Meadow Creek Investment Management LLC lessened its position in Franklin Resources, Inc. (NYSE:BEN) by 60.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New Mexico Educational Retirement Board lifted its stake in shares of Franklin Resources by 4.3% in the 4th quarter. New Mexico Educational Retirement Board now owns 31,673 shares of the closed-end fund’s stock valued at $1,372,000 after purchasing an additional 1,300 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Franklin Resources by 5.2% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,760 shares of the closed-end fund’s stock valued at $1,191,000 after purchasing an additional 1,322 shares during the period. ETRADE Capital Management LLC lifted its stake in shares of Franklin Resources by 20.5% in the 3rd quarter. ETRADE Capital Management LLC now owns 8,295 shares of the closed-end fund’s stock valued at $369,000 after purchasing an additional 1,409 shares during the period. Sei Investments Co. lifted its stake in shares of Franklin Resources by 0.7% in the 3rd quarter. Sei Investments Co. now owns 212,846 shares of the closed-end fund’s stock valued at $9,474,000 after purchasing an additional 1,413 shares during the period. Finally, Bbva Compass Bancshares Inc. lifted its stake in shares of Franklin Resources by 2.1% in the 4th quarter. Bbva Compass Bancshares Inc. now owns 70,388 shares of the closed-end fund’s stock valued at $3,049,000 after purchasing an additional 1,470 shares during the period. Institutional investors own 46.95% of the company’s stock.
BEN has been the subject of a number of research analyst reports. ValuEngine cut Franklin Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Thursday, January 11th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 target price on shares of Franklin Resources in a research note on Friday, December 22nd. Finally, Deutsche Bank lowered their target price on Franklin Resources from $40.00 to $37.00 and set a “hold” rating for the company in a research note on Tuesday, March 6th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $43.40.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 49,988 shares of Franklin Resources stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jed A. Plafker sold 7,790 shares of Franklin Resources stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $43.92, for a total value of $342,136.80. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by insiders.
Franklin Resources, Inc. (NYSE BEN) opened at $38.99 on Friday. The stock has a market capitalization of $21,510.94, a price-to-earnings ratio of 33.32, a price-to-earnings-growth ratio of 1.32 and a beta of 1.64. Franklin Resources, Inc. has a one year low of $37.01 and a one year high of $47.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.28 and a current ratio of 4.28.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.13. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 earnings per share. equities research analysts forecast that Franklin Resources, Inc. will post 3.26 EPS for the current fiscal year.
The business also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be paid a dividend of $3.00 per share. This is a boost from Franklin Resources’s previous special dividend of $0.50. The ex-dividend date is Wednesday, March 28th. This represents a yield of 2.35%. Franklin Resources’s payout ratio is presently 78.63%.
COPYRIGHT VIOLATION NOTICE: “Franklin Resources, Inc. (BEN) Shares Sold by Meadow Creek Investment Management LLC” was reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another publication, it was illegally copied and republished in violation of US & international trademark and copyright laws. The original version of this piece can be read at https://www.dispatchtribunal.com/2018/03/18/franklin-resources-inc-ben-shares-sold-by-meadow-creek-investment-management-llc.html.
About Franklin Resources
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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.