Retirement Systems of Alabama cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 5.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 140,974 shares of the closed-end fund’s stock after selling 8,422 shares during the period. Retirement Systems of Alabama’s holdings in Franklin Resources were worth $4,287,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of BEN. LPL Financial LLC lifted its stake in Franklin Resources by 119.5% during the 1st quarter. LPL Financial LLC now owns 33,846 shares of the closed-end fund’s stock valued at $1,174,000 after acquiring an additional 18,429 shares in the last quarter. Royal Bank of Canada lifted its stake in Franklin Resources by 20.9% during the 1st quarter. Royal Bank of Canada now owns 283,976 shares of the closed-end fund’s stock valued at $9,848,000 after acquiring an additional 49,185 shares in the last quarter. Clinton Group Inc. bought a new position in Franklin Resources during the 2nd quarter valued at $975,000. IFM Investors Pty Ltd lifted its stake in Franklin Resources by 46.0% during the 2nd quarter. IFM Investors Pty Ltd now owns 15,779 shares of the closed-end fund’s stock valued at $506,000 after acquiring an additional 4,973 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in Franklin Resources by 14.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 70,018 shares of the closed-end fund’s stock valued at $2,243,000 after acquiring an additional 9,084 shares in the last quarter. Institutional investors and hedge funds own 46.57% of the company’s stock.
In related news, insider Jed A. Plafker sold 4,820 shares of Franklin Resources stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $32.85, for a total value of $158,337.00. Following the completion of the sale, the insider now owns 56,369 shares of the company’s stock, valued at approximately $1,851,721.65. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. Company insiders own 22.20% of the company’s stock.
Several equities analysts have weighed in on BEN shares. Zacks Investment Research upgraded Franklin Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 24th. Morgan Stanley decreased their target price on Franklin Resources from $33.00 to $32.00 and set an “underweight” rating for the company in a research report on Thursday, July 12th. JPMorgan Chase & Co. lowered Franklin Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $32.00 to $29.00 in a research report on Thursday, September 6th. Deutsche Bank decreased their target price on Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday, August 16th. Finally, Barclays decreased their target price on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research report on Monday, July 30th. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $34.27.
Shares of Franklin Resources stock opened at $31.23 on Wednesday. Franklin Resources, Inc. has a 1 year low of $28.12 and a 1 year high of $45.96. The firm has a market cap of $16.18 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 1.04 and a beta of 1.28. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, October 25th. The closed-end fund reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.39. Franklin Resources had a return on equity of 16.00% and a net margin of 12.10%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.55 billion. Equities analysts expect that Franklin Resources, Inc. will post 2.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Thursday, September 27th. Franklin Resources’s dividend payout ratio is presently 28.84%.
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Franklin Resources Company Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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