Nuveen Asset Management LLC Cuts Stock Holdings in Franklin Resources, Inc. (NYSE:BEN)

Nuveen Asset Management LLC trimmed its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 3.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 756,873 shares of the closed-end fund's stock after selling 25,244 shares during the period. Nuveen Asset Management LLC owned approximately 0.14% of Franklin Resources worth $15,357,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its stake in Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after purchasing an additional 737 shares during the last quarter. GeoWealth Management LLC boosted its stake in shares of Franklin Resources by 350.4% in the 4th quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after buying an additional 981 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after buying an additional 505 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Franklin Resources in the 4th quarter worth approximately $34,000. Finally, Principal Securities Inc. boosted its stake in shares of Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock worth $40,000 after buying an additional 1,661 shares during the last quarter. 47.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on BEN. Cowen upgraded Franklin Resources from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Wells Fargo & Company upped their price objective on Franklin Resources from $20.00 to $21.50 and gave the company an "equal weight" rating in a research note on Monday, May 5th. BMO Capital Markets boosted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the company a "market perform" rating in a report on Monday, February 3rd. 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. Finally, Evercore ISI decreased their price objective on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research note on Friday, April 11th. Five 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 MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and an average target price of $20.25.

Franklin Resources Price Performance

Shares of BEN stock traded down $0.56 during trading on Wednesday, hitting $21.65. The company had a trading volume of 6,813,619 shares, compared to its average volume of 4,375,960. The stock's 50-day moving average is $19.51 and its two-hundred day moving average is $20.29. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 33.31, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources, Inc. has a 52 week low of $16.25 and a 52 week high of $24.37.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its earnings results on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.44 billion. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. The firm's quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 earnings per share. As a group, analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.32 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a yield of 5.91%. Franklin Resources's payout ratio is 188.24%.

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.