Gamco Investors INC. ET AL Trims Stake in Franklin Resources, Inc. (NYSE:BEN)

Gamco Investors INC. ET AL cut its stake in Franklin Resources, Inc. (NYSE:BENFree Report) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,300 shares of the closed-end fund’s stock after selling 1,900 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Franklin Resources were worth $1,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BEN. Geneos Wealth Management Inc. lifted its stake in shares of Franklin Resources by 12.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,373 shares of the closed-end fund’s stock worth $90,000 after acquiring an additional 379 shares during the last quarter. Peterson Financial Group Inc. boosted its stake in shares of Franklin Resources by 1.4% during the second quarter. Peterson Financial Group Inc. now owns 31,702 shares of the closed-end fund’s stock valued at $847,000 after purchasing an additional 446 shares during the period. Whitener Capital Management Inc. boosted its stake in shares of Franklin Resources by 2.4% during the third quarter. Whitener Capital Management Inc. now owns 19,974 shares of the closed-end fund’s stock valued at $491,000 after purchasing an additional 460 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Franklin Resources by 2.0% in the third quarter. Park Avenue Securities LLC now owns 25,350 shares of the closed-end fund’s stock worth $623,000 after purchasing an additional 485 shares during the last quarter. Finally, Kinneret Advisory LLC increased its stake in Franklin Resources by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 22,250 shares of the closed-end fund’s stock worth $628,000 after buying an additional 497 shares during the period. Hedge funds and other institutional investors own 46.53% of the company’s stock.

Insider Buying and Selling at Franklin Resources

In other news, EVP Alok Sethi sold 22,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $29.27, for a total transaction of $643,940.00. Following the sale, the executive vice president now owns 70,481 shares in the company, valued at $2,062,978.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.13% of the stock is currently owned by company insiders.

Franklin Resources Price Performance

Shares of BEN stock opened at $27.09 on Friday. The stock’s 50-day moving average is $27.96 and its 200 day moving average is $26.13. Franklin Resources, Inc. has a 1-year low of $21.88 and a 1-year high of $31.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. The company has a market cap of $14.26 billion, a P/E ratio of 14.26, a PEG ratio of 1.38 and a beta of 1.41.

Franklin Resources (NYSE:BENGet Free Report) last released its quarterly earnings results on Monday, January 29th. The closed-end fund reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. Franklin Resources had a net margin of 12.30% and a return on equity of 11.15%. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the business earned $0.51 EPS. The company’s revenue was up 1.2% compared to the same quarter last year. Research analysts predict that Franklin Resources, Inc. will post 2.49 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend is Wednesday, March 27th. Franklin Resources’s dividend payout ratio is currently 65.26%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Franklin Resources from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Tuesday, January 30th. UBS Group increased their price objective on Franklin Resources from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Wells Fargo & Company raised Franklin Resources from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $24.00 to $30.00 in a research report on Monday, January 8th. TD Cowen started coverage on Franklin Resources in a research report on Thursday, January 4th. They set a “market perform” rating and a $32.00 price target on the stock. Finally, BMO Capital Markets lifted their price objective on Franklin Resources from $27.00 to $30.00 and gave the company a “market perform” rating in a report on Tuesday, January 30th. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, Franklin Resources has an average rating of “Hold” and an average price target of $27.05.

View Our Latest Stock Report on Franklin Resources

Franklin Resources Profile

(Free Report)

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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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