Voya Investment Management LLC Has $1.71 Million Holdings in Franklin Resources, Inc. $BEN

Key Points

• Voya Investment Management LLC reduced its holdings in Franklin Resources, Inc. by 31.9% during the first quarter, now owning 88,702 shares worth approximately $1.71 million.
• Franklin Resources reported $0.49 earnings per share for the last quarter, surpassing analysts' expectations of $0.46, despite experiencing a 2.2% decline in year-over-year revenue.
• The company announced a quarterly dividend of $0.32 per share, representing a dividend yield of 5.3%, but its payout ratio stands at a high 250.98%.

Voya Investment Management LLC lessened its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 31.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,702 shares of the closed-end fund's stock after selling 41,489 shares during the period. Voya Investment Management LLC's holdings in Franklin Resources were worth $1,708,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BEN. Manchester Capital Management LLC lifted its holdings in shares of Franklin Resources by 49.9% during the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock worth $32,000 after purchasing an additional 555 shares during the period. Contravisory Investment Management Inc. acquired a new position in shares of Franklin Resources during the first quarter valued at about $46,000. Signaturefd LLC raised its holdings in shares of Franklin Resources by 39.4% during 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 during the period. Brooklyn Investment Group increased its position in shares of Franklin Resources by 78.3% during the first quarter. Brooklyn Investment Group now owns 3,139 shares of the closed-end fund's stock worth $60,000 after acquiring an additional 1,378 shares in the last quarter. Finally, Private Trust Co. NA increased its position in shares of Franklin Resources by 79.8% during the first quarter. Private Trust Co. NA now owns 3,802 shares of the closed-end fund's stock worth $73,000 after acquiring an additional 1,687 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Performance

Shares of NYSE:BEN opened at $24.24 on Tuesday. The firm has a fifty day simple moving average of $24.88 and a two-hundred day simple moving average of $22.25. The stock has a market capitalization of $12.59 billion, a P/E ratio of 47.53, a PEG ratio of 1.41 and a beta of 1.51. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.94. Franklin Resources, Inc. has a 52 week low of $16.25 and a 52 week high of $26.08.

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

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 5.3%. Franklin Resources's dividend payout ratio is currently 250.98%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BEN shares. Barclays reissued an "underweight" rating and set a $23.00 target price (up from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. Cowen restated a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Zacks Research cut shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. JPMorgan Chase & Co. raised their price target on Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Finally, Morgan Stanley upped their price target on Franklin Resources from $20.00 to $21.00 and gave the stock an "underweight" rating in a research note on Tuesday, August 12th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, Franklin Resources currently has an average rating of "Reduce" and an average target price of $23.58.

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.

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