Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 398,444 shares of the closed-end fund's stock after selling 28,444 shares during the quarter. Ameriprise Financial Inc. owned 0.08% of Franklin Resources worth $8,091,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV raised its position in Franklin Resources by 450.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 229,249 shares of the closed-end fund's stock valued at $4,651,000 after purchasing an additional 187,626 shares during the period. Comerica Bank increased its position in shares of Franklin Resources by 10.3% during the fourth quarter. Comerica Bank now owns 81,967 shares of the closed-end fund's stock worth $1,663,000 after acquiring an additional 7,627 shares during the period. Voleon Capital Management LP purchased a new stake in shares of Franklin Resources during the fourth quarter worth $236,000. Northern Trust Corp boosted its holdings in Franklin Resources by 10.6% in the fourth quarter. Northern Trust Corp now owns 3,086,345 shares of the closed-end fund's stock valued at $62,622,000 after purchasing an additional 297,057 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Franklin Resources by 80.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 441,559 shares of the closed-end fund's stock worth $8,959,000 after purchasing an additional 196,411 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

NYSE BEN traded up $0.71 during trading hours on Tuesday, hitting $22.22. The company had a trading volume of 4,906,857 shares, compared to its average volume of 4,366,210. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. Franklin Resources, Inc. has a 1-year low of $16.25 and a 1-year high of $24.37. The company has a market cap of $11.68 billion, a PE ratio of 34.19, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39. The business has a 50 day moving average of $19.51 and a 200-day moving average of $20.29.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Franklin Resources's revenue for the quarter was down 6.2% on a year-over-year basis. As a group, equities research analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.32 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.28 annualized dividend and a yield of 5.76%. Franklin Resources's dividend payout ratio is presently 188.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Evercore ISI cut their price target on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a report on Friday, April 11th. Keefe, Bruyette & Woods upped their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an "underperform" rating in a report on Monday, February 3rd. Cowen raised Franklin Resources from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. UBS Group increased their target price on Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Finally, Barclays increased their target price on Franklin Resources from $17.00 to $19.00 and gave the company an "underweight" rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $20.25.

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.