Franklin Resources, Inc. $BEN Stock: First Citizens Bank & Trust Co. Reduces Position

Key Points

• First Citizens Bank & Trust Co. cut its Franklin Resources position by 25.5% in the third quarter, selling 151,433 shares and retaining 442,294 shares valued at approximately $14.3 million. Institutional investors collectively own 47.56% of BEN stock.
• Franklin Resources reported quarterly EPS of $0.72, exceeding the $0.66 consensus estimate, while revenue reached $2.36 billion, up 14.3% year over year and above analyst expectations.
• The company maintains a quarterly dividend of $0.33, equivalent to a 4.2% annualized yield. Analysts have a consensus “Hold” rating and an average price target of $36.11, compared with the stock’s reported price of $31.20.

First Citizens Bank & Trust Co. lowered its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 25.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 442,294 shares of the closed-end fund's stock after selling 151,433 shares during the period. First Citizens Bank & Trust Co. owned about 0.09% of Franklin Resources worth $14,321,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wetzel Investment Advisors Inc. purchased a new position in shares of Franklin Resources in the third quarter worth approximately $187,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Franklin Resources in the 3rd quarter worth $200,000. Krilogy Financial LLC increased its stake in shares of Franklin Resources by 143.6% in the 3rd quarter. Krilogy Financial LLC now owns 18,165 shares of the closed-end fund's stock worth $583,000 after purchasing an additional 10,708 shares in the last quarter. Contravisory Investment Management Inc. raised its holdings in Franklin Resources by 81.7% in the 3rd quarter. Contravisory Investment Management Inc. now owns 54,024 shares of the closed-end fund's stock worth $1,902,000 after purchasing an additional 24,290 shares during the period. Finally, Lincoln Capital Corp bought a new position in Franklin Resources in the 3rd quarter worth $2,178,000. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

NYSE BEN opened at $31.20 on Wednesday. The firm has a market cap of $15.85 billion, a price-to-earnings ratio of 21.22, a price-to-earnings-growth ratio of 0.56 and a beta of 1.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $33.47 and a 200-day moving average price of $31.60. Franklin Resources, Inc. has a twelve month low of $21.10 and a twelve month high of $36.28.

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

Franklin Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on BEN. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $34.00 price target on shares of Franklin Resources in a research report on Monday, August 3rd. TD Cowen cut their price objective on Franklin Resources from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Monday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Franklin Resources in a research note on Monday, August 31st. Keefe, Bruyette & Woods assumed coverage on shares of Franklin Resources in a report on Wednesday, September 9th. They issued a "hold" rating and a $38.00 target price for the company. Finally, JPMorgan Chase & Co. lifted 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. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Franklin Resources has a consensus rating of "Hold" and a consensus price target of $36.11.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.

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