Russell Investments Group Ltd. Lowers Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Russell Investments Group Ltd. trimmed its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 234,751 shares of the closed-end fund’s stock after selling 8,807 shares during the period. Russell Investments Group Ltd.’s holdings in Franklin Resources were worth $4,758,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC raised its position in Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock worth $33,000 after acquiring an additional 505 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Franklin Resources during the 4th quarter worth $34,000. Principal Securities Inc. increased its holdings in shares of Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after purchasing an additional 1,661 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Franklin Resources by 30.2% during the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after buying an additional 604 shares in the last quarter. Finally, Blue Trust Inc. grew its position in Franklin Resources by 29.4% during the fourth quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund’s stock worth $54,000 after buying an additional 609 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Up 1.1 %

BEN stock opened at $18.09 on Tuesday. Franklin Resources, Inc. has a one year low of $16.25 and a one year high of $25.84. The stock has a market capitalization of $9.50 billion, a P/E ratio of 27.83, a PEG ratio of 2.31 and a beta of 1.36. The company has a 50 day moving average price of $19.54 and a two-hundred day moving average price of $20.35. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period last year, the company earned $0.65 earnings per share. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.32 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.28 annualized dividend and a dividend yield of 7.08%. Franklin Resources’s dividend payout ratio is presently 196.92%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BEN shares. Evercore ISI reduced their price target on shares of Franklin Resources from $19.00 to $17.00 and set an “underperform” rating for the company in a research report on Friday. Wells Fargo & Company reduced their price objective on Franklin Resources from $24.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. UBS Group upped their target price on Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Keefe, Bruyette & Woods lifted their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group lowered their price objective on shares of Franklin Resources from $21.50 to $19.00 and set a “neutral” rating on the stock in a research note on Monday. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.38.

About Franklin Resources

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.