DNB Asset Management AS decreased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 74.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,261 shares of the closed-end fund’s stock after selling 112,564 shares during the quarter. DNB Asset Management AS’s holdings in Franklin Resources were worth $1,268,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in BEN. Vigilant Capital Management LLC bought a new stake in shares of Franklin Resources in the 1st quarter valued at about $39,000. Alpha Omega Wealth Management LLC raised its holdings in shares of Franklin Resources by 120.8% in the 4th quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock valued at $39,000 after purchasing an additional 725 shares in the last quarter. Clean Yield Group bought a new stake in shares of Franklin Resources in the 4th quarter valued at about $44,000. CWM LLC raised its holdings in shares of Franklin Resources by 22.5% in the 4th quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after purchasing an additional 325 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its holdings in shares of Franklin Resources by 102.2% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 1,943 shares of the closed-end fund’s stock valued at $58,000 after purchasing an additional 982 shares in the last quarter. Institutional investors own 49.52% of the company’s stock.
BEN has been the subject of several recent research reports. Citigroup lowered shares of Franklin Resources from a “neutral” rating to a “sell” rating in a report on Monday, January 14th. Jefferies Financial Group restated a “hold” rating and issued a $30.00 price target on shares of Franklin Resources in a report on Wednesday, January 9th. Bank of America set a $32.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a research report on Tuesday, April 9th. Zacks Investment Research raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Evercore ISI downgraded shares of Franklin Resources from an “in-line” rating to an “underperform” rating and set a $30.19 price objective on the stock. in a research report on Tuesday, January 8th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $30.55.
Shares of Franklin Resources stock opened at $35.30 on Friday. The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 0.07. Franklin Resources, Inc. has a 52-week low of $27.34 and a 52-week high of $35.82. The company has a market capitalization of $18.11 billion, a PE ratio of 11.07, a PEG ratio of 2.01 and a beta of 1.18.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Wednesday, January 30th. The closed-end fund reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). Franklin Resources had a return on equity of 15.01% and a net margin of 26.55%. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the firm earned $0.88 EPS. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. On average, equities research analysts expect that Franklin Resources, Inc. will post 2.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date was Thursday, March 28th. Franklin Resources’s payout ratio is currently 32.60%.
Franklin Resources Profile
Franklin Resources, Inc offers banking products and services. It offers demand deposits and interest and non-interest bearing time and savings deposits. The bank's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.
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