Allianz Asset Management GmbH Sells 20,478 Shares of Franklin Resources, Inc. (NYSE:BEN)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Franklin Resources, Inc. by 2.8%, owning 717,406 shares valued at approximately $13.81 million as of the latest SEC filing.
• The company recently announced a quarterly dividend of $0.32, resulting in an annualized rate of $1.28 and a dividend yield of 5.16%, despite a high payout ratio of 188.24%.
• Franklin Resources reported earnings of $0.47 per share for the last quarter, aligning with analyst expectations, but experienced a 6.2% year-over-year decline in revenue.

Allianz Asset Management GmbH trimmed its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 717,406 shares of the closed-end fund's stock after selling 20,478 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.14% of Franklin Resources worth $13,810,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky grew its stake in Franklin Resources by 5.7% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 23,825 shares of the closed-end fund's stock valued at $458,000 after purchasing an additional 1,292 shares in the last quarter. J.W. Cole Advisors Inc. bought a new position in shares of Franklin Resources during the 1st quarter worth approximately $1,264,000. Impact Partnership Wealth LLC bought a new position in shares of Franklin Resources during the 1st quarter worth approximately $335,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Franklin Resources during the 1st quarter worth approximately $285,000. Finally, Apollon Wealth Management LLC boosted its stake in shares of Franklin Resources by 12.1% during the 1st quarter. Apollon Wealth Management LLC now owns 27,277 shares of the closed-end fund's stock worth $525,000 after acquiring an additional 2,947 shares during the period. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Price Performance

NYSE BEN traded down $0.20 during midday trading on Tuesday, hitting $24.48. The company had a trading volume of 672,823 shares, compared to its average volume of 4,537,626. The company has a market capitalization of $12.86 billion, a PE ratio of 35.98, a P/E/G ratio of 1.79 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $23.22 and a 200-day moving average price of $20.92. Franklin Resources, Inc. has a twelve month low of $16.25 and a twelve month high of $25.36.

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

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.32 dividend. The ex-dividend date was Friday, June 27th. This represents a $1.28 annualized dividend and a dividend yield of 5.23%. Franklin Resources's payout ratio is 188.24%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BEN shares. Bank of America reduced their target price on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. Cowen reiterated a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. Morgan Stanley lifted their target price on Franklin Resources from $14.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target for the company in a report on Wednesday, May 14th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Franklin Resources presently has an average rating of "Hold" and an average target price of $21.92.

About Franklin Resources

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.