HPM Partners LLC lowered its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 36.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,128 shares of the closed-end fund’s stock after selling 4,753 shares during the period. HPM Partners LLC’s holdings in Franklin Resources were worth $352,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in BEN. JPMorgan Chase & Co. raised its position in Franklin Resources by 225.5% during the third quarter. JPMorgan Chase & Co. now owns 3,153,748 shares of the closed-end fund’s stock worth $140,499,000 after acquiring an additional 2,184,863 shares during the last quarter. Ameriprise Financial Inc. raised its position in Franklin Resources by 138.7% during the third quarter. Ameriprise Financial Inc. now owns 3,372,129 shares of the closed-end fund’s stock worth $150,106,000 after acquiring an additional 1,959,427 shares during the last quarter. Bank of New York Mellon Corp raised its position in Franklin Resources by 35.9% during the third quarter. Bank of New York Mellon Corp now owns 4,874,451 shares of the closed-end fund’s stock worth $216,961,000 after acquiring an additional 1,288,818 shares during the last quarter. BlackRock Inc. raised its position in Franklin Resources by 6.0% during the fourth quarter. BlackRock Inc. now owns 22,211,494 shares of the closed-end fund’s stock worth $962,425,000 after acquiring an additional 1,258,796 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Franklin Resources by 202.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,710,000 shares of the closed-end fund’s stock worth $74,094,000 after acquiring an additional 1,143,900 shares during the last quarter. Institutional investors own 46.95% of the company’s stock.
In related news, Chairman Gregory E. Johnson sold 49,988 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total transaction of $2,178,477.04. Following the completion of the transaction, the chairman now owns 2,116,886 shares of the company’s stock, valued at $92,253,891.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jed A. Plafker sold 7,790 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $43.92, for a total transaction of $342,136.80. The disclosure for this sale can be found here. Insiders own 22.20% of the company’s stock.
Franklin Resources, Inc. (BEN) opened at $38.86 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.28 and a quick ratio of 4.28. The firm has a market cap of $21,748.16, a P/E ratio of 12.68, a PEG ratio of 1.33 and a beta of 1.64. Franklin Resources, Inc. has a 52-week low of $37.01 and a 52-week high of $47.65.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.13. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 earnings per share. analysts forecast that Franklin Resources, Inc. will post 3.26 EPS for the current year.
The company also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 29th will be given a $3.00 dividend. This represents a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, March 28th. This is a positive change from Franklin Resources’s previous special dividend of $0.50. Franklin Resources’s payout ratio is currently 78.63%.
A number of equities analysts have issued reports on BEN shares. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research report on Friday, December 22nd. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Thursday, January 11th. ValuEngine lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Finally, Deutsche Bank cut their price objective on shares of Franklin Resources from $40.00 to $37.00 and set a “hold” rating for the company in a research report on Tuesday, March 6th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $44.00.
Franklin Resources Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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