First Midwest Bank Trust Division lowered its stake in Franklin Resources, Inc. (NYSE:BEN) by 17.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,414 shares of the closed-end fund’s stock after selling 2,466 shares during the period. First Midwest Bank Trust Division’s holdings in Franklin Resources were worth $338,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Franklin Resources by 17.1% during the 3rd quarter. Vanguard Group Inc. now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after purchasing an additional 4,764,162 shares during the last quarter. Vanguard Group Inc lifted its holdings in Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after purchasing an additional 4,764,162 shares during the last quarter. Abrams Capital Management L.P. lifted its holdings in shares of Franklin Resources by 25.2% during the third quarter. Abrams Capital Management L.P. now owns 9,945,023 shares of the closed-end fund’s stock worth $302,428,000 after buying an additional 2,000,000 shares during the last quarter. Kiltearn Partners LLP grew its position in Franklin Resources by 0.6% in the third quarter. Kiltearn Partners LLP now owns 8,089,794 shares of the closed-end fund’s stock valued at $246,011,000 after acquiring an additional 50,694 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Franklin Resources by 27.4% during the third quarter. Bank of New York Mellon Corp now owns 4,340,194 shares of the closed-end fund’s stock valued at $131,985,000 after acquiring an additional 932,439 shares during the period. Institutional investors and hedge funds own 47.92% of the company’s stock.
In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of the business’s stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $32.42, for a total value of $10,471,660.00. Following the sale, the insider now owns 103,653,045 shares in the company, valued at approximately $3,360,431,718.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig Steven Tyle sold 10,216 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $34.26, for a total value of $350,000.16. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by corporate insiders.
Shares of NYSE BEN opened at $31.54 on Friday. The stock has a market capitalization of $16.15 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 1.48 and a beta of 1.26. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.07. Franklin Resources, Inc. has a 1 year low of $27.34 and a 1 year high of $45.96.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Thursday, October 25th. The closed-end fund reported $1.13 EPS for the quarter, topping the consensus estimate of $0.74 by $0.39. Franklin Resources had a net margin of 12.10% and a return on equity of 16.26%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. On average, sell-side analysts predict that Franklin Resources, Inc. will post 2.51 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 11th. Stockholders of record on Monday, December 31st were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 28th. This represents a $1.04 annualized dividend and a dividend yield of 3.30%. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.23. Franklin Resources’s dividend payout ratio is currently 32.60%.
A number of equities research analysts have commented on BEN shares. Zacks Investment Research upgraded Franklin Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $28.00 price objective on shares of Franklin Resources in a report on Wednesday, January 9th. Citigroup cut shares of Franklin Resources from a “neutral” rating to a “sell” rating in a research note on Monday, January 14th. Barclays reaffirmed a “sell” rating and set a $23.00 target price on shares of Franklin Resources in a research report on Thursday, January 10th. Finally, Credit Suisse Group reiterated a “sell” rating and issued a $23.00 price objective on shares of Franklin Resources in a research report on Monday, January 14th. Nine research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of “Sell” and an average target price of $29.56.
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Franklin Resources 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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