Franklin Resources, Inc. $BEN Stock Purchased by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board lifted its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 156.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,173 shares of the closed-end fund’s stock after purchasing an additional 23,900 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Franklin Resources were worth $1,258,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Franklin Resources in the 2nd quarter valued at approximately $961,845,000. Azora Capital LP bought a new stake in Franklin Resources during the 2nd quarter worth approximately $229,850,000. Bank of New York Mellon Corp bought a new stake in Franklin Resources during the 2nd quarter worth approximately $152,692,000. Bahl & Gaynor LLC acquired a new stake in Franklin Resources during the 3rd quarter worth approximately $49,527,000. Finally, Gallagher Fiduciary Advisors LLC acquired a new stake in Franklin Resources during the 2nd quarter worth approximately $45,904,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 0.0%

NYSE:BEN opened at $36.29 on Thursday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.48 and a current ratio of 1.58. The company 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. Franklin Resources, Inc. has a 52-week low of $21.10 and a 52-week high of $36.79. The stock has a 50-day simple moving average of $32.71 and a 200 day simple moving average of $30.54.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, November 6th. The closed-end fund reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.17. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. Franklin Resources had a return on equity of 12.54% and a net margin of 11.42%. Franklin Resources’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 EPS. On average, sell-side analysts expect that Franklin Resources, Inc. will post 3.26 EPS for the current fiscal year.

Franklin Resources Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays lifted their price target on shares of Franklin Resources from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Monday. TD Cowen increased their price objective on shares of Franklin Resources from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday. Deutsche Bank restated a “hold” rating and set a $34.00 price objective on shares of Franklin Resources in a report on Monday, August 3rd. JPMorgan Chase & Co. raised their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, October 12th. Finally, Zacks Research cut shares of Franklin Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.78.

About Franklin Resources

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.