Meiji Yasuda Asset Management Co Ltd. Acquires New Holdings in Franklin Resources, Inc. $BEN

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent filing with the SEC. The firm purchased 464,812 shares of the closed-end fund’s stock, valued at approximately $15,464,000. Franklin Resources accounts for 0.7% of Meiji Yasuda Asset Management Co Ltd.’s portfolio, making the stock its 27th biggest holding. Meiji Yasuda Asset Management Co Ltd. owned about 0.09% of Franklin Resources at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Mariner LLC grew its stake in Franklin Resources by 0.7% in the fourth quarter. Mariner LLC now owns 56,151 shares of the closed-end fund’s stock valued at $1,341,000 after purchasing an additional 377 shares during the last quarter. Lido Advisors LLC lifted its position in shares of Franklin Resources by 4.0% during the first quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund’s stock valued at $244,000 after buying an additional 395 shares during the last quarter. Zions Bancorporation National Association UT boosted its holdings in shares of Franklin Resources by 35.5% in the 4th quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 396 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Franklin Resources by 12.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund’s stock valued at $87,000 after buying an additional 400 shares in the last quarter. Finally, Sigma Planning Corp grew its position in shares of Franklin Resources by 0.6% in the 1st quarter. Sigma Planning Corp now owns 67,747 shares of the closed-end fund’s stock worth $1,600,000 after buying an additional 407 shares during the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $34.32 on Monday. The company has a 50 day moving average price of $33.51 and a 200 day moving average price of $29.74. The firm has a market capitalization of $17.44 billion, a P/E ratio of 23.35, a PEG ratio of 0.69 and a beta of 1.55. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.22. Franklin Resources, Inc. has a 52 week low of $21.10 and a 52 week high of $36.28.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the firm earned $0.49 EPS. Franklin Resources’s revenue was up 14.3% compared to the same quarter last year. Sell-side analysts expect that Franklin Resources, Inc. will post 2.88 EPS for the current year.

Wall Street Analyst Weigh In

BEN has been the subject of a number of analyst reports. Wall Street Zen raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Sunday, June 14th. Evercore reaffirmed an “underperform” rating and issued a $35.00 price target on shares of Franklin Resources in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $34.00 price target on shares of Franklin Resources in a research report on Monday, August 3rd. Morgan Stanley raised their price objective on Franklin Resources from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. boosted their target price on Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $32.44.

Franklin Resources Company Profile

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.