Inlight Wealth Management LLC Trims Stock Holdings in Franklin Resources, Inc. (NYSE:BEN)

Inlight Wealth Management LLC trimmed its holdings in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 79.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,179 shares of the closed-end fund's stock after selling 12,358 shares during the period. Inlight Wealth Management LLC's holdings in Franklin Resources were worth $61,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BEN. Principal Securities Inc. grew its stake in Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock valued at $40,000 after buying an additional 1,661 shares in the last quarter. Allworth Financial LP grew its stake in Franklin Resources by 82.7% in the 4th quarter. Allworth Financial LP now owns 6,307 shares of the closed-end fund's stock valued at $125,000 after buying an additional 2,855 shares in the last quarter. CIBC Asset Management Inc grew its stake in Franklin Resources by 2.8% in the 4th quarter. CIBC Asset Management Inc now owns 59,818 shares of the closed-end fund's stock valued at $1,214,000 after buying an additional 1,615 shares in the last quarter. Truist Financial Corp grew its stake in Franklin Resources by 10.9% in the 4th quarter. Truist Financial Corp now owns 37,358 shares of the closed-end fund's stock valued at $758,000 after buying an additional 3,669 shares in the last quarter. Finally, Ieq Capital LLC grew its stake in Franklin Resources by 170.3% in the 4th quarter. Ieq Capital LLC now owns 148,750 shares of the closed-end fund's stock valued at $3,018,000 after buying an additional 93,724 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 0.8%

Shares of Franklin Resources stock opened at $22.77 on Friday. The firm has a market cap of $11.97 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 3.07 and a beta of 1.43. The business has a 50-day moving average price of $20.75 and a 200-day moving average price of $20.28. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.93. Franklin Resources, Inc. has a twelve month low of $16.25 and a twelve month high of $24.37.

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

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.62%. Franklin Resources's payout ratio is 188.24%.

Analyst Ratings Changes

BEN has been the subject of a number of recent analyst reports. Bank of America reduced their price target on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research report on Thursday, April 3rd. Wells Fargo & Company boosted their price target 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. Evercore ISI reduced their price target on shares of Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a research report on Friday, April 11th. Cowen restated a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Finally, 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 report on Wednesday, May 14th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.25.

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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