Code Waechter LLC Cuts Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Code Waechter LLC trimmed its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 57.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,153 shares of the closed-end fund's stock after selling 24,119 shares during the period. Code Waechter LLC's holdings in Franklin Resources were worth $349,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Xponance Inc. grew its holdings in Franklin Resources by 1.2% in the fourth quarter. Xponance Inc. now owns 43,687 shares of the closed-end fund's stock valued at $886,000 after purchasing an additional 497 shares during the period. Smartleaf Asset Management LLC grew its holdings 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 valued at $33,000 after purchasing an additional 505 shares during the period. Bessemer Group Inc. grew its holdings in Franklin Resources by 6.2% in the fourth quarter. Bessemer Group Inc. now owns 8,789 shares of the closed-end fund's stock valued at $177,000 after purchasing an additional 510 shares during the period. Arizona State Retirement System grew its holdings in Franklin Resources by 0.8% in the fourth quarter. Arizona State Retirement System now owns 83,549 shares of the closed-end fund's stock valued at $1,695,000 after purchasing an additional 651 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in Franklin Resources by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 47,544 shares of the closed-end fund's stock valued at $964,000 after purchasing an additional 708 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Trading Down 1.0%

NYSE:BEN traded down $0.26 on Friday, reaching $24.88. The company's stock had a trading volume of 3,107,428 shares, compared to its average volume of 4,522,682. Franklin Resources, Inc. has a 12-month low of $16.25 and a 12-month high of $25.36. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.93. The firm has a market cap of $13.07 billion, a price-to-earnings ratio of 36.59, a price-to-earnings-growth ratio of 1.98 and a beta of 1.45. The stock has a 50 day moving average price of $22.50 and a 200 day moving average price of $20.57.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its earnings results on Friday, May 2nd. The closed-end fund reported $0.47 EPS for the quarter, meeting analysts' consensus estimates of $0.47. Franklin Resources had a return on equity of 9.13% and a net margin of 4.65%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business earned $0.56 earnings per share. The company's revenue for the quarter was down 6.2% on a year-over-year basis. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a yield of 5.14%. Franklin Resources's dividend payout ratio is currently 188.24%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BEN shares. Wells Fargo & Company raised their target price on Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research report on Friday. Cowen restated a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Bank of America decreased their target price on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price objective on the stock in a research report on Friday, June 27th. Finally, Barclays lifted their price objective on Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $21.83.

Franklin Resources Profile

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.