10 Best Stocks to Invest in for Passive Income

8. Franklin Resources, Inc. (NYSE:BEN)

Number of Hedge Fund Holders: 30

Dividend Yield as of February 24: 6.29%

Franklin Resources, Inc. (NYSE:BEN) is an American multinational asset management company that offers a wide range of related services and products to its consumers. In December 2024, the company announced a 3% increase in its quarterly dividend to $0.32 per share. This marked the company’s 49th consecutive year of dividend growth, which makes BEN one of the best stocks for passive income. The stock supports a dividend yield of 6.29%, as of February 24.

In fiscal Q1 2025, Franklin Resources, Inc. (NYSE:BEN) reported a 34% year-over-year increase in long-term inflows, excluding reinvested distributions. The company also posted $17 billion in net inflows across equity, multi-asset, and alternative investments for the quarter. However, long-term net outflows totaled $50 billion, excluding Western Asset Management, though it still recorded $18 billion in long-term net inflows across all asset classes.

Over the past 12 months, Franklin Resources, Inc. (NYSE:BEN) stock has declined by nearly 24%, reflecting its historically volatile performance. Despite this, Franklin Resources has undergone significant changes, including strategic acquisitions aimed at strengthening its offerings. One notable move was last year’s acquisition of volScout, an options-trading technology firm, which has helped expand its capabilities to better serve both retail and institutional investors.