Principal Financial Group Inc. Has $8.99 Million Stock Holdings in Franklin Resources, Inc. $BEN

Principal Financial Group Inc. trimmed its holdings in Franklin Resources, Inc. (NYSE:BEN) by 6.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 388,606 shares of the closed-end fund’s stock after selling 27,195 shares during the quarter. Principal Financial Group Inc.’s holdings in Franklin Resources were worth $8,988,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BEN. Capital A Wealth Management LLC increased its position in Franklin Resources by 3,869.2% in the 2nd quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock valued at $25,000 after acquiring an additional 1,006 shares in the last quarter. Root Financial Partners LLC bought a new position in Franklin Resources in the 3rd quarter worth approximately $25,000. Total Investment Management Inc. bought a new position in Franklin Resources in the 2nd quarter worth approximately $27,000. Consultiva Wealth Management CORP. lifted its holdings in Franklin Resources by 177.1% during the 2nd quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock worth $31,000 after buying an additional 820 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in Franklin Resources in the 3rd quarter valued at $40,000. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of BEN stock opened at $27.08 on Friday. The stock has a market cap of $14.10 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 0.86 and a beta of 1.46. The stock has a 50-day moving average of $25.15 and a 200-day moving average of $24.20. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.86 and a quick ratio of 1.86. Franklin Resources, Inc. has a one year low of $16.25 and a one year high of $28.32.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, January 30th. The closed-end fund reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. Franklin Resources had a net margin of 6.97% and a return on equity of 9.58%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter last year, the firm earned $0.59 EPS. Franklin Resources’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a $0.33 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.9%. Franklin Resources’s dividend payout ratio is currently 122.22%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. TD Cowen restated a “hold” rating on shares of Franklin Resources in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Franklin Resources in a report on Monday, December 29th. Evercore upped their target price on shares of Franklin Resources from $26.00 to $28.00 and gave the company an “underperform” rating in a research report on Monday, February 2nd. Wall Street Zen upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Monday, November 10th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Franklin Resources has an average rating of “Reduce” and a consensus price target of $25.89.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.