Franklin Resources, Inc. (NYSE:BEN) Shares Sold by KBC Group NV

KBC Group NV lowered its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 62.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,538 shares of the closed-end fund's stock after selling 76,302 shares during the quarter. KBC Group NV's holdings in Franklin Resources were worth $877,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BEN. Proficio Capital Partners LLC acquired a new stake in Franklin Resources during the fourth quarter worth approximately $231,000. US Bancorp DE raised its holdings in Franklin Resources by 15.3% during the fourth quarter. US Bancorp DE now owns 20,543 shares of the closed-end fund's stock worth $417,000 after purchasing an additional 2,733 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Franklin Resources by 44.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after purchasing an additional 505 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Franklin Resources by 64.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,937 shares of the closed-end fund's stock worth $60,000 after purchasing an additional 1,147 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in Franklin Resources by 1.1% during the fourth quarter. State of Michigan Retirement System now owns 91,095 shares of the closed-end fund's stock worth $1,848,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

BEN traded down $0.04 during trading on Friday, hitting $24.75. The stock had a trading volume of 2,467,095 shares, compared to its average volume of 4,526,125. 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 firm has a market capitalization of $13.01 billion, a P/E ratio of 36.40, a PEG ratio of 3.37 and a beta of 1.45. The company's 50-day moving average price is $21.92 and its 200 day moving average price is $20.42. Franklin Resources, Inc. has a twelve month low of $16.25 and a twelve month high of $24.94.

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 (EPS) for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $2.11 billion for the quarter, compared to analysts' expectations of $2.44 billion. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. Franklin Resources's revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 EPS. On average, equities research analysts forecast 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. 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 5.17%. Franklin Resources's dividend payout ratio is currently 188.24%.

Analysts Set New Price Targets

A number of analysts have weighed in on BEN shares. Barclays raised their price objective on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Cowen reaffirmed a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. 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. Wells Fargo & Company upped 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. Finally, Morgan Stanley upped their price target on shares of Franklin Resources from $14.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $21.21.

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.