Meadow Creek Investment Management LLC cut its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 60.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,568 shares of the closed-end fund’s stock after selling 97,916 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Franklin Resources were worth $2,798,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of BEN. JPMorgan Chase & Co. grew its position in Franklin Resources by 225.5% during the 3rd 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. grew its position in Franklin Resources by 138.7% during the 3rd 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 grew its position in Franklin Resources by 35.9% during the 3rd 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. grew its position in Franklin Resources by 6.0% during the 4th 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 grew its position in Franklin Resources by 202.1% during the 4th 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 and hedge funds own 46.95% of the company’s stock.
In other Franklin Resources news, insider Jed A. Plafker sold 7,790 shares of the stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $43.92, for a total value of $342,136.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Gregory E. Johnson sold 49,988 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $43.58, for a total value of $2,178,477.04. Following the completion of the sale, the chairman now owns 2,116,886 shares of the company’s stock, valued at approximately $92,253,891.88. The disclosure for this sale can be found here. Company insiders own 22.20% of the company’s stock.
Shares of Franklin Resources, Inc. (BEN) opened at $38.99 on Friday. Franklin Resources, Inc. has a fifty-two week low of $37.01 and a fifty-two week high of $47.65. 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 capitalization of $21,510.94, a P/E ratio of 33.32, a price-to-earnings-growth ratio of 1.32 and a beta of 1.64.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.13. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the business posted $0.77 EPS. The business’s revenue was up 3.5% on a year-over-year basis. sell-side analysts forecast that Franklin Resources, Inc. will post 3.26 earnings per share for the current year.
The firm also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a yield of 2.35%. This is a boost from Franklin Resources’s previous special dividend of $0.50. Franklin Resources’s dividend payout ratio (DPR) is 78.63%.
Several equities analysts recently issued reports on BEN shares. ValuEngine upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price target on shares of Franklin Resources in a research report on Friday, December 22nd. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Thursday, January 11th. Finally, Deutsche Bank reduced their price target on Franklin Resources from $40.00 to $37.00 and set a “hold” rating on the stock in a research report on Tuesday, March 6th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $43.40.
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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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