Franklin Resources, Inc. $BEN Shares Sold by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management reduced its Franklin Resources stake by 15.1% in the first quarter, selling 48,619 shares and leaving it with 272,892 shares valued at about $6.67 million.
• Franklin Resources reported stronger-than-expected quarterly results, posting $0.71 EPS versus the $0.55 consensus and revenue of $1.75 billion, up 8.7% year over year.
• The company also paid a quarterly dividend of $0.33, equal to an annualized yield of 4.0%, while analysts currently have a consensus rating of Hold with a $32.00 target price.

Bastion Asset Management Inc. cut its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 15.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 272,892 shares of the closed-end fund's stock after selling 48,619 shares during the quarter. Franklin Resources accounts for about 2.1% of Bastion Asset Management Inc.'s portfolio, making the stock its 16th largest holding. Bastion Asset Management Inc. owned about 0.05% of Franklin Resources worth $6,667,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Board of the Pension Protection Fund lifted its holdings in shares of Franklin Resources by 413.8% in the 4th quarter. Board of the Pension Protection Fund now owns 66,800 shares of the closed-end fund's stock valued at $1,596,000 after buying an additional 53,800 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Franklin Resources in the first quarter worth about $6,254,000. Artemis Investment Management LLP acquired a new stake in Franklin Resources during the fourth quarter worth about $1,336,000. Quantum Portfolio Management LLC acquired a new stake in Franklin Resources during the first quarter worth about $941,000. Finally, JPMorgan Chase & Co. raised its position in Franklin Resources by 35.9% during the third quarter. JPMorgan Chase & Co. now owns 2,101,000 shares of the closed-end fund's stock valued at $48,596,000 after acquiring an additional 554,842 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Stock Performance

Shares of BEN stock opened at $33.27 on Friday. The company has a market capitalization of $17.29 billion, a P/E ratio of 25.40, a P/E/G ratio of 0.74 and a beta of 1.54. The business's 50 day moving average is $32.38 and its two-hundred day moving average is $28.22. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.10. Franklin Resources, Inc. has a 12-month low of $21.10 and a 12-month high of $34.92.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The closed-end fund reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.16. The business had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.70 billion. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The business's revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 earnings per share. Analysts expect that Franklin Resources, Inc. will post 2.81 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Monday, June 29th were paid a $0.33 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. Franklin Resources's dividend payout ratio (DPR) is currently 100.76%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings raised Franklin Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their target price on shares of Franklin Resources from $28.00 to $31.00 and gave the company a "neutral" rating in a report on Wednesday, April 29th. Zacks Research upgraded shares of Franklin Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 22nd. TD Cowen increased their price target on shares of Franklin Resources from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, June 22nd. Finally, Morgan Stanley raised their price target on shares of Franklin Resources from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $32.00.

Franklin Resources Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm's core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton's product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.

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