KLP Kapitalforvaltning AS Lowers Stock Position in Franklin Resources, Inc. $BEN

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Franklin Resources, Inc. by 41.1%, owning 59,400 shares after selling 41,478 shares in the second quarter.
• The company's recent quarterly earnings showed $0.49 per share, exceeding expectations of $0.46, despite revenues declining by 2.2% year-over-year.
• Franklin Resources declared a quarterly dividend of $0.32 per share with an annualized yield of 5.6%, though its dividend payout ratio currently stands at 250.98%.

KLP Kapitalforvaltning AS lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 41.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,400 shares of the closed-end fund's stock after selling 41,478 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Franklin Resources were worth $1,433,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Manchester Capital Management LLC boosted its stake in shares of Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock valued at $32,000 after purchasing an additional 555 shares during the period. Signaturefd LLC grew its holdings in shares of Franklin Resources by 39.4% in the first quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock valued at $50,000 after purchasing an additional 732 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Franklin Resources by 78.3% in the first quarter. Brooklyn Investment Group now owns 3,139 shares of the closed-end fund's stock valued at $60,000 after purchasing an additional 1,378 shares in the last quarter. CX Institutional grew its holdings in shares of Franklin Resources by 245.1% in the second quarter. CX Institutional now owns 3,379 shares of the closed-end fund's stock valued at $81,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Private Trust Co. NA grew its holdings in shares of Franklin Resources by 79.8% in the first quarter. Private Trust Co. NA now owns 3,802 shares of the closed-end fund's stock valued at $73,000 after purchasing an additional 1,687 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

Shares of BEN opened at $22.86 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market capitalization of $11.87 billion, a P/E ratio of 44.81, a P/E/G ratio of 1.54 and a beta of 1.50. The company's fifty day moving average is $24.52 and its two-hundred day moving average is $22.62. Franklin Resources, Inc. has a 1 year low of $16.25 and a 1 year high of $26.08.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The business had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.38 billion. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The business's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 EPS. On average, sell-side analysts predict that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Tuesday, September 30th. Franklin Resources's dividend payout ratio (DPR) is currently 250.98%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. BMO Capital Markets assumed coverage on shares of Franklin Resources in a research note on Friday, October 3rd. They issued an "outperform" rating and a $26.00 price target for the company. Zacks Research downgraded shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Bank of America lifted their price target on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an "underperform" rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Finally, Barclays reiterated an "underweight" rating and issued a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a research note on Monday, August 4th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $24.08.

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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