Franklin Resources, Inc. (NYSE:BEN) Position Trimmed by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 56.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,883 shares of the closed-end fund's stock after selling 16,946 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Franklin Resources were worth $248,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BEN. Global X Japan Co. Ltd. grew its position in Franklin Resources by 17.2% in the first quarter. Global X Japan Co. Ltd. now owns 30,138 shares of the closed-end fund's stock worth $580,000 after acquiring an additional 4,424 shares in the last quarter. Centennial Wealth Advisory LLC raised its holdings in Franklin Resources by 7.8% during the first quarter. Centennial Wealth Advisory LLC now owns 20,311 shares of the closed-end fund's stock valued at $391,000 after buying an additional 1,463 shares in the last quarter. Steel Grove Capital Advisors LLC lifted its position in shares of Franklin Resources by 2.1% in the first quarter. Steel Grove Capital Advisors LLC now owns 98,632 shares of the closed-end fund's stock worth $1,899,000 after buying an additional 2,075 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Franklin Resources by 3.1% during the 1st quarter. State of Alaska Department of Revenue now owns 36,327 shares of the closed-end fund's stock worth $699,000 after acquiring an additional 1,100 shares in the last quarter. Finally, LifeWealth Investments LLC acquired a new position in shares of Franklin Resources during the 1st quarter valued at about $254,000. Institutional investors and hedge funds own 47.56% of the company's stock.

Franklin Resources Stock Up 1.6%

Shares of Franklin Resources stock opened at $23.85 on Monday. Franklin Resources, Inc. has a 52-week low of $16.25 and a 52-week high of $24.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.95 and a current ratio of 1.95. The business's 50 day simple moving average is $21.30 and its 200 day simple moving average is $20.31. The firm has a market cap of $12.53 billion, a PE ratio of 35.08, a P/E/G ratio of 3.21 and a beta of 1.43.

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

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 5.37%. The ex-dividend date is Friday, June 27th. Franklin Resources's payout ratio is 188.24%.

Analysts Set New Price Targets

Several equities analysts recently commented on BEN shares. TD Cowen upgraded shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Wednesday, May 14th. Evercore ISI cut their target price on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a research note on Friday, April 11th. Bank of America decreased their price target on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a research note on Thursday, April 3rd. Wells Fargo & Company lifted their target price on shares of Franklin Resources from $20.00 to $21.50 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Finally, Morgan Stanley lowered their target price on shares of Franklin Resources from $18.00 to $15.00 and set an "underweight" rating on the stock in a research note on Monday, April 7th. Five 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 data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $20.88.

Franklin Resources Company 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.

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