Franklin Resources, Inc. $BEN Shares Sold by Vest Financial LLC

Key Points

• Vest Financial LLC reduced its Franklin Resources stake by 15.1% in the third quarter, selling 269,246 shares and retaining 1.51 million shares valued at approximately $48.6 million. Institutional investors collectively own 47.56% of BEN.
• Analyst sentiment remains mixed, with Franklin Resources carrying a consensus “Hold” rating and an average price target of $35.89, compared with the stock’s reported price of $31.65.
• Franklin Resources exceeded quarterly earnings expectations, posting $0.72 EPS versus the $0.66 consensus and $2.36 billion in revenue. The company also maintained a quarterly dividend of $0.33 per share, representing a 4.2% yield.

Vest Financial LLC lowered its holdings in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,513,370 shares of the closed-end fund's stock after selling 269,246 shares during the quarter. Vest Financial LLC owned 0.30% of Franklin Resources worth $48,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BEN. First Community Trust NA bought a new stake in Franklin Resources in the 3rd quarter worth about $25,000. Compass Financial Management LLC purchased a new position in Franklin Resources in the 2nd quarter worth about $36,000. Armstrong Advisory Group Inc. purchased a new position in Franklin Resources in the 3rd quarter worth about $35,000. Elevation Wealth Partners LLC raised its position in Franklin Resources by 179.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,181 shares of the closed-end fund's stock worth $39,000 after buying an additional 758 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Franklin Resources by 209.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the closed-end fund's stock valued at $39,000 after acquiring an additional 813 shares during the period. 47.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Franklin Resources from $34.00 to $35.00 and gave the company a "neutral" rating in a report on Monday, October 12th. Wall Street Zen raised shares of Franklin Resources from a "hold" rating to a "buy" rating in a report on Sunday, September 27th. Evercore restated an "underperform" rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Zacks Research downgraded shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Finally, Morgan Stanley raised their target price on shares of Franklin Resources from $34.00 to $35.00 and gave the stock an "equal weight" rating in a report on Friday, September 25th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of "Hold" and an average target price of $35.89.

Franklin Resources Price Performance

NYSE BEN opened at $31.65 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22. Franklin Resources, Inc. has a 12 month low of $21.10 and a 12 month high of $36.28. The stock has a market cap of $16.08 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 0.56 and a beta of 1.54. The company's 50 day moving average is $33.14 and its two-hundred day moving average is $31.93.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.06. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business posted $0.49 EPS. Franklin Resources's revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Resources, Inc. will post 2.91 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.33 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.32 annualized dividend and a yield of 4.2%. Franklin Resources's dividend payout ratio (DPR) is 89.80%.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton name, is a global investment management organization headquartered in San Mateo, California. The company provides investment solutions to individuals, financial professionals, institutions, and other clients worldwide.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional portfolios, and alternative investment strategies. Through its investment teams and specialist affiliates, Franklin Templeton offers capabilities across equities, fixed income, multi-asset strategies, private markets, real assets, and other areas of asset management.

Franklin Resources was founded in 1947 by Rupert H.

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