a PE ratio of 18.33, a PEG ratio of 0.53 and a beta of 1.56. The company has a quick ratio of 1.48, a current ratio of 1.58 and a debt-to-equity ratio of 1.31.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, November 6th. The closed-end fund reported $0.94 EPS for the quarter, topping the consensus estimate of $0.77 by $0.17. Franklin Resources had a net margin of 11.42% and a return on equity of 12.54%. The company had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the firm earned $0.67 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts predict that Franklin Resources, Inc. will post 3.26 earnings per share for the current year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.32 dividend on an annualized basis and a yield of 3.6%. Franklin Resources’s dividend payout ratio is currently 66.67%.

Franklin Resources Profile

Franklin Resources, Inc. is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts. The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.